Wisp view townhome for sale
11 posts
3 users
6k+ views
GaryEsq
March 25, 2007
Member since 12/20/2005 🔗
54 posts
1 yr old, 3 br, 3.5 ba townhome located near the base of Wisp with dramatic views of Wisp's slopes, especially The Face and Squirrel Cage.

To any of you who have read my blog, many of the area pictures and especially pictures of the slopes that I've posted were taken from the home.

Property comes fully furnished with new hot tub for $349,900. Please see my blog for a more detailed description and pictures: www.DCLakeBlog.com

contact me if interested at: gesabo@gmail.com or 724-322-4566
GaryEsq
March 29, 2007
Member since 12/20/2005 🔗
54 posts
Update: I put up a few more pics on the blog, I can send more to anyone interested...its about to be listed with a broker at 349k, so if anyone knows anyone who might want to make an offer prior to listing...we can save the commissions....
KevR
March 30, 2007
Member since 01/27/2004 🔗
786 posts
Thanks for posting -- that looks pretty interesting really -- I'm personally not the in the market but its always nice to get a look at properties around areas of interest that we all ski at (from time to time)

I wonder if you could say something in general terms about the market there -- the news is full of talk about the current lending/mortgage woes, and some folks seem to be saying that the vacation markets are going to feel it as well...

have you noticed anything along these lines yet in that area?

Maybe you don't want to say... understand that.
Clay
March 30, 2007
Member since 04/11/2006 🔗
555 posts
I don't think the current mortgage problems will affect the vacation market. Working in the financial industry, I do get a glimpse every so often about how these things work (I'm in IT, so not involved in the details of finance) and FWIW, here are my thoughts.

The problem the mortgage lenders are currently running into is in the subprime market (defined by the OCC as anyone with a FICO score of 660 or below). Because of their lower earnings and/or spotty credit, a lot of these people used 'exotic' loans such as variable rate, interest only loans, or 'traditional' ARMs that adjusted when interest rates started going up and some are struggling to make payments now that it is more expensive.

On the other hand, most lenders are fairly conservative when it comes to lending for a second home. Many have relaxed some of the rules (you used to have to put a minimum of 20% down) but they still look pretty closely at that lending segment. So I see nothing in the current mortgage problems that would affect the vacation home market. Unless you think the whole economy is going in the tank (and that's a separate discussion we probably shouldn't get into on this forum a la Global Warming) other than the normal dips and peaks, the vacation housing market should stay steady.

Clay
KevR
March 30, 2007
Member since 01/27/2004 🔗
786 posts
No, I don't think it will go in the tank -- in fact a little softening on the housing prices might actually spur the economy a bit (after a lull) due to bringing in new money sitting on the sidelines that's just a bit priced out of it right now... of course the economy has to absorb the original loses in the first place...
Clay
March 30, 2007
Member since 04/11/2006 🔗
555 posts
Agreed about having to absorb. I guess though that I look at it as two separate markets. What I mean is that if you are looking to buy a vacation property the chances (in my mind) are slim that you're going to say 'oh look, there's a foreclosure in our neighborhood, let's buy that instead'. I also agree with your sentiment that softening isn't necessarily a bad thing. Markets have to breathe and pause. If they don't they soon become a bubble and at some point pop.

Clay
GaryEsq
March 30, 2007
Member since 12/20/2005 🔗
54 posts

Thanks KevR, our market in Deep Creek (and Canaan) is very much tied to the markets down state....for example as a northern VA home appreciates, then it becomes more feasible to take out a home equity as a down payment on a second home.

My own personal opinion (being a real estate attorney who is "plugged into the market" if you will) is that as the speculators are slowly squeezed out of the vacation market, and the market returns to organic growth (i.e. people buying because they actually want to vacation or live here, not just for $) then the market will regain its upward movement, albeit not at the pace of the past 5 years or so. As you know, property here is a scarce resource (unlike suburban condominiums example) which I think will always enable our market to withstand slow periods more than others. I believe the reduction of speculative buying is beginning to happen, and we all are looking for a very brisk summer sales season.

My place certainly served me well during this past winter season, as there are so few truly "ski-in ski-out" homes near Wisp, having the benefit of a direct slope view and being only a few hundred yards away really enabled me to have a memorable skiing and snowboarding season. It's certainly the ideal place for the ski/board enthusiast.
GaryEsq
April 25, 2007
Member since 12/20/2005 🔗
54 posts
FYI: on the Wisp townhome I'm offering a $5,000 credit to buyer for closing costs if closed prior to June 15th...I'm building and am looking to move it asap...please pass along to fellow area skiers
GaryEsq
April 29, 2007
Member since 12/20/2005 🔗
54 posts
To all: There is a lot of activity going on with my townhome, however as I have an open listing....it gives me an opportunity to sell myself...so if anyone knows anyone that might be in any way interested, let me know...as we can both save money without going through a broker.

Also, I'm attaching a picture of the view of Wisp's slopes from my kitchen table.


THANKS!
GaryEsq
May 3, 2007
Member since 12/20/2005 🔗
54 posts
wouldn't let me edit mr previos post, here is the pic I mentioned:


GaryEsq
October 19, 2007
Member since 12/20/2005 🔗
54 posts
All: Wisp Townhome still available...although I took it off the market to have for myself during ski season...if anyone knows anyone interested, let me know....its FSBO right now, so I'd be willing to accept quite a bit lower than when I had with broker.
Thanks!
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