Stan's Market Report \ november 9, 2007
Dear friends,
You may think these monthly Newsletters are getting closer together because real estate has been really, really slow lately? Actually, it is because I saw an article on AOL today that bed bugs of all things have returned nationwide with a vengeance. All be careful as these are nasty little creatures.
And, just as importantly the Dalai Lama is selling his 1966 Land Rover, completely restored, on ebay. And you get to spend time him and Sharon Stone? Why Sharon? I just don't see it.
Suffice it to say, I am waiting eagerly for our new office on the Mountain. When one is in the resort real estate business, it should be a law that two offices are required. Too many 7 day weeks with most of the same folks in not a great market is making me feel a little like I am living in a "Realtors' Groundhogs Day".
Now for the Market News. Not much has changed since the last report. There are and will be real buying opportunities at these levels, and I am seeing only rarely something priced much lower than the current market values. Sales are still very, very slow, and I could give you the numbers but it would only provide confirmation. The numbers are way below historical levels. No one knows how soon this will change. I see it more in terms of a 12 month horizon and in no way do I believe these levels are the new normal. As a firm, we are not losing market share or agents, and soon the Bear will move and I will assume my rightful place on the Summit.
Thanksgiving is still our target date for being in the new office, but I have no illusions it will be 100% with all the technology working as it should. Even after we open, we will have paving in the spring and other rock structures we having even thought of to be created.
For those who are new owners, Thanksgiving is a great time to be on the mountain. Most of the condo associations have their annual meeting and WPI and WPOA have meetings where they give the year in review and plans for the future. I know all of you are expecting some caustic humor about the WPI meeting, but it is too serious for that and a time to stand up and be heard and to hold them accountable for things done and left undone.
After two terms I spent on the Board of Supervisors in Greene, mostly as chair, I am totally convinced that Boards or Governments who spend money work best when they are watched closely by the persons whose money they plan to take.
Enough said. Thanksgiving is also a time of fun and family togetherness, and Wintergreen is a wonderful place to be during the holidays. And if the weather cooperates, a couple of slopes and snow tubing may be on tap. Stop in and see me-I would love to see everyone I have missed since we moved from the Mountain Inn.
Check out my web site-it is all there or the MLS is to blame or my web host. Either way I want to fix it. Have a condo only section added-Thanks to comments from many of you. God Bless and see you soon.
- Stan
