Stan's Market Report \ February 24, 2009
Dear friends,
The first part of the year has been somewhat slower than expected with only 3 homes closed at Wintergreen and Stoney Creek. There are several more at least with our firm in pending status and the best activity I have seen in several months.
The ski season continues to go well with excellent snow making conditions and no extended warm periods to hamper skiing, as we have had in the last couple of years. Everyone I have spoken with seems impressed by the new general manager, and he will be a critical voice as we move forward. I sense a new enthusiasm among both staff and members and a willingness to change where change is warranted. Property owners' input will be important with the new manager, and you should not hesitate to share your thoughts and ideas.
A personal note on listings: Several months ago I listed my home to scale down and was convinced my price was competitive. After reducing my home twice and a couple of unfavorable re-sales of similar homes, I found the actual market price dropping and eventually I decided to stay in my current home. Looking back I had let emotion get in the way of my knowledge of the market and missed out on the opportunity to downsize. The moral of the story is that when the decision is made to sell, be confident you are listing to sell as opposed to listing, and be the best of your type property in terms of price and condition of the market comparable's. As one recent presenter at the Ace's Conference said "the prettiest girls are asked to the prom first."
The use of technology was also a much discussed topic at the conference. The general consensus was that I should be calling all of you frequently and not use email so exclusively. I just wanted you to know that I do not call out of respect for your time and daily routines. I have always prided myself on being low key and unobtrusive but still trying to keep all up date with emails that can be read at the best time in your schedule.
One other personal note: My sabbatical in the auto business was short lived. I respect those who everyday work in the auto business, but it is so different from real estate where disclosure, disclosure, disclosure are the three most important words. And, in the end, it was not an environment where I felt comfortable.
Last note: With the market where it is now is a good time to consider a visit. Home site and condo trades are accepted in some cases and the inventory of all properties has never been better. Give me a "call" or send me an email if you want to take your first or second look. Interest rates may come down some from their lows, but the current rate is very favorable.
- Stan
