Stan's Market Report \ June 30, 2009
Dear friends,
Hope this 4th of July finds you well. The good news in this "good news newsletter" is that the WPI has reduced the membership costs. Not sure they went far enough to answer the concerns of all stakeholders, but it is a start. Wintergreen for all it's beauty and value will never become a member only resort. Hopefully, this will become apparent as time passes and some reversals of the recent policy will be considered. For a resort where most of the residents are part-time a per diem rate is positive and will help the community grow with members and non-members being partners in the resort's future success.
There are been several recent sales on the Mountain and in Stoney Creek. No one knows when or where a bottom will be, but most of the sales this year have been significantly under the listing price. I have tried in good faith to fairly value all properties when I do a listing presentation and an convinced that this is the best course of action and in the best interest of the sellers. The other view which I am now adopting is that as an owner you have the right to try to "make a market" in the sale, that is, set the price you think is a fair value, understanding that in most cases price is critical in how soon a property sells, how much it is shown, and is the most risk adverse strategy.
If the folks I have spoken with recently want to reconsider and list at their price, then we can give it a try and I will do my best to represent the property. This is a huge shift in my thinking, and in most cases I do not believe because of deflation that it is in a seller's best interest, but it is a right property owners' have and should exercise understanding all the elements of the decision.
Now for the numbers for 2009. Mountain home sales 15 and condo sales 10; Stoney Creek home sales 3; Stoney Creek land sales 1 and Wintergreen land sales 2.
Current listings: Mountain homes 111 and condos 119; Stoney Creek homes 42. Wintergreen and Stoney Creek land listings were both 61.
If I can help in any way, please call. If you received this in error or want to be removed, please let me know. Thanks again.
- Stan
