Winter 2013-2014 Newsletter
It is snowing on the mountain as we write this. The cold weather everyone is complaining about has made this one of the best ski seasons yet at Wintergreen. Cold temperatures combined with new snow making equipment gave us a five-foot snow base this week. Recent investments, good weather, and good management have brought the Wintergreen Resort back to health.
Tubing at Wintergreen
Real Estate Climate Improvement Continues
The real estate climate continues to improve as we move out of 2013. Compared with 2012, the number of days on the market has declined slightly, the sales price to list price ratios have improved slightly, and the number of closings per month is roughly even with 2012. Let us know if you would like to see the details.
Real Estate Market Share
With your help, we remain the most effective real estate firm in the Wintergreen-Stoney Creek area. We are not affiliated with the Resort in any way. Our independent, small group of experienced, dedicated professionals is dedicated to serving you, our clients. And you have shown your appreciation by continuing to favor us over other local firms.
One way we can provide a service is by keeping you informed. We learned this week that the Wintergreen Resort is up for sale. From the Charlottesville Daily Progress: “… Wintergreen Resort, coming off one of its best years ever, is for up for sale just two years after it was purchased by coal baron James C. Justice. Justice, who also owns The Greenbrier Resort in White Sulphur Springs, W.Va., bought Wintergreen in June 2012 for an estimated $16.5 million.”
“There’s no rush or hurry to sell it,” Justice told The Associated Press. “If the right person comes along that I think is the right fit, yeah, I will sell it.”
Mr. Justice says that other pressures have kept him from spending time at Wintergreen, and that he feels that selling Wintergreen may be a better approach. “It’s like, what in the world, you own a business and you’re not ever there?” Justice said. “You’re not really actively participating in the management and you’re really not enjoying your assets. I keep telling myself, I’m going to go, I’m going to go. And I just don’t make it there.”
While there is no way to predict the impact of Mr. Justice’s decision, it is certain that the resort is in good financial shape and remains one of the most attractive facilities in the Middle Atlantic states. The last change of ownership brought positive results; we are optimistic that the next change, when it occurs, will do so as well. Consider this: no other resort in the Mid-Atlantic states has the same combination of closeness to metro areas, world-class amenities, a spectacular setting, and a stable financial condition. We were high on Wintergreen when we helped found it, 35 years ago, and remain so.