As you know, Wintergreen was acquired by EPR Properties in February, 2015. EPR and their operator the Pacific Group are hard at work on the transition and on completing a successful ski season. While it is too soon to expect significant changes, the Resort is operating smoothly. The staff and property owners appear to be looking forward to improvements as the year unfolds. We anticipate that the new ownership adds stability, increased marketing and advertisement, and the capital funds needed for cosmetic upgrades and new amenities—all of which benefit property owners and lead to increased property values. You can go to the sites below for more information about the new owners and operators.
First Quarter Real Estate Update
The Resort had another excellent ski season—the third in a row since major investments in ski equipment, which is leading to increased condo and mountain home sales, especially for properties near the slopes. However, it takes time for an event such as the Resort sale to reflect itself in overall real estate results, and the results for the First Quarter 2015 are no exception.
The number of sales is up slightly compared with First Quarter 2014, but the average time to sell, the median sales price, and the percent of sales price to list price have decreased compared with First Quarter 2014. The uncertainty generated by the Atlantic Coast Pipeline proposal is not likely to help the market (see below for more information).
On the other hand, Wintergreen is a mature and respected community. Wintergreen is one of the most carefully developed, beautiful, and unique communities in America. There is a tremendous opportunity at Wintergreen for the right owner. The area continues to grow, with many new businesses and activities increasing its attraction as a recreational or retirement area.
With the Resort ownership question settled, the area growth, properties available at good prices, and the likelihood that interest rates will increase in the not too distant future, this seems a good time to buy.
Note that the Percent Sales to List Price and Average Days of Market for Stoney Creek Residences are anomalies. Only one Stoney Creek home sold in 1Q2015, and it had been listed at too high a price. However there are currently five houses pending or sold as I write this, all within 5% of the asking price.