DeVine Cafe

DeVine Café has moved their old business, Lewis Creek Market, into the old Black Bear Cafe and will be open this fall, probably October. They plan to do pretty much what they have been doing in Staunton: selling wine, beer, and gourmet items as well as operating what is basically a deli, with prepared hot and cold foods to dine in or take out. They will offer a “build your own plate” style of food service, changing their menu seasonally but having a similar array of soups, salads, and specialty sandwiches, entrees and desserts. They will also try to accommodate vegan and gluten-free diners. Their website at www.stauntongourmet.com will remain at the same address but change in a week or two to their new name, DeVine. They are currently planning to be open with on and off premise beer and wine plus food sometime in October, maybe earlier. They have always been and plan to continue as a customer driven business. I encourage you to stop by and meet Denise Wright, the owner, and our new neighbor. They have an excellent reputation for great food and wines and host many wine dinners in some of best restaurants in Staunton. There will be wine tastings at the Black Bear location. Denise, Deven and Arica will all be going up the mountain to staff the DeVine Cafe and they will be open 8:00am-5:00pm Wednesday, Saturday, and Sunday, 8:00am-7:00pm Thursday and Friday, and closed Monday and Tuesday.  The business hours are subject to change based on business needs and their ability to staff. This is what Wintergreen has needed for some time and everyone is looking forward to their opening.

We all are still fighting the good fight against Dominion Resources. There is a meeting on the mountain during the Labor Day weekend. WPOA Owners wishing to attend a seminar on Inverse Condemnation against the Atlantic Coast Pipeline are encouraged to attend the September meeting, conducted by Waldo & Lyle, at Wintergreen. You may also find information for Inverse Condemnation suits by visiting the Friends of Wintergreen. website: http://www.friendsofwintergreen.com/lawsuit/ 

As you may have heard, several months ago Pacific Group www.pgri.us purchased and combined our company Wintergreen Real Estate (WREC) and the company in which the resort had a slight majority interest, Wintergreen Resort Premier Properties (WRPP). The combined companies will be called Wintergreen Real Estate. Due to a timed buyout we will continue to operate separately until April 2018 when we will be one company. PGRI has hired two excellent and experienced real estate brokers and developers from Berkshire Hathaway in Salt Lake, Jake Breen and Spencer Janke, to assist them with this transition. PGRI has asked me to act as the Managing Broker for both companies, and I have accepted. We have great respect for Jake and Spence and have enjoyed working with them these past few months in concert with Mark Fisher, a Senior V.P, and partner with PGRI. We will also keep our offices in Stoney Creek and next to the Black Bear Café with a floating office in the lobby of The Mountain Inn at the concierge desk on weekends until the offices are combined. The resort is in the processing of remodeling the space behind the front desk and converting it into our new real estate offices. The link below has more detailed information. We will share part of this space with the membership office. The area across from us where the sports shop now stands will also be converted to additional lounge area for guests. Please stop by whenever you have a chance tom see the new spaces.

The Pacific Group (PGRI) is making major investments in Wintergreen. As I mentioned in one of my previous newsletters, when PGRI comes to a new acquisition, they watch and analyze it for at least a year before they start to make major investments. Now, they are making major investments totaling millions of dollars. The health club in Stoney Creek and parts of the clubhouse in the valley have been improved and updated as well as the golf course, the exercise facilities at The Wintergarden have been greatly expanded, the Mountain Inn is undergoing major renovation, and the general physical appearance of the resort has been upgraded. The Wintergreen Club membership benefits have great expanded and conference room nights are up considerably. And there are more big projects on the horizon. A great deal of money is being invested and it will pay dividends in the future, especially in what I see as an increase in real estate values and liquidity. Click here for the newest member newsletter detailing the improvements.

The Real Estate Market has finally hit the bottom and is on the way up. The question is: how do we know it is at the bottom? When most things hit the bottom they bounce. You see this in real estate when you see a fast number of transactions at reduced price points when property sales have been dormant for months. Perceived values prompt a quick number of sales, often in a focused area or price point and interestingly that is combined with sales at the higher end of the market at the same time. It is caused by buyers realizing there are bargains combined with motivated sellers. The additional catalyst is reduced inventory and increasing demand. The improvement in the general economy, increased capital investment, and marketing have contributed to buyers taking notice. Therefore, we are seeing a lot more activity in the market. Here are the current stats:

WINTERGREEN RESORT
REAL ESTATE
2017 YEAR TO DATE
Source: Charlottesville- Albemarle
Area Real Estate Board
SALES
Mountain
Homes 37 $168,500 to $725,000
Condos 43 $54,000 to $340,000
Townhouses 3 $125,000 to $220,000
Lots 1 $50,000
Stoney Creek
Homes 18 $225,000 to $725,000
Lots 7 $15,000 to $85,000
PENDING SALES
Mountain
Homes 9 $230,000 to $1,199,000
Condos 17 $45,000 to $325,000
Townhouses 3 $229,500 to $234,999
Stoney Creek
Homes 6 $173,600 to $739,000
Lots 2 $8,500 to $120,000

We are having a good summer and expect spectacular fall colors due to the dry summer. A few cold nights in the next several weeks and the leave will start to turn. Hope to see you up here and if you have any questions or need advice, please don’t hesitate to drop me a note or feel free to call.

From Tim Merrick

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