Wintergreen Real Estate

Tim Merrick’s Fall 2011 Newsletter

Fall is upon us. Chilly evenings and cool bright clear days! Best time of the year! The leaves are just starting to begin to turn from the top down. The next six weeks will be the most spectacular and beautiful of the year and very active with events. Come visit and bring your friends and family. Since my summer newsletter, we have completed the “Pooch Park” on the old Summit House site above the mountain office. We have put in a Bocce court, Shuffle Board, Corn Hole Game Boards, picnic tables, umbrellas, decks, rock gardens, a propane grill and a gazebo. Our colleague, Dick Carroll and his contractors, did a wonderful job. I encourage you to bring your kids, dogs, and friends, to enjoy this beautiful new park. It has stunning views and has been host to picnics with bands and artists and even our first wedding. Kim Smith’s son got married last month in the thick clouds. It was unique and beautiful. WREC has received compliments on the addition of the new park such as the following. “WREC is an outstanding corporate leader for the effort on the Pooch Park. You don’t see that very often.” The first wedding at our mountain event site.

Even our young bear neighbors have visited. Pictures courtesy of Joan Mummery, Dima Holmes and Kim Smith

Many great activities are planned on the mountain in the coming weeks: Next weekend is September 24, 2011 Oktoberfest (if you love great imported and local brewed beer) Fall Foliage Festivals and Golf Championships fill out many of the other fall activities.

One of the big exciting events in the near future is the Tough Mudder. It will be one of the biggest attractions ever to occur at Wintergreen. It will be held on Oct. 21 and 22, 2011. Imagine the biggest ski weekend you have experienced, then double the number of people. Thousands of people will be on the mountain for this race from all over the world. But, they will be bused from parking areas in the valley. You will understand the attraction when you see the web site. There is a good map of the course on the web. Check out the web site, well worth it.

Tough Mudder Virginia – The Toughest Event on the Planet: www.toughmudder.com/virginia

Now to what is happening in real estate world:  the best place to start this fall is with the Fed: If one interprets the latest Fed’s statements regarding economic conditions, they mentioned the markets “warrant exceptionally low levels for the fed funds rate at least through mid-2013.” Thankfully, the low fund funds rates will likely help keep mortgage rates low. We may even see rates drop lower. Right now 30 year fixed rate money with zero points is about 4% and we may even see it drop to 3.5%. Regardless, these are now the lowest rates we have seen in this country in 60 years. It has helped sales, no doubt, but it has also done little to generate the expected urgency to purchase in either the primary or secondary markets because consumers interpret this as meaning the weak economic conditions could lead to even lower home and condo prices. There are properties at Wintergreen that are overpriced, given the slow market, but there are also houses, condos and lots priced correctly and they are good bargains. The well-priced properties are selling. Due to the low interest rates, it is one of the best times to buy or refinance a property in our history and the perfect time to recommend to friends to purchase at Wintergreen or in Stoney Creek or the surrounding areas of Charlottesville and the Shenandoah Valley. Your referral will be a big favor to them and of course, to me.

Sales in general seem to be getting better, we have 57 sales and listings closed for over $20,000,000 YTD and a good number of transactions pending, so I am encouraged that properties are selling going in to the fall and early ski season. There are about the same number of houses and condos on the market as there were in my last newsletter. As of this date, about 105 condos and townhomes and 88 homes are for sale on the mountain, 45 homes and townhouses in Stoney Creek and about 55 lots on the mountain with 68 in Stoney Creek. All in all, it is not a bad ratio of re-sale properties to standing inventory.

Regardless of the low interest rates, there is also concern that inflation is just around the corner as I have mentioned in the past. Interest rates have to go up. Last week there was an early indicator. The Producer Price Index (which measures inflation at the wholesale level) remained unchanged in August, but the year-over-year Core Consumer Price Index (CPI) jumped up to hit the upper-end of the Fed’s threshold of 2%. This is significant because ifinflation rises, investors in Bonds will demand a higher yield to offset the lost buying power inflation imposes on a fixed payment. And as home loan interest rates are tied to Mortgage Bonds, this would mean home loan rates will move higher.Once inflation starts to emerge, it can manifest rather quickly so it bears watching. Future inflation readings such as the CPI (about 3.8%), unemployment (9% plus) will be closely watched to see if a higher trend is emerging, and as more money flows into the system it will also fuel inflation. If inflation heats up, the Fed will likely back off their “low rates until mid-2013” mandate. Inflation really does change everything. The bottom line is that home loan rates remain near historic lows, now is the time to purchase or refinance a home. If I can answer any questions at all for you or your clients, call or email me anytime.

The other obstacles I see in our market, in addition to the general market uncertainty, is overpricing.  Overpricing a home can have many ramifications for a seller.  It limits the number of potential buyers who can afford the home, it reduces showings and it creates an impression in the marketplace that the sellers aren’t really serious about selling their home.  Folks who overprice their home often get caught in the trap of price reduction after price reduction trying to catch a falling market. Many sellers have the mistaken idea that they can hold out for an inflated price and eventually the market will come to them. When selling a place its value is determined by one thing and one thing only – what a qualified buyer is willing to pay for it. The secret to pricing a home to sellis not what you think the home is worth, but what a reasonable buyer will think your home is worth. It will ultimately determine if the home or condo will sell.  Every buyer knows that the seller has no obligation to sell their home at any price and to purchase the home the buyer will have to make them an offer they won’t refuse. Buyers are under no obligation to buy, and no amount of marketing, open houses, website presences, or advertising will motivate a buyer to purchase an overpriced home, because they can buy one of other homes or condos for sale for less. One of the most important considerations in pricing a home at Wintergreen or anywhere else is doing an accurate Comparative Market Analysis. It is a report that compares a “subject home” with other homes in a specific area. This analysis is then used to provide an anticipated sales price or price range for the subject property. The report provides home buyers and home sellers with a clear understanding of the market data that affects their opinion of value. We do these CMA’s because the information it provides is crucial to getting a property sold in a reasonable amount of time. Many homeowners attempt to put the responsibility of getting both top dollar and fast sale on the back of the real estate agent and the result can be summed up in one word – frustration. Real estate agents don’t do miracles. A real estate agent’s job is to provide marketing, expert advice, and negotiating services, and they don’t make the final decisions on pricing. The seller does, and ultimately the seller’s asking price will in large part determine how slowly or quickly the home will sell. The agent only advises the owner where the house or condo should be priced given the market. Successful sellers take ownership of their pricing decisions by making a clear decision about which is more important to them, selling quickly or selling for top dollar. Successful sellers have learned that to price their home accurately means they need to think like a buyer. Most buyers would probably start online by viewing listings at websites like www.wintergreenrealestate.com or www.caar.com (local MLS) www.realtor.com www.tulia.com www.yahoo.com/realestate or www.zillow.com to get a general feel for local home prices. Feeling good about their findings, they call us and might then venture out to begin viewing homes in person. The internet has greatly informed buyers and they become so knowledgeable about the market that toward the end they are able to guess, with reasonable accuracy, each homes listing price before we tell them.

A final note: A young friend from Nelson County, and a  very recent graduate of The University of Virginia, Jonathan Goff, wants to start his own business by offering a unique new service for owners .This newsletter is my small way of  helping him.  Jonathan is a great kid, dependable, and wants to create his own opportunities.   “Le Concierge” Jonathan Goff 434-962-4644 and his email:  leconcierge151@gmail.com and address … 454 Shiloh Loop, Faber, Va. 22938. Some of the services provided: grocery and dry cleaning delivery….house-sitting and pet-sitting….property management….garbage and wine/ beer, etc. pick-up….misc. residential services, in short, whatever you want him to do.. Good kid, and will treat your home like his Momma’s.

Contributed by Tim Merrick

Sunday September 4th from 2:00-6:00pm at the WREC Event Site
121 Blue Ridge Drive, Wintergreen VA (overlooking the Wintergarden and behind the Black Bear Cafe)
Wintergreen Real Estate Company
1-800-325-2200 or text pooch to (540) 242-1908

Celebrate the last of the DOG Days of Summer at the Grand Opening of our off-leash “Pooch Park”. You are invited to bring ALL the members of your family, furry or otherwise, to the opening of our brand-new dog park.

While we will eventually develop the space behind the Black Bear cafe, we decided to make it available to the community until development. You may have already enjoyed the site on Memorial Day or the Fourth of July. Since then, we have dramatically improved the space, recently completing this spectacular site. We just finished a picnic deck and games area and are proud to announce our fenced-in “Pooch Park”.  You can visit the site for picnics, to enjoy music, or to play games, while your pet pals run free and romp with their fellow K-9’s.  Two separate enclosures ensure that both large and small dogs each have a safe place to stretch their legs. Bring the entire family and spend a few hours celebrating with us!

Can't Find A Dog Walker? Visit our new Wintergreen Real Estate Pooch Park

While Fido is busy meeting new playmates, you can enjoy:

• Music

• Free hot DOGS, chips and drinks

• Free SNOW-CONES! (Don’t eat the “yellow” snow–just kidding.)

• Games and give-a-ways for the kids

• Bocce Ball, Corn-Hole and Shuffle Board courts for the competitive at heart

• A Donation Area for Nelson County SPCA **

• Doggie Adoptions … AND MORE!!!

** WREC supports the SPCA of Nelson County “Almost Home” No-Kill Pet Adoption Center. Come to the donation tent and donate any gently-used, clean items: clothing, shoes, household items, books, small appliances, movies, music, pet supplies, toys, etc. Donated items go to the SPCA Thrift Shop to help raise money to support the shelter. Please also donate items needed every day at the shelter: bleach, paper towels, trash bags, laundry detergent, dish detergent, canned dog and cat food, kitten and puppy chow, feline pine cat litter, Frontline for dogs and cats and dog biscuits.

Please help in any way you can.  Click here to learn more about “Almost Home”.

Event Site Pictures (courtesy of Gina Carroll)

Pooch Park Enclosures

Game Area: Shuffle Board, Bocce Ball, and Corn Hole

Picnic Area with Shaded Tables

We are pleased to announce a new web site feature for Open Houses.

Whenever we schedule an open house, you will see a link to an open house page in the main navigation bar on our home page (see below).

This link will appear when an open house is scheduled

This link will only appear when there is at least one open house scheduled. You will also notice links on our sales pages if there is an open house for that type of property. In other words, if we have open houses scheduled for mountain condos and Stoney Creek Village, each of those pages will have a link, but the Mountain and Country Property pages will not. This is to make sure you see the open houses for the type of property you are interested in. In addition, the schedule and contact information will also appear on the detail page for any property with an open house scheduled (see below—sample, not an actual open house).

Open house schedules will appear on property detail pages

Open house pages have lists of scheduled open houses and a map page showing their location.

You can also text “open” to our answer line (540) 242-1908 and we will send open house information to your cell phone. Note: your carrier may charge for both outgoing and incoming text messages. Check your plan.

Western view across the famous Shenandoah Valley from the new Pooch Park

Dr. Bob Roth is our IT Director, our Webmaster, and the Obi-Wan Kenobi of Cyberspace. Bob holds a PHD in Computer Science and is a retired senior executive from IBM. Bob, whose office is the Internet, drives up from Raleigh every couple of weeks to make sure the programs and monitors within our office are working properly He constantly improves and monitors our website which I have been told by many that it is one of the best in the industry. Our website has been invaluable in attracting buyers to our markets and Wintergreen Real Estate is at the forefront of technological innovation thanks in large part to our friend, Dr. Bob. I asked Bob last week what he was working on which would be considered cutting edge with regard to helping us attract more buyers and visitors to Wintergreen. You can see his response here.

If you have checked our web site www.wintergreenrealestate.com and I encourage you to occasionally go on-line and visit the areas of interest you will see that we are hosting and Independence Day Celebration Saturday, July 2nd, 2011   12pm -6pm at the New WREC Event Site 121 Blue Ridge Drive, Wintergreen VA. (behind the Wintergreen Real Estate Office and Black Bear Cafe) Wintergreen Real Estate Company (WREC) would like to invite property owners and guests to join us for a general celebration and appreciation of our beautiful community by throwing a party at our newly open Event Site. Everyone is welcome. We will have parking nearby, live music, free hamburgers and hotdogs and soft drinks as well as local artist exhibits and activities and games for children and their families. It is going to be a wonderful weekend to be in the mountains. The resort also has many activities planned as you are probably aware. In addition, the 2011 Wintergreen Summer Festival will take place from July 6 through August 7 at the Evans Center at Wintergreen Resort. Activities include orchestra and chamber music concerts; a series of informal seminars; cooking classes; pops concerts; a film festivals; wine tastings; coffee concerts; programming for children; nature hikes—more than 150 events in all, many of which are free. These activities are one of the most anticipated events in Nelson County and bring with it a large influx of visitors who visit our community, spend money, and enjoy the incomparable beauty of Nelson County.

Remember when Ronald Reagan turned to address the Russian leader and said, “Mr. Gorbachov, tear down these walls”. Finally, the developers from Charlottesville are tearing down the foundations of The Seasons development at the corner of Wintergreen Drive and restoring the site. To assist with this effort, Wintergreen Real Estate Co. is going to recycle the material from that site, grind it up and use it as a foundation and fill, adding top soil to expand the site behind our office on the hill. We will be building a bocce court, a children’s play area, gazebo and benches for relaxation and most importantly a dog park. This will be the first Wintergreen Pooch Park. It will be a place where owners can take their dogs to play and relax away from roads and golf courses yet close to the condos and homes on Devils Knob. And yes, cats are welcome too.

In closing, allow me to share one of my favorite and most poignant and eloquent tributes to the dog.

Many years ago, in 1869, Senator Vest represented in a lawsuit, a plaintiff whose dog “Old Drum” had been willfully and wantonly shot by a neighbor. The defendant virtually admitted the shooting, but questioned to the jury the $150 value plaintiff attributed to this mere animal. To give his closing argument, George Vest rose from his chair, scowling, mute, his eyes burning from under the slash of brow tangled as a grape vine. Then he stepped sideways, hooked his thumbs in his vest pockets, his gold watch fob hanging motionless, it was that heavy. He looked, someone remembered afterwards, taller than his actual 5 feet 6 inches, and began in a quiet voice to deliver an extemporaneous oration. It was quite brief, less than 400 words:

“Gentlemen of the jury: the best friend a man has in the world may turn against him and become his worst enemy. His son or daughter that he has reared with loving care may prove ungrateful. Those who are nearest and dearest to us, those whom we trust with our happiness and our good name, may become traitors to their faith. The money that man has, he may lose. It flies away from him, perhaps when he needs it the most. A man’s reputation may be sacrificed in a moment of ill-considered action. The people who are prone to fall on their knees to do us honor when success is with us may be the first to throw the stone of malice when failure settles its cloud upon our heads. The one absolutely unselfish friend that a man can have in this selfish world, the one that never deserts him and the one that never proves ungrateful or treacherous… is his dog.

“Gentlemen of the Jury: a man’s dog stands by him in prosperity and in poverty, in health and in sickness. He will sleep on the cold ground, where the wintry winds blow and the snow drives fiercely, if only he may be near his master’s side. He will kiss the hand that has no food to offer, he will lick the wounds and sores that come in encounters with the roughness of the world. He guards the sleep of his pauper master as if he were a prince. When all other friends desert, he remains. When riches take wings and reputation falls to pieces, he is as constant in his love as the sun in its journey through the heavens. If fortune drives the master forth an outcast in the world, friendless and homeless, the faithful dog asks no higher privilege than that of accompanying him to guard against danger, to fight against his enemies, and when the last scene of all comes, and death takes the master in its embrace and his body is laid away in the cold ground, no matter if all other friends pursue their way, there by his graveside will the noble dog be found, his head between his paws, his eyes sad but open in alert watchfulness, faithful and true even to death.”

The jury deliberated less than two minutes then erupted in joint pathos and triumph. The record becomes quite sketchy here, but some in attendance say the plaintiff who had been asking $150, was awarded $500 by the jury. Little does that matter. The case was eventually appealed to the Missouri Supreme Court, which refused to hear it.

Contributed by Tim Merrick

Nothing will ever replace a personal relationship with a helpful, knowledgeable real estate professional. However, there are two technical trends that can assist and will shape the real estate world over the next few years. The first (not a new concept, but still in its infancy) is social networking. The second is the widespread use of smart phones.

Social networking is the Internet equivalent of the corner pizza parlor or group hangout. People share information and keep up with their friends via Facebook, MySpace, and Twitter—no matter where they are physically. If you are Sally’s friend, and want to see what she’s up to, go to her Facebook page. There you can see what’s on her mind, and what your other friends think as well.

Widespread use of smart phones is a much newer trend, and also still in its infancy. If I am away from my computer, and want to find a gas station with the cheapest gas in the neighborhood, I turn to my smart phone. I ask it to find the cheapest gas, and then ask it to give me turn-by-turn directions from where I am to the station—avoiding real-time traffic or detours along the way. If I find something that interests me at the store, I can use the camera on my phone to take a picture of the barcode, and ask my phone to tell me about the product, and who is selling it for the least. I can check out my friends and their social networking pages, and, if they allow it, even find out where they are at the moment.

Both of these have real estate implications. While email used to be the primary way to exchange information on the Internet, now Facebook, Twitter, and text messages play a big role.

Requesting a Listing from the Answer Line

If I have something I want my friends to know about, I can put it on my Facebook, post a “Tweet” on Twitter, or send them a text message. Voila—instant communication and none of us had to be physically connected to make the communication work. Say I see property I like. If I am a social networker, I need to be able to include my thoughts about the property using the social networking tools I use for everything else. That’s why we have a Facebook page and Facebook links on all our properties, in addition to our email links. That’s also why we added “text to a friend” to our longstanding “email to a friend” function of sharing listing information with others. This allows you to send property information directly to your friend’s cell phone.

We also have other new, exciting ways to use smart phones. If I am driving through the country, and see a property listed with Wintergreen Real Estate that I like, I can “text” (send) the property MLS number to our answer line (540-242-1908) and immediately get a full description the property and the agent’s phone number sent to my phone. If I choose, I can click on the phone number in the response to talk to the agent. What if I see a banner advertising the Fourth of July weekend event at our Discovery Center? If I text the message “July 4^th” to the answer line, I’ll get back the time and place and a set of GPS coordinates I can copy to my navigator for turn-by-turn directions from wherever I am to the event. I can also text “news” to the answer line for a look at the Wintergreen Real Estate Blog, or “open” to the answer line for a list of scheduled open houses.

The requested listing information

These capabilities (many unique to Wintergreen Real Estate) showcase the long-standing emphasis that Wintergreen Real Estate places on service to its clients—buyers and sellers alike. Our objective is to do everything we can to unobtrusively bring sellers and buyers together, and these new technologies are some of the most recent ways of fulfilling that objective. Stay tuned. You will see us roll out even more exciting service technologies in the near future. Let us hear from you about services that you would find useful.

Bob Roth
Webmaster

webmaster@wintergreenrealestate.com

Y’all come! We’re having a Wintergreen fourth of July celebration at the Discovery Center.

Join Us for Our Fourth of July Celebration

Saturday, July 2nd, 2011 from 12pm-6pm at the new WREC Event Site at 121 Blue Ridge Drive, Wintergreen VA.
(Behind the Wintergreen Real Estate Office and Black Bear Cafe. Text ‘July 4th’ to (540) 242-1908 for times and GPS coordinates, or click here for a map.)

What better way to celebrate July 4th and living in the USA than to spend a day reveling in the beauty of Wintergreen Mountain?

We would like to invite Wintergreen residents and guests alike to share in the appreciation of our beautiful country by throwing a party at our newly opened Event Site. The site is located above and behind our office on Blue Ridge Dr., immediately behind the Wintergarden SPA and above the Devils Knob Clubhouse. Everyone is welcome, so come together with your fellow countrymen, women and kids and celebrate with us!

This is where we held the Black Bear Jamboree on Memorial Day Weekend. Those who attended can attest to how great a site it is for a celebration.

General info:

Free parking near site. We will have live music, booths by local artists and free food and drinks. We will also have games for the entire family. While there you can  sign up for WREC tours of Wintergreen

Times:

• Artist booths and games open at 12:00pm – 6:00pm (see below for featured artists)
• Live bluegrass music begins at 1:00pm – 6:00pm, played by “Tara Mills with Strings Attached”
• Grilling begins at 2:00pm – 6:00pm (we’ll have free hamburgers, hotdogs, garden-burgers, chips, water and soft drinks)
• Artists booths/tents open at 12:00pm

Featured Artists:

• Gina Carroll and Mike Zavada of DragonStone Studios:
  Fine Stone sculpture, stone candles and craft
• Cara DiMassimo of The Glass Palette:
  Hand Made Glass Art and Jewelry
• Andy and Leah Rhodes of North Mountain Woodworks: Turned Wood bowls and other woodcraft
• Donna Kincaid of Mountain Vision Pottery LLC:
  Fun, folk, and functional pottery

Dr. Martha Barnett, MD, of Charlottesville is the lucky winner of our week at Wintergreen contest (see earlier post). Dr. Barnett came within 283 pennies of the 28,726 penny total.

The grand prize is a 7-day stay in a 3-4 bedroom home at Wintergreen Resort, including

• one dinner for four at the Devil’s Grill,
• two passes for a massage at Wintergarden Spa,
• two rounds of golf for four (with cart) or two ski passes for four,
• two bottles of Virginia wine, and
• a welcome gift including cheese, flowers and fruit.

Contest Winner Dr. Barnett

“I approached the contest without a strategy,” said Dr. Barnett, “but my husband suggested we have one. I noticed several rolls of pennies in the jar, and guessed how many rolls the jar would hold. That led me to a number.” She is a super estimator—her guess was within one percent of the total.

Dr. Barnett, a Wintergreen property owner, comes to Wintergreen as often as she can. “We love it at Wintergreen,” she says, “We can ski, hike, play golf or tennis, or just relax in its idyllic setting; all within a half-hour drive from Charlottesville.”

We feel the same way.

Congratulations, Dr. Barnett. Well done.

Stick with the winning team!
contributed by Julie Benner

Wintergreen Real Estate remains #1 in the area with $34,766,649 in residential volume in Stoney Creek and Wintergreen, representing more than 40% of area sales!

Since 1974, our sales agents have continued to top the charts. Here’s proof of their recent success based on closed sales (either side) as reported by the CAAR MLS for 2010:

Betty Green:
#1 in sales for Stoney Creek residential property, 2010;
#1 in sales of detached homes, Stoney Creek and Wintergreen;
#3 in overall residential sales for Stoney Creek and Wintergreen

Peter Farley:
#1 in sales of land for Stoney Creek and Wintergreen

Tim Merrick:
#2 in overall residential sales for Stoney Creek and Wintergreen;
#3 in sales of detached homes for Wintergreen

Dima Holmes:
#2 in sales of detached homes for Wintergreen;
#3 in sales of detached homes, Stoney Creek and Wintergreen;
#4 in overall residential sales for Stoney Creek and Wintergreen

Dick Carroll: #5 in sales of detached homes, Stoney Creek and Wintergreen

Hunter Lynn: #2 in sales of land for Stoney Creek and Wintergreen

Tim Hess: #7 in sales of detached homes for Wintergreen

Announcing 3rd Home, A Second Home Exchange Exclusively for Our Property Owners at Wintergreen and Stoney Creek
contributed by Julie Benner

This spring, we signed a sponsorship agreement with the international second home exchange firm, 3RD HOME. This partnership will enable our Wintergreen and Stoney Creek property owners (of properties valued at $750,000 and above) to exchange their properties with other second homeowners throughout the world, from Whistler, British Columbia to Palm Beach, Florida to Cabo San Lucas, Mexico.

This spectacular offer enables you to travel to various vacation destinations around the world without the high costs of rent.

“By making this exciting, exclusive, unprecedented offer available to our owners, this will create a continued new level of energy and interest in Wintergreen for both our owners and for 3RD Home members now coming to Wintergreen. In my years in the real estate business, I have never seen a more powerful offer for second homeowners than this one, ” said Tim Hess.

Because Wintergreen Real Estate has worked out a special arrangement with 3RD Home, all property owners (of properties valued at $750,000 and above) will not have to pay a joining or membership fee, only a nominal fee upon confirming their vacation to another exotic location. Home exchanges are subject to approval by 3RD Home.

3RD HOME is the most unique international second home exchange program of its kind. The company touts the highest standards in the industry, is fully automated, is simple to use and is a trusted source for homeowners. Members are rated, comments are posted, and all information is available 24 hours a day. 3RD HOME also has an amazing array of the most luxurious homes on magnificent beaches, vibrant cities, and stunning mountains in their portfolio of residences.

Learn more about 3RD Home:
www.wintergreenrealestate.3rdhome.com

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To take advantage of this offer, click here or contact your Wintergreen Real Estate agent.