Thursday, December 13, 2007

A piece of the pie

Shelly Sanders Greer, Naitonal Post

While the southern tier of the United States has taken a big hit in real estate sales, the middle section of the country and both coasts are proving to be more stable. This is especially true for high-end luxury homes which appear to be holding their value in a number of markets.

Sales of new single-family homes across the United States rose 4.8% in September, based on data released by the U.S. Commerce Department on Oct. 25. And the National Association of Homebuilders chief economist, David Seiders, said in a press release issued Oct. 26, that housing should begin a modest recovery next year.

One common thread among strong markets is close proximity to ski resorts. A survey of homeowners at resorts conducted by the National Association of Realtors in 2006, found that 31% of buyers want to be close to mountains and natural attractions.

Due West Land, in Colorado, is near the Steamboat Springs ski area and is a prime example of a good market. So far, 37 of 62 properties have sold, where views of the river start at US$2.9-million. Judy Wagar, vice-president of operations for Due West, explains that this property is being developed and marketed to people who dream of ranch life, but don't have the time to actually operate a ranch. She anticipates the properties will be sold out in the next year to 18 months.

"The concept of the ranch is similar to the way a condo operates, with a shared-owner concept," Ms. Wagar says.

"The concept is to provide the opportunity to own a ranch but share the expenses and amenities with other likeminded people.

"People purchase lots ranging from four to six acres, and then have their home custom built. The entire property is 1,717 acres and 1,300 of these acres will be open space, preserved through land protection."

Amenities include a lodge that seats 40 people, the Dead Horse Saloon with a wine-tasting area, a day spa, a 22-seat theatre with 400 stored movies, a fitness centre and a concierge to schedule activities such as horseback riding, fishing and skiing.

Steamboat Springs has 165 runs and 25 lifts, and is ranked by Ski Magazine as the No. 1 family resort in the west, compared with every other resort in North America. Ms. Wagar points out that Steamboat Springs is actually a year-round resort with hiking and biking, and the mountain itself was just sold to Intrawest. This means new infrastructure such as condos and five-star hotels will soon be underway, making the area even more attractive.

Maryland 's Deep Creek Mountain Resort is another example of a thriving community thanks to a freshwater lake and a downhill ski area. Baby Boomers make up the largest demographic here, where the average home price has doubled from US$432,023 in 2001 to US$861,727 in 2006.

The nearby Wisp Ski Resort has 22 trails, and new slopes are being developed to increase the skiable terrain by more than 50%. More homes are in the works for this resort, including 11 duplex townhomes with ski-in/ski-out access. And like Due West, amenities are provided through membership in the Lakeside Club where there will be dining, volleyball, kayaks, sailing and a plunge pool. Clearly, the desire for vacation property here is expected to increase, with big plans for the future such as the addition of a scenic mountain village.

Meanwhile, in Vermont, Quechee Lakes, which also features a landowner's association with amenities, is receiving a lot of interest from people in England and Ireland, as well as from Boston and New York.

Oleg Vyadro, owner of Insegment, which handles sales for Quechee Lakes, says that about 1,300 homes are sold out of the 2,150 planned on 5,200 acres. Prices range from US$450,000 for a townhome to over US$1-million for a single detached home.

" Quechee Lakes is two hours outside Boston and very convenient to Montreal," says Mr. Vyadro. "It really appeals to golfers - Links magazine called our 18-hole course one of America 's premiere golf communities. We also have our own private ski hill with 12 trails."

A concierge comes with ownership at Quechee Lake, and this service is now open to the public, mainly to attract new owners. You can contact Quechee Lake 's concierge about coming for a weekend, with no strings attached. The concierge will find out about your family and plan accordingly. Mr. Vyadro says you can go up in a hot air balloon or take a canoe trip in the summer, or enjoy a sleigh ride in the winter.

"In the last six months, we've had twice as many inquiries as we had last year," says Mr. Vyadro. "People are flying in from all over to see the place because of our weaker currency. We anticipate a strong spring market."

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