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Waterville Valley Leads National Real Estate Trend
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Added: 04/12/2004
Type: Summary
Viewed: 846 time(s)
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Waterville Valley Leads National Real Estate Trend
This forecast is bearing out in the mountain community of Waterville Valley, New Hampshire, which has a very limited supply of developable land. According to Waterville Valley Realty President Ray O’Hara, property available for sale is at a historic low.
“Of the last 25 sales Waterville Valley Realty has made, five sold in one day, 11 sold in less than 10 days, and the balance weren't on the market very long. While these statistics may not be as impressive in the primary home market, they are quite remarkable considering Waterville Valley is a second-home market, and the buyers don’t live in the immediate area,” O’Hara said.
“The average appreciation of comparable properties sold in Waterville Valley during the past four months is 16.13%,” continued O’Hara. “Appreciation was 15.67% for 2003, 10.6% for 2002, and 17% for 2001.” O’Hara added, “This past Saturday we took two resale listings. They both sold for full-price within eight hours. The few that didn’t sell for list price ended up selling within 5% of the list price.”
In October, MSN.com named Waterville Valley as one of the 10 emerging real estate markets in the U.S. in a column about “the top 10 towns for second-home investments” by columnist Liz Pulliam-Weston. Waterville Valley was just one of two such markets in New England, and the only one in New Hampshire.
What makes Waterville Valley a “hot market” with appreciation rates greater than the national average?
Bill Cantlin, president of the Waterville Company, master developer of Waterville Valley and owner of all of the undeveloped land, said there are a number of contributing characteristics. “The town of Waterville Valley is comprised of only 500 acres of private land surrounded by over 700,000 acres of White Mountain National Forest. There is a permanent limited supply and, unlike other areas, there isn’t another 25, 40, or 100 acres right down the road that someone will develop next. One drives through eight miles of National Forest to get here. There is no strip development on the access road.”
Cantlin added, “Purchasers of second homes or investment properties look for carefree ownership opportunities. Waterville Valley is fortunate to have excellent property management and rental management services. The property management companies can do anything from shoveling snow and mowing grass, to building decks, staining siding, re-roofing, and even checking your heat.”
“Rental management is also available for every property in town. Owners can rent their place for a day, a week, a season or year round. Some properties even have on-site front desk operations. “
Waterville Valley has always distinguished itself with a town-wide master plan and stringent controls that were adopted in the late 1960s. Municipal services are extraordinary, and outdoor recreation opportunities abound.
The Valley has been a refuge since the late 1800s, when city dwellers came for summers of mountain air, tennis, golf, fly-fishing and seclusion. The resort began attracting winter visitors in the 1930s when winter sports such as downhill skiing rose in popularity. In the mid-1960s, U.S. Olympic skier Tom Corcoran was scouring New England for a mountain he could develop into a year-round resort. When he saw Waterville Valley–-which had a couple of rope tows and trails, an inn, and 500 acres for sale–Corcoran knew it was the place. The National Forest surrounding it, and Corcoran’s purchase of nearly all the town land, could prevent commercialization and haphazard growth, which has marred so many ski resorts. For nearly 40 years, Waterville Valley has grown steadily under Corcoran’s plan.
Today’s Waterville Valley is a rare resort village. Bill Cantlin pointed out that “modern resorts tend to be an anonymous collection of buildings and activities. Waterville Valley bucks this trend by emphasizing ‘community’ not ‘weekend package.”
Waterville Valley has only 258 year-round residents. Its municipal services accommodate the influx of seasonal residents and future growth. Homes are served by town water and sewer, solid waste pickup, 24-hour police, fire and ambulance crews, an award-winning department of recreation and culture, a K-8 school, and professional property and rental management services. Property owners and vacationers also enjoy hiking on the surrounding 4,000-ft. peaks, mountain biking, cross-country skiing, downhill skiing, snowshoeing, skating at the indoor ice arena, golfing on the sporty nine-hole course, tennis at the award-winning tennis center, a pond for swimming and canoeing & kayaking, rivers for swimming and fly-fishing, an indoor athletic club, and Town Square’s shopping, dining, and recreation.
Waterville Valley has about 1,000 condominiums, 120 single-family homes, and over 200 condominium all-suite hotel units. There are also a limited number of homesites available in the Valley. One of the most desirable locations is the newly completed Cascade Ridge, consisting of 19 one-acre homesites surrounded by the White Mountain National Forest. Cascade Ridge offers underground utilities, protected views, thousands of protected acres on two sides, and access to cross-country skiing, hiking, and mountain biking from each site. Nine Cascade Ridge homesites have been sold or reserved, and two homes are under construction, including a distinctive craftsmen-style home that is available for sale.
To get more information on the Waterville Valley real estate market, log on to www.wvnh.com, or call toll-free 1-888-987-8333, ext. 200. |
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