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Mountain Property in Mid-Atlantic

Mountain Property in Mid-Atlantic

Mountain Life
By Micah Abrams
posted: 03/31/2000

Tannersville, New York
Near Hunter Mountain, Ski Windham

Whether they're in Aspen or New York, people want to get out of the city and have that back-to-nature ambiance," says Jeff Prince, owner-broker of Jeff Prince Realty. Situated in the northern Catskills, this cabin is a 10-minute drive from Hunter Mountain and Ski Windham. The interior is all pine floors, walls and ceilings, which underlines the "cabin" feel. The building is popular with renters, says Prince, who asserts that "it always rents."

The flush financial markets of New York, located a three-hour drive south, are pushing market values: Property prices have jumped 20 percent in the northern Catskills just in the last year, Prince says.

"The secluded cabin concept is very hot," he says. "I'm also seeing a lot of activity in farming. People want the acreage, and they want the ability to be self-sustaining. You'll see this trend all over the U.S."

Many buyers are snapping up defunct dairy farms here, emulating buyers in the West who covet ranch land. In general, Prince says, buyers seem to favor older properties that can be remodeled. Small acreages are in a relative slump: "Those 2-acre subdivided lots are the slow end of the market."
List Price $190,000
Square Footage 2,000
Price Per Square Foot $95
Year Built 1989
Beds/Baths 4 bedrooms/2 baths
Acreage 5 acres
Condo Dues N/A
Taxes In 1998 approx. $3,000
Listing Agent Jeff Prince, Jeff Prince Real Estate, Tannersville, (518) 589-6060; http://www.jeffprincerealty.com "> www.jeffprincerealty.com .

Snowshoe, West Virginia
At Snowshoe Mountain Resort

This second-highest home in West Virginia was designed by Ned Gwathmey—one of Snowshoe's founders—and built in 1979, then extensively remodeled in 1988. "Probably the most impressive feature of the home is that the house is oriented toward the southwest, and almost the entire side is either glass or skylight," says Doug Keith of Snowshoe Resort Property Sales.

Located just steps from the ski slopes, the house includes a two-car garage (with office above), attached by a breezeway and a freestanding garage/workshop. The lot is studded with red spruce and includes a manmade goldfish pond. The interior encompasses a spa with a hot tub and an exercise room. This listing may be the top end of Snowshoe's market, which has come up sharply since Intrawest Corp. purchased the ski resort in 1995.

"We've seen dramatic jumps in appreciation," says Keith. "Single-family 1-acre lots are few and far between, and they've gone from a price range of $22,000 to $35,000 two years ago to $85,000 or $90,000 today." Condos are appreciating at a 15 percent to 20 percent annual rate.

Typical of resorts with significant new construction, deals are found among older properties. New Intrawest condominiums are selling for about $300 per square foot; older units go for $100 to $200. "What they're doing in the new village is driving our resale market," Keith says. "But the gap is closing."
List Price $789,000 (fully furnished)
Square Footage 4,800
Price Per Square Foot $164
Year Built/Year Remodeled 1979/1988
Beds/Baths 4 bedrooms/4 baths
Acreage 1 acre
Condo Dues N/A
Taxes In 1998 $876
Listing Agent Doug Keith, Owner-broker, Snowshoe Resort Property Sales, (304) 572-5687; http://www.snowshoe-realestate.com "> www.snowshoe-realestate.com .

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