In support of the Laurel Mountain Volunteer Group's (LMVG) first of three 2010 trail care days, PTAG (Pittsburgh Trails Advocacy Group) will be hosting a "Laurel Mountain Work and Roll Weekend", June 19-20th, 2010.

This is a great opportunity for everyone who enjoys the beautiful trails at Laurel Mountain to kick something back, break a sweat and make the trails even better and more enjoyable!

After a hard day's work, PTAG will be providing cold, tasty, FREE Penn Brewery Craft beer!

The DCNR will be providing FREE camping on Laurel Mountain Saturday night!

On Sunday we FREE-ride and enjoy the fruits of our labor!

Details:
* When: Saturday, June 19th - Sunday, June 20th

* Work: Saturday, 9:30am - 2:30pm. Meet at the Warming Hut parking lot on Summit Road near the entrance to the Laurel Mt. Ski Resort.

* Camp: The DCNR has generously granted us permission to camp over for free Saturday night. PTAG will be providing free beer after Saturday's work session at the camp area. BYO Everything. Bring telescopes too as this site offers a tremendous skyline view. Camping will be located at "Motorized Site #1. Directions: http://www.dcnr.state.pa.us/forestry/camping/forbes.aspx

* Ride: Sunday, 10am. Both brisk and casual-paced rides will be offered with multiple bail points. Everyone rides!

For additional information contact: Frank@dirtragmag.com, 724 433 4486

What a shame! This once to be, multi-million dollar property will be up for Sheriff Sale Friday May 21, 2010. The sale will be held in the main lobby of the Somerset County Courthouse, 300 North Center Avenue, Somerset, PA 15501 at 1:30 PM.

This 5.95 acre parcel was purchased in 2004 for $255,000. It's lot #5 known as 154 Ptarmagin Way. The building process began quickly and according to the sellers disclosure the roof was installed in 2005. However, the house itself has never been completed and has weathered several winters without heat.

This two story dwelling has 5 bedrooms, 6 baths, 5 fireplaces, and a 3 car integral garage. The deed book number is 1788 page 14. We see someone with their own construction company being the successful bidder of this one!

According to the sheriff's department all interested parties should do a lien search PRIOR to bidding to see who is in the first lien position.  If you are the successful bidder you will need to have 10% down (cash or certified funds) and the remaining balance paid before the following Friday.  

This is a rare occurrence at Seven Springs! One reason for that is that since real estate development began at Seven Springs there has NEVER been a case of overbuilding! It's all about supply and demand.

Pheasant Run is a gated community with 31 parcels ranging from 3 to 12 acres. There are still 8 parcels offered for sale according to the Seven Springs web site.

Seven Springs had a booth at the 2010 Home and Garden Show in Pittsburgh last month. They had a sign promoting a new community. Locally we haven't heard any new marketing concerning the newest offerings across the street from the Villages.

But when a home owner shared that there is to be a model open by this Thanksgiving we dug out the original materials. This community was first pitched back in 2008 and tagged "The next Premier Property at Seven Springs Mountain Resort." It's in Middlecreek Township, Somerset County.

According to the Feb 19, 2008 article by Kirk Swauger in the Somerset Tribune Democrat the "The townhomes and cottages were designed by renowned resort architect Jack Johnson Co. of Park City Utah. They will have 9-foot ceiling with vaulted family rooms, private patios, and decks."

Prices then were to range from the high $400,000s into the half million dollar arena. Two to four bedroom properties were in the plans, many with garages. With only a few Southwind properties undelivered the process of another community appears to be underway. The hand out we have has the following disclosure, "The material presented herein is conceptual only, for general information and does not constitute an offer to sell real estate. All details are subject to change at any time. Any decision to proceed with this or any other real estate project is subject to regulatory requirements, including but not limited to a Public Offering Statement and required municipal and State approvals."

A month or so ago we blogged about Nemacolin Woodlands Resort resubmitting an application for the last of the Category 3 (Resort) Slot Licenses. We just had an update from the Pennsylvania Gaming Control Board sharing that there are NOW a total of 5 resorts that have submitted applications.

Below are some links to the 5 resorts and how the local newspapers are reporting on what it would mean to snag that last license! Here's a map so you can see where they are hail from in Pennsylvania.

Mason-Dixon Resorts, LP
Eisenhower Hotel, Conference Center and Resort, 2634 Emmitsburg Road, Gettysburg, PA 17325
Cumberland Township, Adams County, 

Woodlands Fayette, LLC
Nemacolin Woodlands Resort, Most recent Pittsburgh Tribune Review 1001 Lafayette Drive, Farmington, PA Wharton Township, Fayette County

Penn Harris Gaming, LP
Holiday Inn Harrisburg West, from the Pennsylvania Local News 5401 Carlisle Pike, Mechanicsburg, PA Hampden Township, Cumberland County

Bushkill Group, Inc.
Fernwood Hotel and Resort, East Stroudsburg, PA Middle Smithfield Township, Monroe County

Wyo Gaming, LP
Crown Plaza Reading, Wyomissing, PA Wyomissing Borough, Berks County

The vetting of the applicants and their paper work has no time constraints! We'll keep you updated!

Back in October of 2008 at our State Association of REALTOR (PAR) meetings we had a session on gas leases. The power point was provided by Greevy & Associates, 1460 Washington Blvd., Williamsport, Pa, 17701.  ( 570-326-6561).   Attorneys Lester Greevy and Dale Tice presented a great over view of what's happening in Pennsylvania and across the nation. They are located in Tioga County which has been a hot area for tapping into Marcellus Shale.

Our biggest lesson learned then was that sub-surface rights (under ground) always trump surface rights. Next biggest was that title searches are only required to go back 60 years and that most gas leases were recorded in the 1800's!! Buyers always take a property SUBJECT to the lease.

It's very safe to say that trying to negotiate a lease without representation is not going to optimize your real estate portfolio. Terms of lease were reviewed and include cash bonus, royalties - 1/8 is state minimum, length of usually 5 years (watch out for the option to extend), and modifying by an addenda. Pricing revolves around several factors including how much land and how many bidders. Throw in the tax ramifications too and it's time to contact these fellows or an attorney that specializes in gas leases! 

The big caveat for agents, buyers and sellers, came out to understanding the consequences if there is a lease in place. Another issue that is currently being tested is the Clean and Green programs and whether a gas well leased by a separate party should jeopardize the owner of the property by being subject to removal from the program. This is currently left up to the county! Our State PAR NOW has a Google Group for Oil and Gas issues that our members are running into!

Within the past few months we're hearing more discussions concerning the leasing of gas rights in our state FORESTS. On Tuesday the local Somerset Daily American paper had a story by Bruce Siwy concerning Ohiopyle, Laurel Ridge, Kooser, and Laurel Hill State PARKS. It appears all of the mineral rights are NOT owned by the state.

In January the Republican Herald ran this story by Robert Swift concerning state FOREST land. According to the article "Pennsylvania will realize $128 million in revenue from leasing drilling rights on 32,000 acres of forest in north-central Pennsylvania based on high bids submitted earlier this week by five companies."

Here's an editorial page from PennLive.com by the Patriot-News Editorial Board in February recommending a severance tax to be enacted on Marcellus Shale. We have been watching the oil and gas pages on the Department of Environment (DEP) web site. There's a ton of information including updated maps of areas that have signed leases.

We bring this to your attention so you too can be a concerned citizen and begin to follow what is happening in our back yards!!

Wednesday, March 3, 2010By Austin Jaffe, Ph.D.

In 2006, a research study by National City Corp. and IHS Global Insight ranked U.S. housing markets on whether or not median home prices in 299 markets were "priced correctly."

They found that 213 of the 299 cities selected for the study were over-valued. Number one on the over-valued list was Naples, FL, with a whopping 84 percent of its housing stock selling for more than what was thought to be the "correct" price or fair value. The 2010 follow-up study found that housing in Naples now sells at a 29-percent discount to fair value. Median prices fell from more than $390,000 to about $165,500.

By 2010, only 87 of 330 cities studied were over-valued. The most under-valued market in the 2010 study was Las Vegas at 41 percent below fair value, followed by Vero Beach, FL, down almost 40 percent; Merced, CA, down nearly 38 percent; and Cape Coral, FL, down almost 37 percent.

How do Pennsylvania cities compare? Here are the numbers:

All Pennsylvania cities show evidence of relative price declines from their fair value estimates from 2006 to 2010, except Harrisburg, which extended its over-valuation, and Scranton, which is about the same.

The primary implication of these numbers is that the median prices in the overvalued cities may decline further while the undervalued set (except Pittsburgh) overshot their fair values during the recent years' declines. The Steel City was slightly undervalued in 2006 and is even more so now.

It is important to note that it is quite possible for over- or under-valuations to persist for some time. Economics and other forces exert pressure on prices to "revert to the mean" but this process may take several months - or even years.

The conclusion of the report observed that for a few years, the average buyer "should forget about home purchases as investments." But homebuyers, especially in under-valued markets, can expect long-term appreciation as prices approach fair values.

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Hidden Valley Resort will present the annual Spring Carnival March 6 - 7, 2010.  More than 220 inches of snow this winter have provided awesome snow conditions this March, and the time has come to celebrate the fact that spring is just around the corner! Guests will enjoy a full schedule of games, activities, and entertainment at the third annual Spring Carnival.

Spring Carnival kicks off on Saturday morning with the opening of the Hidden Valley boardwalk. The Ski Lodge plaza level will be converted into a boardwalk scene.  Vendors will be selling barbecued goodies, funnel cakes, chocolate delicacies and other treats.  The entire family will enjoy contests and carnival games, free caricatures, face painting, and a strolling magician.

There will be a wide variety of events for everyone to participate in during the carnival.  The events are all about having fun with the entire family. With seasonal temperatures in the 40s or warmer and hopefully plenty of sunshine, Spring Carnival will be the perfect time to get out and enjoy the incredible snow conditions.

A few events like the Family Obstacle Course and The Captains Awesome Pirate Adventure Race will require people to have skis or a snowboard and navigate various challenges as they descend the beginner area. Other amusing activities include a tug-o-war, snow volleyball, a hula hoop contest, snow rafting and a snow golf - closest to the pin contest.  For the more competitive types, the resort offers a Giant Slalom race.  The third and final event of the HV Park Series will take place on Sunday, March 7. This event will be a boarder/skier cross competition. There will be a registration fee for the HV Park Series event and the Giant Slalom race.  Events that take place on the slopes do require a valid ski ticket.

The kids will also find plenty of fun beyond the boardwalk scene. Youngsters will have an opportunity to play on the Snowcano near the ski lodge or compete in the Kids Crazy Hat and Helmet Race.  Hidden Valley is working with the Family Life Fund of Children's Hospital of Pittsburgh's Foundation to present the Family Fun Zone and Sweet & Treat Bar. This area will feature children's crafts, cookie decorating, smoothies and candy.  There will be a nominal fee to the Family Fun Zone activities with proceeds benefiting the Family Life Fund.

Make plans to spend the entire weekend at Hidden Valley with our attractively priced lodging packages which start at just $118 per person and includes lodging and ski tickets. Call 814.443.8000 to make reservations.

For more information on the Spring Carnival and everything Hidden Valley has to offer visit our web site at www.hiddenvalleyresort.com.

Our National Association of REALTORS (NAR) has rolled out our newest consumer tool!  Houselogic is in response to frustrations of consumers that fall into bogus sites while surfing the Internet for housing information. Sites that promise to help them through their years as home owners and in reality only want to sell them something or capture their information for resale purposes.

This site begins with 5 tabs at the top of the page, Improve, Maintain, Engage, Taxes & Incentives, Finances & Insurance, and News and Activity. Under each tab you'll find subcategories that take you into greater detail about the topic you're investigating. Read it and leave or build a binder with projects that you'll see through from start to finish!

For over 100 years the REALTOR Association has championed home owner rights.  When you become a FREE member of Houselogic, NAR may ask you to partner on issues or legislation that may impact you as a homeowner.  It's up to you whether to participate in these causes. Remember the people in DC work for us. Hearing from us allows them to best represent their constituents!

Take some time to try out Houselogic and share your thoughts with our other readers. Remember if you are house hunting to search REALTOR.com by zip code (Hidden Valley 15502, 7Springs 15622) for the most up to date accurate information on properties for sale!

The 49 Tourism Promotion Agencies representing all 67 counties of the Commonwealth of Pennsylvania have an incredible informational piece that outlines how vital tourism is to Pennsylvania's bottom line. I'm reciting some facts just in case you don't have time to open the link!

"Did you know that Tourism ranks as the second largest industry in Pennsylvania! How about, that our state is the 4th most visited state in the country! In 2007, visitors generated a total of $2.8 billion in state and municipal tax revenues (a little more than 10% of the total General Fund Expenditures in 2007-08).

Due to the major tax revenues generated by tourism industry in the Commonwealth of Pennsylvania, each one of our 4.9 million households benefits with $575 in tax savings. Put another way, if not for tourism industry, each household would have to pay $575 in additional taxes to maintain the current level of state services."

In deed, we as REALTORS focusing our business on Hidden Valley, Seven Springs, and the immediate area in the Laurel Highlands are extremely biased in our support for the tourism industry. "We urge Gov. Rendell and our legislators to maintain FY 2009-10 Tourism Promotion Assistance funding at $8 million - funding that has already been contracted and awarded.

Without this support of a key state industry, the second round of cuts included in the Governor's FY 2009-10 budget revisions would leave PA's total tourism promotion expenditures at 65% below FY 2008-09."

Here is the link that shares how YOUR VOICE can make a difference! Through a call, letter, or  e-mail YOU can help to keep tourism a viable factor in our economy!

• Write a letter or E-mail to your state senators and representatives
• Sample letter to a legislator

PLEASE TAKE ACTION TODAY!

Given the state of the economy we were stunned to see multiple transfers of commercial and farm properties in 2009. These sales were not transferred through the West Penn MLS. What that means is if you wanted to use them as comparables you would either have to search the Westmorland Deed site or visit the court house in Greensburg.

We keep sharing with you that there are strong currents working to make Donegal a memorable Gateway to the Laurel Highlands. Building and expanding our local businesses certainly will help! You spending time and money here keeps the excitement growing!

Family Dollar - It's the first franchise store along the Route 31 corridor after the fast food and gas stations that you pass by when you exit off of the turnpike at Donegal. This store just celebrated its first anniversary, it's that new! We picked up the transfer dated September 2009 for $880,000.

The 6 Pack Shop NOW Taylor Jo's 6 Pack Shack- This parcel is located on the right when you turn on to 711 from Route 31 as you're headed to 7 Springs. The building had several rentals inside along with the small restaurant (great fried chicken) that sits on just less than an acre. Dine in or take out, they're running daily specials 724-593-2401. The property transferred December 2009 for $250,000.

Leepers Grocery- This was once a grocery store and is located on Route 31 headed towards Mount Pleasant about 2 miles off of the Donegal turnpike exit. Lots of remodeling going on here! New owners have made rental space available. With just over an acre of ground this property transferred in June of 2009 for $190,000

Laurel Highlands Personal Care Home -This parcel is on the right as you cross the bridge off of Route 31 onto Route 711 headed to Ligonier. With approximately six acres and a large building this property transferred in December 2009 for $875,000.    

There were two farms sold in Donegal Township during 2009. Both showed more than 100 acres! Both of these transferred in April 2009. One for $660,000 and the other was for $550,000.                

If you'd like to be a part of our growing community here's a great opportunity! This parcel is DIRECTLY ACROSS from the Family Dollar store. With over 2 acres the site has frontage on both Route 31 and School House Lane. Seller is willing to sell or rent. Upgrades include new roof and paint in 2007, lot seal coated and lined in 2009.  Call Wags for more details at 800-419-7653.