This is my first time posting.  I have been following the Forums on and off for several years.  Here goes... My husband and I are considering the purchase of a home in Canaan Valley/Davis.  We have 3 kids under 6.  The older 2 love skiing and the youngest hasn't started.  We love cross country skiing, biking, and hiking also.  We would like the home so that we can ski on the weekends without having to deal with the hastle of packing every weekend to go to Whitetail, Liberty, etc.  In addition, we would like a place that has other activities than skiing and the CV area seems to offer that.

I am trying to gain some insight on owning a home in Canaan Valley.  What is the real estate market like?  It appears that there is quite a bit for sale, but not much is moving.  We know we would probably not make much money off the house (if any), but how hard is it to sell out there?  

We have skiied there a few times and like both mountains.  Any thoughts on future development of Canaan Valley or Timberline?  

Thank you for your time.  I appreciate any insight you might have.

There's lots of informed points of view on CV real estate here.  I will start off with just a few thoughts:

We have owned at Tline for almost 10 years.  Love having a place, love not having to schlep gear back and forth, love the four seasons aspect.  

You have to buy with funds that you are sure you won't need anytime soon.  Resale market is thin and slow moving from what I know.  So far the hoped-for explosion in demand from the completion of Corridor H has not happened.  Maybe it will in coming years, maybe not.

If you are interested in renting out your place, my sense is that rental market for properties at/near the base of Tline is pretty good during the winter and not bad during the summer.  I can't speak for the other areas of the Valley.  My understanding is that there are three rental seasons up there: ski, summer, and leaf/deer.

Sooner or later, the bad soap opera that is Timberline Ski Resort will come to an end.  Either they will turn the corner under current ownership or have the bad year that finally forces a sale.  You will hear all kinds of rumors on that topic (as well as rumors re how profitable Tline is or is not).  My experience is that businesses rarely stay in a perpetual state of near-disaster forever.  But for now, there are lots of dreams and plans at Tline but no development.  CV Resort just had a major facelift (at the lodge).  Someone else may know whether there are any plans to expand the ski area. 

Screw developement, the residents don't want it here. We already have the coolest community of people and surroundings, and more micro-breweries per capita in Tucker County than anywhere in the US, what else really matters? Seriously! 

c'mon Chaga, the lady just wants to know about a real estate investment in the valley, doubt she wants to build a shopping mall.

My conversations with other full time residents of CV/Tucker County would suggest that Chaga's opinion is not universal...

Anyway there is no risk of Vail-ization of CV.  Snow season is too short.  I doubt that there's room for even another Snowshoe in the mid-Atlantic (and Snowshoe already exists, obviously).

jimmy wrote:

c'mon Chaga, the lady just wants to know about a real estate investment in the valley, doubt she wants to build a shopping mall.

Well she did ask for thoughts on developement.....  And Jimmy, why wouldn't I be surly when it's 50 degrees and raining in Feb? :)  

And she did ask first. I made the BIG mistake of buying first (SS). Sold the dam place for HALF what I paid just to get-the-H-outta there. HOA fees, Poco Property tax, Mtn tax, utilities, insurance, Special Assessments, repair, damages, etc. VS just rent for the 2 weeks you'll be there!!! Lost $100K literally, however...putting $1,000/month that I was paying out in my pocket now. Will give her a lot of credit in asking questions before making a big financial mistake. With shorter and shorter ski seasons...ski property value ain't exactly going UP! LOL LOL LOL My Realtor told me: "you'll never ever break even...just stop the bleeding"!!!

chaga wrote:

jimmy wrote:

c'mon Chaga, the lady just wants to know about a real estate investment in the valley, doubt she wants to build a shopping mall.

Well she did ask for thoughts on developement.....  And Jimmy, why wouldn't I be surly when it's 50 degrees and raining in Feb? :)  

My bad Chaga. I assumed by "development" she meant Canaan Valley learning to make snow or Timberline installing a water fountain.

as for your bad attitude :) well ya it has been a roller coaster ride this year. We have gone, in the last two weeks, from Colorado conditions without the altitude sickness to canrainvalley. Prefer to pretend it is already April and we are still riding lifts.................... spring skiing in February.

snow.buck wrote:

And she did ask first. I made the BIG mistake of buying first (SS). Sold the dam place for HALF what I paid just to get-the-H-outta there. HOA fees, Poco Property tax, Mtn tax, utilities, insurance, Special Assessments, repair, damages, etc. VS just rent for the 2 weeks you'll be there!!! Lost $100K literally, however...putting $1,000/month that I was paying out in my pocket now. Will give her a lot of credit in asking questions before making a big financial mistake. With shorter and shorter ski seasons...ski property value ain't exactly going UP! LOL LOL LOL My Realtor told me: "you'll never ever break even...just stop the bleeding"!!!

Snowbuck,

Wasn't your place at Snowshoe?  I think this post is about Canaan Valley.

Morgan B   aka The Colonel

ckosowski wrote:

 I appreciate any insight you might have.

I'll offer my insight as a second home owner with multiple properties.  I've been to this rodeo and I'll be objective and honest.

One thing you may want to consider is doing a "seasonal rental" before jumping in and buying.  Sort of a "test drive".  You'll gauge how often you go and is it worth the costs associated with owning.  I have friends who own a place that rarely use it now due to their kids interests in other sports besides skiing.  Life happens so keep that in mind.

Buying is a big committment and second home ownership is not for everyone.  As you can see, it did not work out well for snowbuck but I think he admitted above that he did not do enough due diligence.   Do your homework.  I recommend talking directly with several homeowners before buying.  If buying in an HOA community - read the documents and financial stmts. 

I think you'll find it works for many people in different ways.  Some own for personal use only and some own and rent.  Make sure you define which one you are.  

I assume you are a current homeowner and owning a second place is no different.  Stuff breaks, the porperty needs maintained, utilities need paid .  Be sure to prepare for these expeditures.

Good luck in your journey and hopefully you'll post again.   

jimmy wrote:

 Prefer to pretend it is already April and we are still riding lifts.................... spring skiing in February.

Ahh yes, we did just that yesterday when the sun came out and got to ski corn into the setting sun.   Ok we are happy again....it should be crusty for a few days with the temp drop, but the forecast looks good for next week! 

To the original poster, in all seriousness, you will probably never get a monetary return greater than or equal to your investment if you buy here, but this is why it is special here, and you can't put a price on it :)   Woooo wooooo!!

Thank you all.  I really appreciate all of the feedback.  I like the idea of trying a long term rental out there if we can find one and then making a decision whether to buy based on that experience.  

Lots of good information here.  I'll add a few points from personal experience with 20 years of rental property ownership in Canaan Valley.

Almost all Canaan Valley properties are enrolled in a home owners association, and they can vary greatly in financial strength, leadership, strictness of rules and regulations, maintenance coverage, and so forth.  Do not underestimate the importance of thoroughly checking them out before you buy.

In West Virginia, you are entitled to receive something called a Resale Certificate from the seller.  This is a state-mandated package of information detailing the HOA requirements.  The law requires that you be provided with copies of ByLaws, Rules and Regulations, budgets, assessments, dues, and a few other important items.  Ask for it and if you are told there is no such thing, or they cannot provide this information, walk away. Many local realtors, let alone sellers, are not even aware of this requirement.

Talk to other owners in the area where you are considering and ask pointed details about the operation of the HOA....fees, planning and budgeting, leadership, maintenance coverage, insurance coverage....everything you can think of.

If you are considering renting your property to defray expenses that's great, but I strongly recommend you plan your 'financials' on the premise that you will receive NO rental income.  Conservative? Yes, but just remember the economy and the financial events circa 2008 or so.

Consider buying in one of the local 'resort' locations.  They offer additional amenities like swimming pool, fishing pond, tennis, playgrounds, volleyball, horseshoes, picnic pavilions....things you might not find in a stand-a-lone property.

I heartily endorse the suggestion to take a longer term rental....and don't rule out the summer season as part of that. Canaan Valley can be so much more than skiing.

Good luck!

I purchased a home in town (Davis) 6 years ago because I got tired of having to rely on acquaintences for a spare bed, couch, or attic to crash in/on during the season.  I must have stayed at 20 different places in the past 25 years.  Granted, it was built in 1912 and remodeled somewhat over the years but it still stands and has provided a great place to hang anytime of the year.  Nothing special other than it is in a special place...Tucker County and 8 miles from Canaan.  There is no HOA in town that I know of and I've never been "stuck" because of a snowstorm.  The town did an excellent job keeping up with Jonas and my neighbors look out for the place when I'm back in the flatland working.  If you can, look into Davis or Thomas. I'm happy. 

Ok, I'lll bite and give my opionin and some advice. I've owned 3 properties in and near the valley.  My first is a condo in Northwoods.  Yes there are HOA fees but they are very well managed and after paying the property off all we concern ourselves with is the HOA fees.  Second we owned a house off mountain in Dryfork.  A nice little place but we ended up selling this past fall (at a loss) because we decided we wanted to br in the valley and then purchased a house in Yokum Run. We plan on going there full time inthe near future.  We also rent it currently through VRBO which, if we didn't make improvements, would pay for all associated costs and probably could even have turned a profit. If I were to sell it, I should at least break even but the market is very slow at this point.  Take your time and rent for a season before taking the plunge.  We discovered that the summer is more active than the ski season and with so much to do we are always busy and entertained.  When you narrow down your choices to properties you are interested, I'd be more than happy to share what I've learned in my 22 years of ownership there.  I'd also give my insight on realtors, contractors, etc....  Message me if you want specifics.   

Let me verify that Kim is a well known honest person, trust him!

The Colonel

snapdragon wrote:

 There is no HOA in town that I know of and I've never been "stuck" because of a snowstorm.  The town did an excellent job keeping up with Jonas and my neighbors look out for the place when I'm back in the flatland working.  If you can, look into Davis or Thomas. I'm happy. 

This is the HOA of Davis...no kidding....  the honorable Mayor Joe Drenning!