Archive for January, 2007

Why does resort real estate differ from the national trend?

Saturday, January 27th, 2007

We believe that the Killington market variance from the national real estate trend is not an anomaly but rather an indication of one of the key differences between the primary residential market and the vacation resort market. 

It is our experience that vacation property owners are generally not motivated to sell their property because of job changes or school preferences.  Sales are more often motivated by a shift in lifestyle choices lacking a sense of urgency or panic.  Sellers of vacation properties can afford to, more often than not, wait for the right offer rather than the first offer.  An indication of this market dynamic is exemplified by the fact that many offers (more so than in previous years) did not result in a sale.  These cases can generally be characterized as buyers looking for a “deal”, reacting to media accounts of negative national trends and the fact that the sellers were not in a position to have to sell.

Our message to you is this — 
Buyers:  There is a large build-up of inventory on the market from which to choose.  There may be some “deals” to be had but don’t expect a fire sale.  Remember, sellers in this market generally don’t HAVE to sell.
Sellers:  You need to be practical.  Consult a Prestige Real Estate agent intimately familiar with the current Killington market.  Consider your property objectively and try to put yourself in the mind of the buyer.  Price your property fairly and don’t be in a hurry.

For more information specifically about the Killington Real Estate market in 2006, follow this link to the latest Prestige Real Estate newsletter.

 

Killington Real Estate Sales Buck National Trend

Monday, January 15th, 2007

What can you say about a year like 2006?  You’ve been listening to the national media tell you for a year now about the real estate market “correction” and that “the bubble was bound to burst!”  Well, we, at Prestige Real Estate, have gained a reputation for telling it “like it is” so we are not going to try to “sugar-coat” the situation.  The truth of the matter is that we did see a significant drop in the number of real estate sales in Killington.  The number of condo sales was down more than 50% and hit a 10-year low at a total of 62.  In addition, the number of home sales was down about 25%.  That is the bad news (at least from the perspective of someone trying to sell a property in the last 12 months).
The good news is that although the number of sales has dropped significantly, prices of properties that have sold have continued to rise, bucking the national trend.  The average selling price of a Killington condominium rose 23%, primarily due to the continued new construction sales at Topridge.  With these Topridge new construction sales factored in, average selling condominium prices hit an all-time high of $311,000.  Without the Topridge sales, the average condominium sales prices increased by 5% to $229,000.  The average selling price of a Killington home rose 13% to $391,000.

For more Killington Real Estate news, visit Prestige Real Estate’s most recent newsletter.

 

VT Real Estate Web Design