Since our last formal update, at the end of the 3rd quarter of 2007, in Prestige Real Estate’s quarterly newsletter, 14 Killington condominiums, 3 Killington homes, and 1 parcel of Killington land have sold. That is down fairly substantially in all three categories from the same period last year. Killington condo sales year to date are down 18%, Killington house sales year to date are down 63% and land sales year to date are down from 15 parcels last year to just one this year.
I think this continued real estate market slide is attributable to:
1) National media continuously reporting that the real estate market is in serious trouble and has not seen the worst yet, causing potential buyers to hold off; and
2) Buyers exercising caution in light of new Killington Resort management.
One thing I do know is that foreign interest and investment in the Killington real estate market has increased in light of the decreased value of the US dollar. The last three purchase & sale agreements that we have put together involve Brits buying Killington real estate.