There have been seven sales in Killington Vermont since January 1, 2009: 3 homes have sold; 3 condominiums have sold and 1 parcel of land has sold. There are currently seven properties (1 Killington Home and six Killington Condominiums) under contract and scheduled to close in the near future. There are 51 homes listed for sale, 125 condominiums on the market and 21 parcels of land listed for sale in Killington.
There have been six sales in Killington since January 1, 2009: 3 homes have sold; 2 condominiums have sold and 1 parcel of land has sold. There are currently ten properties (five Killington Homes and five Killington Condominiums) under contract and scheduled to close in the near future. There are 49 homes listed for sale, 131 condominiums on the market and 23 parcels of land listed for sale in Killington.
On May 13th at 7:30 p.m. the Killington Planning Commission will discuss the Planned Unit Development (PUD) and Conceptual Master Plan Application for the ski village at the base of Killington Ski Resort. Many believe, as do we at Prestige Real Estate of Killington, that this development with a mix of residential, commercial and skier/rider services is absolutely crucial to Killington’s future
The first phase of the village includes 157 condominium units, replacing Snowshed and Ramshead base lodges with a 75,800 square foot base lodge and the development of approximately 33,000 square feet of commercial space. An additional 18 single family homes and 24 attached homes are planned for in the Rams Head Brook area.
Planning Commission approval for this is required before SP Land (the developers) can move on to the state land use permit under Act 250. SP Land has been developing these plans for over 2 years and is hopeful that the result of this meeting will enable them to take this next step.
Prestige Real Estate of Killington urges the Planning Commission to approve these plans and facilitate the development of this village in all ways possible.
In our newsletter dated April 30, 2009, we reported the “worst period for real estate sales in Killington that we can ever remember.” Only three properties sold in Killington during the entire 1st quarter of the year.
Fortunately, I can now report, just a month later, that activity has noticeably picked up. Since March 31st, 2009, one condo sold and there are five more currently under agreement. Activity has picked up in the market for Killington homes as well. Two homes sold in Killington since March 31st, and there are five additional homes under agreement.
I feel that this is a sign of increased confidence in the economy by prospective buyers. In addition, I believe this is an indication that buyers feel that market has reached bottom. I anticipate an even greater increase in activity as we move into the summer buying season.
Continue to watch this blog for further updates.
Only three properties sold in Killington, VT in the first quarter of 2009. A small house on Rt 100 South sold for $145,000; a 2 bedroom/2 bath condominium at The Woods sold for $164,000; and a parcel of two 10-acre “failed” lots sold for $35,000. Although showing activity has picked up since January, it has not yet translated into purchase contracts. For the full story …
The results are in! 2008 had the lowest number of condominium and home sales on record. Only 48 condominiums sold in all of 2008 and only 8 homes sold during this same period. The lowest priced condominium that sold was a studio at Mountain Green for $50,000 and the highest price paid was a ski in/ski out Topridge duplex town home for $750,000. The lowest priced paid for a home in Killington was $228,000 for a 2 bedroom/loft home on Terrace Drive and the highest paid was $515,000 for a 6 bedroom (fixer upper) ski in/ski out home located on the Great Eastern Trail. Land may have been the only bright spot with 5 lots sold ranging in price from $76,000 for a 1 acre parcel to $700,000 for a 6 bedroom permitted ski in/ski out lot at Topridge. For acccess to the full report
In commemoration of Killington’s 50th birthday, Prestige Real Estate offers to pay up to $50,000 in closing costs!*
Prestige Real Estate of Killington wants to celebrate Killington’s 50th birthday in a BIG way! We will pay up to $50,000 in closing costs for buyers who purchase real estate through Prestige Real Estate and reach a fully signed agreement within 50 days of Killington’s 50th birthday. If you’ve been watching and waiting by the sidelines, NOW is the time to buy!
Carl Spangler has been selected to head the Killington’s new Economic and Tourism Department. Spangler has held positions in state and local government and has been involved in Vermont’s recreation industry for over 30 years. Spangler has also served as a senior planner and development officer for several ski resorts including Killington and Sugarbush.
This Department is being funded from a 1 percent local option tax which is estimated to generate over $600,000 annually. The goal of the Department is to create and sustain year-round programs to boost Killington’s local economy. Mr. Spangler is a firm believer in the development of a Village and should be a strong liaison between the town of Killington and S.P. Land, the developers.
At the August 13th, 2008 meeting of the Killington Planning Commission, representatives from SP Land Company, owner of the land where the Killington Village is proposed, presented a conceptual timeline for the Village approval process and Phase 1 construction.
In summary, the permit and approval process for Phase 1 is expected to take until January 2011. According to this schedule, if all is successful, the first infrastructure development activities including water, sewer, storm water improvements, utilities, etc. required for the Village development are expected to begin in the Spring 2011. Sales and marketing activities for the first single family home lots, condos, and townhomes will begin in the Fall 2011 with delivery of the first new townhomes in the Fall 2012. Substantial completion of Phase 1 construction which includes 157 condominiums, 33,500 square feet of commercial space, 24 townhomes, and a new base lodge replacing the existing Snowshed and Ramshead base lodges is expected by the Fall 2015.
A detailed conceptual timeline is presented below. Public workshops intended to present thoughts regarding the conceptual Master Plan for the Village will be held over the next few months. The next workshop is planned for September 10th at the Killington town library.
Fall/Winter 2008 - Master Plan approval process with Town of Killington and conduct open house meetings for the public
January 2009 - Complete Master Plan approval process and, if successful, begin Act 250 process
Winter/Spring 2009 – Prepare for Act 250 application – prepare conceptual plans and specs, transportation plans, landscaping plans, economic impact analysis, etc.
June 2009 - Submit Act 250 application and begin preliminary submittals to Tow of Killington for Phase 1 improvements
Fall/Winter 2009-2010 – Open house meetings for the public on Act 250
Spring 2010 – Complete Act 250 process and, if successful, start pre-development activities, prepare schematic plans and specs, conduct additional market and economic analysis, and submit formal application to Town of Killington for Phase 1 PUD and specific site plan approval
January 2011 – Complete PUD and specific site plan approval process, and if successful, prepare detailed plans and specs for infrastructure improvements, 18 single family lots and 24 townhome lots at Ramshead Brook, conduct construction pricing and contracting and sales and marketing activities
April 2011 – Commence construction on vertical infrastructure including temporary Phase 1 Killington Road realignment and Ramshead Brook Road. Vertical infrastructure construction includes water, swere, storm water imptrovements, utilities, grading and bridge over Ramshead Brook.
October 2011 – Substantial completion of infrastructure improvements and delivery of the Ramshead Brook 18 single family lots to sales and marketing.
Fall/Winter 2011-12 – Prepare detailed construction plans and specs for the Village and Ramshead Brook Townhomes, construction pricing and contracting, and continue sales and marketing activities.
April 2012 - Commence construction of Phase 1 buildings (157 units and up to 33,500 square feet of commercial space) and 24 townhomes at Ramshead Brook.
October 2012 – Completion of 24 townhomes of Ramshead Brook
2012-13 – Construction of Phase 1 Village commercial/residential buildings and amenities
October 2013 – Substantial completion of Phase 1 Village commercial/residential improvements and amenities and begin preparation of detailed plans and specs for new base lodge and new Killington Road alignment and ski beach bridge, and conduct construction pricing and contracting. Begin preliminary work for Phase 2 PUD and Act 250 approvals.
April 2014 – Commence construction of th enew Killington Road alignment and ski beach bridge, demolish Ramshead base lodge, and commence construction of new base lodge. Submit applications fo Phase 2 PUD and Act 250 approval.
2014-15 – Construction of new base lodge, new Killington Road and ski beach bridge
Summer 2015 – Demolish Snowshed base lodge. Complete Phase 2 Act 250 and PUD process and, if successful, start pre-development activities, prepare schematic plans and specs, conduct additional market and economic analysis, and submit formal application to Town of Killington for Phase 2 specific site plan approval.
January 2015 – Complete specific site plan approval process, and if successful, prepare detailed plans and specs for Phase 2 improvements, conduct construction pricing and contracting, and commence Phase 2 sales and marketing activities
April 2015 - Commence construction of Phase 2
October 2015 – Substantial completion of Phase 1 (including new base lodge)
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