Archive for the 'Killington real estate' Category

Only four properties sold in Killington during the month of December.  Three were condominiums and one was a home.  The condominiums that sold were a one bedroom Pinnacle which sold for $89,500, a two bedroom Whiffletree for $87,500 and a three bedroom Heights Town Home which sold for $340,000.  The house that sold was located on Homestrech Trail and closed for $770000.  To view all of the Killington properties listed for sale visit Prestige Real Estate of Killington.

As was the case for October, 7 properties sold during the month of November.  5 were condominiums, 1 was a home and 1 was a parcel of land.  The condominiums that sold were a one bedroom Mountain Green for $67,000, a studio at Pico for $60,000, a three bedroom/two bath unit at Pico for $205,000, a three bedroom/three bath Fall Line for $210,000 and a  Topridge Town Home for $625,000.  There were 5 properties pending at the end of the month, 4 condominiums and 1 home.  To view all of the Killington Properties for sale visit Prestige Real Estate of Killington. 

Several of the properties that were under contract in September successfully closed in October.  A total of 7 properties have sold this month, 5 were condominiums and 2 were homes.  The condominiums that closed were a one bedroom Mountain Green for $69,000, a two bedroom Woods for $133,000, a two bedroom Fall Line for $195,000 and 2 three bedroom condominiums at Sunrise sold for $235,000 and $275,000.  2 homes sold for $140,000 and $225,000.  There are 8 properties pending, 7 are condominiums and one is a house.

To view all of the Killington properties for sale visit Prestige Real Etate of Killington.

Only one property sold during the month of September, a two bedroom Pinnacle for $150,000.  However 9 properties are currently under contract. Five are homes with listing prices ranging from $149,000 to $599,000 and four are condominiums.  There are two Woods, one Sunrise and one town home at The Heights pending.

To view all of the Killington properties listed for sale visit Prestige Real Estate Of Killington.

Seven properties sold in Killington during the month of August.  Four were condominiums, two were homes and one was a parcel of land.  All sales were under $250,000 and two of the sales were foreclosures, something rare to the Killington region.  Two, 2 bedroom Whiffletree condominiums sold, one 2 bedroom Highridge condominium sold and one 3 bedroom Pinnacle sold.  There are currently three condominiums, one  condex and two homes pending. 

To view all of the Killington properties for sale visit http://www.prestigekillington.com/

Eight properties sold in Killington during the month of May. Seven were condominiums and one was a parcel of land.   A one bedroom Mountain Green, five Pico units and one Sunrise condominium sold.  The parcel of land was on Route 4 in Killington.  One condominium went under contract during the month and is scheduled to close later this year.  While no homes sold during this period, one home is now also under contract.  To view all of the Killington properties for sale, visit www.prestigekillington.com

Since writing our last newsletter at the beginning of April, 2010 ten Killington properties have sold:

• eight Killington condos sold, priced from $72K for a 1-bedroom Edgemont condo to $290K for a 2-bedroom loft condo at Trail Creek
• two Killington single family homes sold — a foreclosure on Currier Drive for $162K and a 3-bedroom home on Rim Road for $319K

Last year, during the same period, only TWO properties sold — a condo at Sunrise for $275K and a single family home off McClallen Drive for $800K.

Another positive indicator that the Killington real estate market is improving is that there are eleven additional properties currently under agreement.  There was almost nothing pending at this time last year.

To view all of the current Killington properties for sale, visit www.prestigekillington.com.

Killington Resort Village(image courtesy of www.discoverkillington.com)

Prestige Real Estate firmly supports the development of the Killington Resort Village for several reasons:

New construction will raise real estate values and heighten interest in existing properties. Some people have argued that new residential construction (both homes and condominiums) will have a negative effect on Killington real estate.

We believe just the opposite. Having been involved in several new construction projects (Winterberry, The Lodges, Topridge Duplex Homes and The Vistas), we have seen how new construction has had a positive impact on the market value of nearby property.

New construction will bring new buyers to our region. Several buyers with whom we have worked were also considering new construction at other ski resorts. Had we not been able to present to them new projects in Killington we strongly believe they would have bought elsewhere. The new residential units to be built at the “Village” will excite buyers who have complained about the lack of “new product” in Killington.

The Village will bring back skiers who have left for other areas. Skier visits to Killington have declined over the decade from well over a million to just over 600,000. We need to attract new visitors and we need to convince people who have left Killington (for other resorts with a village) to return. Those who worry about traffic on the access road or overly crowded conditions on the mountain forget that we have the capacity for a significantly larger number of visitors than are currently here.

New commercial development will create an incentive for existing businesses to make improvements. New retail/commercial space is of concern to some but we believe that new competition is beneficial to everyone. More traffic coming to the area will benefit existing businesses as well as new businesses. In addition, existing businesses who have become complacent may be forced to update, benefiting all customers and ultimately themselves.

Construction of the Village will bring a substantial number of jobs to Killington. There will be many new jobs for people year round helping to stimulate business during traditionally slow periods.

On January 11, 2009, an informational meeting was held at the Sherburne Elementary school in Killington.  Members of the Killington Economic Development and Tourism Commission (EDTC) as well as Select Board members and other town volunteers presented the rationale for purchasing a 37 acre parcel of land located on Killington Road known as the “Fireside” property.  Well over 100 people attended the meeting to hear the presentation and voice their support, concerns, and/or questions.

The EDTC contends that the land is necessary to host events critical to building a vibrant four-season economy for the town.  The conceptual site plan presented at the meeting indicates proposed event areas, parking, trails, and access points.  The land is being offered to the town for $850K.  Costs have been estimated at approximately $700K for site development, not including bathroom facilities. 

The EDTC and Select Board are proposing that the town voters approve a Municipal Bond in the amount of $1.4 million to cover the outstanding costs.  According to the presenters at the meeting, revenues associated with the Options Tax will be sufficient to cover the cost of the bond spread over 20 years.  The vote will be held through Australian ballot at the Killington town meeting to be held the first Tuesday of March, 2010.  Absentee ballots will be available prior to the meeting.

Although attendees at the meeting were generally supportive of bringing new events and business to the town and many attendees seemed supportive of the land purchase, a number of the attendees requested that revenue projections be presented supporting the expenditures.  No revenue models or new visitor projections were developed or presented.

An additional meeting prior to the town meeting in March will be “warned” and held for further comment and discussion.  Watch for future announcements.

Only 35 condominiums sold in Killington in 2009 down almost 30% from 2008. At an average sale price of just over $207,000, a decrease of 17% since 2008, the total market revenue from Killington condo sales was $7 million, down more than 40% from the previous record low!

There was only one Killington land sale during the entire year compared with five in 2008.

The only bright spot in the whole picture is that the number of Killington home sales and the average sale price of Killington homes rose, but ever so slightly.  For all of the data on Killington real estate sales, read the latest Prestige Real Estate newsletter which provides a review of all of 2009.