Compared to the first half of  last year, the number of condominium sales this year have doubled.  Ten condominiums sold during the first six months of 2009 while twenty sold during the same period this year.  However, even though transaction volume is up, selling prices have continued to fall so much that the total market sales in dollars is almost exactly the same as last year.  Also, fifteen of the twenty sales this year went under contract during the first three months of the year.  There has been very little activity in Killington real estate since April 1^st.

Sales of land and single and multi-family homes have remained consistently low for the past four years.  If all of the home sales in the first half of the year for the last four years were combined, the sum barely exceeds the number sold in the first half of 2005 alone.  

Killington Real Estate for the month of June was almost non existent.  Only three condominiums sold during this period; two Pico units and one Fall Line.  To view all of the  Killington properties for sale visit Prestige Real Estate of Killington.

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.

Powdr Corp. (owners of Killington Resort) have announced that they have entered into an agreement to purchase Intrawest’s interests in Copper Mountain Resort in Colorado. The transaction is expected to close next month. One of the largest ski areas in Colorado, Copper Mountain remains open for over 160 days. As always, this agreement is subject to regulatory approvals.

AMS Planning and Research, the consulting firm hired by Killington to evaluate the feasibility of creating an outdoor entertainment venue, presented the results of the first phase of their review. In short, they recommended going forward with Phase II of the study which includes the development of an operating model and a determination of the economic potential. The study will focus on events and festivals and not the construction of permanent buildings for an events center. This feasibility study is costing $34,000 and is being funded by a state grant. To date, $25,000 has been spent to purchase the option for the land, $36,000 is being spent to conduct investigative work on the land and $34,000 is being spent to determine if the idea is feasible.

$95,000 to determine the viability of doing “tented” out door events. Meanwhile the Killington Planning Commission after countless meetings has yet to vote on “The Village”, potentially a half billion dollar investment in Killington’s future.

As reported earlier, the Town of Killington paid $25,000 to purchase an option to buy 37 acres of land on the Killington Access Road. It is now estimated that it will cost another $36,000 to conduct the investigative work necessary (this includes a survey, wetland delineations and other studies). The committee estimates that 19 acres of the 37 acres will be useable land.

AMS Planning and Research, a consulting group, has been retained by the Town of Killington to conduct a feasibility study on the economic viability of this project. Phase I findings will be presented to the public on Monday October 19th at 5:30 at the Town Office.

The Town of Killington has signed an option to purchase 37.45 acres of land on the Killington Access Road. The land is to be used to stage community events and activities which are open air and tented events and will not compete with existing venues.

The purchase and cost of initial site improvements to the property would be funded by a bond that would be paid through the Economic Development and Tourism Commission (EDTC) which is funded by a local option tax.

Killington, VT registered voters will determine if the town should or should not proceed with this purchase at Town Meeting in March of 2010.

There are currently 51 homes (including multi-family) for sale in Killington:

• Eight homes listed >$1,000,000
• Ten homes listed $500,000 – $999,999
• Sixteen homes listed $300,000 – $499,999
• Seventeen homes listed <$300,000

Over 30% of these Killington homes have been listed for over a year.  One of which has been on the market for just over 4 years.  The average listing price is just under $600,000.

Five homes have sold in Killington, VT since January 1, 2009 with an average selling price of $367,000.

For quarterly updates on Killington, VT real estate sales volume, prices, and inventory, be sure to check Prestige Real Estate of Killington’s quarterly newsletter.

The number of condominiums listed for sale in Killington has risen to 127 units. The lowest priced condominium listed is a one bedroom Mountain Green ($59,900) and the highest priced condominium listed is a ski on/ski off property at The Vistas in Sunrise Village ($1,395,000). 19 condominiums have sold since the first of the year and 3 units are currently under contract and expected to close in the near future

The Killington Planning Commission did not move forward with the approval of the PUD application for the “Village”. It was hoped that the Commission would approve the Conceptual master Plan and the PUD with conditions, allowing SP Land Company to move forward with state permits. The Commission will meet again on September 9th but few are now optimistic that they will take action.

Carl Spangler, Director of the Killington Development & Tourism Department resigned effective August 25th. No reason has been given for his decision to step down. Carl Spangler was hired by the town in November of 2008 to head the newly created economic development department. It is not known if the town will hire a replacement.

Recently a 2 bedroom, 2 bath ski on/ski off condominium went under contract. This property is located on Bear Mountain in Killington. A 15 bedroom home listed for $319,000 was just reduced to $304,900.