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The town of Killington has updated their website with the latest road conditions. 

• RT 4 east was open from 8am to 10am and is now closed for further repair work
• State police urge people not to go to see work progress on RT 4 west to Rutland.  It is still closed
• East Mountain Road is closed to non-emergency vehicles
• The culvert near Kent Pond has been repaired temporarily.  Still no access to Pittsfield
• Stage Road access from RT 100 is closed
• Coffeehouse Road is passable for residents
• River Road is open from Thundering Brook to RT 100

CVPS estimates that power will be restored to the West Hill Road area and North Sherburne tomorrow (9/1) or the day after.

Who would have thought that a tropical storm could have created an island town in the center of VT?  I never would have believed it if I didn’t see it with my own two eyes.  Killington is the newest island.  Presently, the only way in, or out of town is via helicopter.  RT 4 East is washed away from the intersection of (what used to be) River Road east past Goodro Lumber.  RT 4 West is washed away just west of the intersection of Wheelerville Road.  RT 100 North is blocked at the intersection of RT 4 due to road and bridge and washouts.  East Mountain Road is impassable heading east at the Great Eastern ski bridge.  Pictures only tell part of the story.  Stay tuned for updates.

RT 4 East

Nine properties sold in Killington during the month of April.  Two homes sold, a bank foreclosure on Wobbly Lane for $210,900 and a three bedroom/two bath home on Alpine Drive for $225,000.  Six condominiums sold: a one bedroom Mountain Green for $73,000; a one bedroom Fall Line for $115,000; a two bedroom and three bedroom/loft Pico condominiums for $150,000 and $211,000; a two bedroom Glazebrook for $163,000 and a three bed room town home at the Heights sold for $360,000.  One parcel of land sold, a commercial lot on River Road for $199,000.  To view all of the Killington properties listed for sale visit Prestige Real Estate of Killington.

The Killington real estate market experienced the best first quarter sales since 2008!  The number of transactions is up, the average prices are up (Note: average sales price of condos is up; too few home sales to draw conclusion), and total market revenue is up. 

Twelve properties sold this quarter, up from eight sales during the same period last year and only three during the first three months of 2009.  Two of the properties that sold were homes: one for $270,000 and one for $361,000.  The remaining ten properties were condominiums ranging in size and price from a one-bedroom Mountain Green condo for $68,000 to a four-bedroom town home at Sunrise for $350,000. 

Of greater significance is the fact that last year at this time fourteen properties were under contract and on March 31^st of this year, twenty properties were under contract: twelve condos, six homes and two parcels of land.  This is a good sign for the future.

For the full story and graphics, read the latest Prestige Real Estate quarterly newsletter.

Only 3 properties sold in Killington during the month of July.  All were condominiums and all were ski on/ski off properties.  One 2 bedroom and one 3 bedroom Sunrise condominium sold and one 2 bedroom/loft Trailside Village condominium sold.  Currently 5 condominiums are pending.  No homes sold in Killington in July but three homes are now pending.  There was no land activity at all in Killington in July.  To view all of the Killington properties for sale visit www.prestigekillington.com

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.