Archive for the 'Uncategorized' Category

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.

Killington condominium real estate market holds steady while the Killington house market is challenged.  The same number of condominiums have sold during the first 9 months of 2008 that sold in 2007.  Inventory levels have remained steady with 145 Killington condominiums currently on the market (144 in 2007).

The number of house sales has also remained the same over the past year.  However the average selling price has dropped significantly and inventory has risen dramatically to almost double the number from this time last year.  There are 65 homes currently listed in Killington which represents the largest inventory of homes on the market in history.

For the full analysis on Killington real estate, follow this link to our 3rd quarter newsletter.

Killington has begun construction of the new Skye Peak Express, the first lift installed at Killington Resort in over 10 years.  The new lift will reduce the ride time from 13 minutes to just under 5 minutes and will bring the total of high speeds lifts operating at Killington to nine.  The Skye Peak Express replaces the Skye Peak Quad operating out of the Bear Mountain base area.  This summer, Killington is spending $8.4 million on improvements to the mountain.  Additonal on mountain trail improvements and continued investments in snowmaking infrastructre will also be made this summer.  All of this work will insure that the top-to-bottom skiing and riding will be of the highest quality possible.

It is difficult to say anything positive about the real estate market in general these days and the Killington real estate market seems to be no exception.  There is bad news everywhere, whether you look at sales volume, prices, days on market, inventory levels, or even availability of financing.

The problem with trying to draw conclusions for the Killington real estate market is that there are far too few data points to make any general statements.  With only two single family homes sold in the first half of the year, it would be ridiculous to make general statements about pricing trends.  The same is true for the condominium market.  Only eight condos sold in the past three months and twenty condos sold since the first of the year.  The bright spot may be that three building lots sold compared to none during the same period last year. 

See Prestige Real Estate’s complete newsletter for the 2nd quarter of 2008 for the complete article and specific sales information for homes, condos and land.  For information on Killington VT properties for sale, visit the Prestige Real Estate website.