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.

For the first time since I’ve been selling real estate, I have to say that the adage of “location, location, location” is not the case these days!  It’s all about the PRICE. 

Buyers are looking at a broad range of properties that sometimes have very little in common.  In the past, a buyer would narrow their selection down to a single condo complex or would prioritize some amenity offered.  Today, buyers seem to be willing to “trade-off” location and amenity preference and  buy the property they feel is the greatest value for the price. 

Multiple simultaneous offers are not uncommon.  In most recent cases, the property that is purchased is based on which Seller is willing to take the greatest discounted price. 

For details on year-to-date Killington real estate sales and more information on trends in the Killington real estate market, see the latest Prestige Real Estate quarterly newsletter, currently posted on the Prestige Real Estate of Killington’s website.

Last night, I had the pleasure of attending the premier of “The News in Revue” at the Killington Grand Hotel.  I found this 70-minute musical production to be very well done and extremely entertaining.  Billed as ‘Saturday Night Live’ meets ‘Sixty Minutes’, the cast cleverly satired a broad range of current news personalities and events.  Where else in Vermont could you find Hillary & Bill Clinton, Sarah Palin, Marian Robinson, John Edwards, Mark Sanford, Bobby Jindal, and the Swine Flu all in the same place??

The facility proved to be very comfortable and appropriate for the show.  The production will be playing at the Killington Grand Ovations Restaurant nightly except Mondays, September 25th through October 10th.  Tickets are available with a three-course prix-fixe dinner for $49.95 per person or “show only” for $30 per person.  I strongly recommend that you check it out.

Tickets can be reserved by phoning 800-621-6867, online at www.newsinrevue.com, or in person at the Front Desk at the Killington Grand.

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

There were five real estate property sales in Killington, Vermont during the month of August, 2009.  This compares to the same number of sales in July, 2009 and compares to six sales during the same period a year ago.  All five Killington properties sold during August 2009 were condos.  Specifically:

• 1-bedroom Pico condo sold for $115,000
• 1-bedroom Fall Line condo sold for $149,000
• 2-bedroom plus loft Pico Slopeside condo sold for $184,000
• 2-bedroom Sunrise condo sold for $170,000
• 3-bedroom Fall Line condo sold for $225,000

Continue to follow this blog for regular Killington real estate market updates and/or become a fan on Facebook where market information is provided and all of the Prestige Real Estate of Killington listings are posted with facts and pictures.

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.

Last night, in a meeting of the Killington Select Board, the town discussed the intent of the Select Board and the Economic Development and Tourism (EDT) Commission to purchase a parcel of land in town.   The EDT has recommended consideration of the purchase of a parcel of land to provide a venue for events desired in the future.  Members of the Select Board clarified that an option to purchase the land (not the purchase of land itself) was likely to be approved.  The option would cost $25,000 and would be funded through revenues collected under the town’s 1% Options tax approved at the Killington town meeting held in March 2008.

Many of the questions raised by attendees at the meeting were deflected by the Select Board stating that the details of the arrangement would be discussed only in Executive Session.  That said, the Select Board confirmed that they were considering and would likely approve the $25,000 expenditure to purchase an option, only.  The Board stated that they were empowered to authorize this expenditure, however, purchasing the land, itself, would require a vote by the town at the Killington town meeting to be held in March 2010. 

More details are likely to become public in September after the option is purchased.  For complete details of the discussion at the meeting, visit the Killington town website for access to the minutes of the meeting dated August 24, 2009.  The next Select Board meeting will be held Tuesday, September 8, 2009 at the town offices.

Big news for Killington this coming week!

First, according to the Rutland Herald this week, the Select Board has approved spending $25,000 of revenue from the 1% Options tax to move forward on the purchase of real estate.  Although the location of the property being purchased has not been formally announced, it is my understanding that it is a large parcel of land located on Killington Road.   The property is to be used to host new town events.  The purchase is expected to be announced formally at the Killington Select Board meeting to be held Monday evening, August 24th.  Stay tuned for further details.

Second, the Killington Planning Commission will be discussing, and hopefully moving forward on Wednesday evening, August 26th, with some type of approval of the PUD application, submitted by SP Land Company several weeks ago.  This meeting is the continuation of the public hearing process which has been discussed and recessed from meeting to meeting over the past couple of months.  Although we don’t anticipate approval of the complete PUD, we are optimistic that the Commission will approve the Conceptual Master Plan and the PUD, with conditions.  This should allow SP Land to move forward with more detailed design and engineering.  Many more steps are required before any construction may begin, including Vermont’s Act 250 procedures and detailed building and site plan reviews.  This could, however, signal an important first step towards the development of the much anticipated Killington Village.  Again, stay tuned for further details.

Follow these links for copies of Select Board and Planning Commission minutes and agenda.