In the first 12 days of August, three Killington condos have sold:

• a one-bedroom Pico condo listed for $129,000 sold for $115,000;
• a one-bedroom Fall Line condo listed for $152,900 sold for $149,000; and
• a three-bedroom Fall Line condo listed for $285,000 sold for $225,000.

In addition, during the same period, four Killington properties have gone under agreement:

• two two-bedroom Pico condos listed for $140,000 and $199,000;
• a three-bedroom Pico condo listed for $200,000; and
• two Killington single family homes listed for $199,500 and $475,000.

This activity marks a significant transition from “lookers” to “buyers.”  All indications are that this trend will continue into the fall.

Five properties sold in Killington, VT in July 2009.  Four of these real estate sales were for condos and one single family home.  Killington condo sales ranged in price from $130,000 to $165,000.  Of those sales, two were located in Sunrise Village, one at Whiffletree, and one at Fall Line.  One single family home sold in Killington on Roundabout Drive for $326,000.

Alhtough more properties sold in June (8 sales) than in July, there are six properties in Killington that are currently under agreement: five condos listed for $129,000 to $285,000, and one single family home listed for $724,000.

Continue to watch this blog for regular updates on Killington real estate sales activity.  To view properties currently for sale in Killington, visit www.prestigekillington.com.

There are only 119 condominiums on the market for sale in Killington, VT.  This is the lowest number of available units since October 2006.  There are 38 studio and one bedroom units ranging in price from $69,000 for a one bedroom Mountain Green condominium to $225,000 for a one bedroom/loft Trailcreek condominium.  There are 42 two bedroom units ranging in price from $79,000 for a two bedroom Mountain Green to $339,000 for a two bedroom Sunrise unit.  There 39 three bedroom units listed ranging in price from a three bedroom Mountain Green for $125,000 to $759,000 for a large town home at Topridge.

Appraisals have become one of the biggest obstacles to buying real estate.  While  appraisers were, in previous markets, under pressure to inflate values,  the pendulum has now swung to the other extreme.  For example, Prestige Real Estate recently sold a condominium for $390,000. The exact same style of unit, in the same complex, sold for $470,000 less than a year ago and there have been no other sales since. Despite this perfect “comparable” sale, the new appraisal came in at only $400,000!  If the buyer was not prepared to pay 30% down at closing, we doubt that financing would have been available due to that appraisal. 

Unfortunately appraisers receive a copy of the Purchase and Sale Agreement prior to conducting their appraisal and they are greatly influenced by the sale price listed on the contract.  Appraisers are also noting the small volume of sales to justify their conservative opinion of values. To make matters even worse, lenders are now hiring appraisers who have never been to Killington (some from out of State)  to perform these appraisals.  A good appraisal is in many cases now left to the luck of the draw!

Freddie Mac and Fannie Mae have come out with a new “Market Conditions Addendum to the Appraisal Report” (April 1, 2009). Once an appraisal is complete, it may need to be examined by “appraisal reviewers” who have the authority to call for a complete review of all condo documents and by-laws. Such a review leaves decision making powers to bureaucrats sitting in offices in other parts of the country who have no practical or real experience with Killington real estate market.   

Our National Association of Realtors is lobbying Fannie Mae and Freddie Mac to relax many of these new rules.  This will take time and we do not see resolution of this in the near future.  So even when buyers start to feel more comfortable about buying in Killington and we begin to write contracts, we are a long way from closing on a deal if the purchase is subject to financing.

There have been seven sales in Killington Vermont since January 1, 2009: 3 homes have sold; 3 condominiums have sold and 1 parcel of land has sold.  There are currently seven properties (1 Killington Home and six Killington Condominiums) under contract and scheduled to close in the near future.  There are 51 homes listed for sale, 125 condominiums on the market and 21 parcels of land listed for sale in Killington.

After a meeting of the Killington Planning Commission on May13th, the Commission voted 6-3 to publicly warn a meeting whereby the Commission will review SP Land’s application for a Planned Unit Development (PUD) permit and Conceptual Master Plan Review for the long-awaited Killington Ski Village.  This is the first step in what I expect will be a long application, review, and approval process which will involve both the town of Killington and the state of Vermont.

There were arguments by the Killington Town Planning Manager and Planning Commission members both for and against the public hearing.  The argument against the public hearing was led by Dick Horner, town Planning Manager because he felt that the application was incomplete.  Mr. Horner felt that the application lacked the level of detail necessary to fully evaluate the plan and the town would only get “one opportunity to get it right.”  David Rosenblum, Chairman of the Planning Commission argued for the public hearing by suggesting that a project of the magnitude proposed by SP Land (a 20-25 year phased-in development) could not be expected to have every detail determined upfront.  Mr. Rosenblum felt that the application should be publicly reviewed and discussed.  At that time, the Planning Commission could identify additional information/detail that would be required to approve the plan.  The idea of a “conditional” approval was also discussed and acknowledged as a possibility.

The result of the discussion was the warning of a public meeting at the Killington town offices on Wednesday, May 27th at 7:30pm.  I urge anyone and everyone with an interest in the future of Killington to attend this meeting.

For the Rutland Herald prospective on this meeting…

There have been six sales in Killington since January 1, 2009: 3 homes have sold; 2 condominiums have sold and 1 parcel of land has sold.  There are currently ten properties (five Killington Homes and five Killington Condominiums) under contract and scheduled to close in the near future.  There are 49 homes listed for sale, 131 condominiums on the market and 23 parcels of land listed for sale in Killington.

On May 13^th at 7:30 p.m. the Killington Planning Commission will discuss the Planned Unit Development (PUD) and Conceptual Master Plan Application for the ski village at the base of Killington Ski Resort.  Many believe, as do we at Prestige Real Estate of Killington, that this development with a mix of residential, commercial and skier/rider services is absolutely crucial to Killington’s future

The first phase of the village includes 157 condominium units, replacing Snowshed and Ramshead base lodges with a 75,800 square foot base lodge and the development of approximately 33,000 square feet of commercial space.  An additional 18 single family homes and 24 attached homes are planned for in the Rams Head Brook area.  

Planning Commission approval for this is required before SP Land (the developers) can move on to the state land use permit under Act 250.  SP Land has been developing these plans for over 2 years and is hopeful that the result of this meeting will enable them to take this next step. 

Prestige Real Estate of Killington urges the Planning Commission to approve these plans and facilitate the development of this village in all ways possible.

In our newsletter dated April 30, 2009, we reported the “worst period for real estate sales in Killington that we can ever remember.”  Only three properties sold in Killington during the entire 1st quarter of the year. 

Fortunately, I can now report, just a month later, that activity has noticeably picked up.  Since March 31st, 2009, one condo sold and there are five more currently under agreement.  Activity has picked up in the market for Killington homes as well.  Two homes sold in Killington since March 31st, and there are five additional homes under agreement. 

I feel that this is a sign of increased confidence in the economy by prospective buyers.  In addition, I believe this is an indication that buyers feel that market has reached bottom.  I anticipate an even greater increase in activity as we move into the summer buying season. 

Continue to watch this blog for further updates.

Killington Resort announced that it will extend the 2008-09 ski and snowboard season to Saturday May 2, 2009, weather and conditions permitting.

The Town of Killington Economic Development and Tourism Commission announced that on July 4th a Triathlon will be held in Killington.  It will consist of swimming, biking and running.