Killington Real Estate Blog

According to the Rutland Herald this morning, the sale of Killington has been complicated by the fact that the resort is located on state land.  This has required a review of the transaction by the State Department of Forests, Parks and Recreation.  Apparently, the transfer of the lease, with no changes, was approved on Monday.  The lease runs until 2060.  Steve Selbo, President of SP Land is hoping that the closing will take place on Thursday of this week.  For the rest of the Rutland Herald story…

All of us in Killington are anxiously awaiting the official announcement that the sale of Killington to SP Land and Powdr Corp. has been completed.  We are anticipating announcements from the new owners as to their plans for the real estate and hopefully, upgrades to the mountain.  Stay tuned!

One single family ski in/ski out house and two condos sold during the month of April in Killington, VT.  In addition, seven Killington condos went under agreement during the month.  The activity this month equals the activity level in the entire first quarter of 2007.  Hopefully this signals an uptick in buyer interest in Killington but it may be premature to ring the “back on track” bell. 

The modest increase in activity may merely reflect the fact that Killington enjoyed one of the best spring skiing seasons in years and people just kept coming.  Conversely, for those of us who tend to be more optimistic and look at the glass as being “half-full”, this may be the beginning of a turnaround.  I guess we’ll have to wait and see what happens in the next few weeks.

The entire Killington community is anxiously awaiting some announcement from the impending new owners of the ski area.  What are you going to do and when?

Five Killington condo properties have gone under agreement in the past eight days.  This is in stark contrast to a total of 9 Killington real estate condo sales in the entire first quarter of 2007. 

One might speculate that the increase in activity is due to buyers’ speculation on the future potential of the Killington resort area and the local real estate market.  Everyone is anxiously awaiting the sale of Killington and Pico to be completed.  We are hoping to hear announcements from the new owners, SP Land and Powdr as to their plans.

Another reason could be that buyers perceive that real estate prices are as low as they are going to get.  We would love to hear what you think.  In the meantime, we will keep you informed as to the activity level.

Killington sales continued on a downward trend during the first quarter of 2007.  Only one house sold in the 1st quarter of this year (4 last year and 6 the year before) and 4 others are under contract.  There are 33 homes for sale in Killington ranging in price from $275,000 for a duplex to $2,300,000 for a home in Topridge. Last year at this time there were 29 homes listed for sale and only 20 on the market during this period in 2005.  9 condominiums have sold this year, the same number as last year but significantly down from the 20 that sold during the first quarter of 2005.  There are 5 condominiums pending at this time.  There are currently 131 condominiums for sale in Killington;

• 44 one-bedrooms,
• 47 two-bedrooms,
• 39 three-bedrooms and
• 1 four-bedroom. 

Last year at this time there were 116 condominiums listed for sale.  Of the 131 condominiums for sale just 5 complexes represent over 60% of these listings.  Typically there is little to no land activity during the winter months and 2007 was no exception.  There are 13 parcels of land on the market.  No land sold during the first three months of this year and only one lot is under contract.

For more details on most recent Killington real estate sales, click on the newsletter page of the Prestige Real Estate home page.

Prestige Real Estate of Killington closes on another Killington condominium.  Pinnacle D-1, a 2 bedroom 2 bath condominium just closed for $194,000—up from the last sale of $189,000.

Prestige Real Estate of Killington has also put 2 houses and 2 additional condominiums under contract with closings anticipated in the near future.  One of the two homes is a ski in/ski out property and both condominiums are ski in/ski out.

On March 1, 2007, the Company (American Ski Company) completed the sale of Steamboat Ski & Resort Corporation to Intrawest Holdings S.A.R.L. and Steamboat Acquisition Corp. (the “Steamboat Sale”). Total proceeds received by the Company, subject to a final post-closing working capital and income adjustment, was $239.1 million, after preliminary adjustments for working capital and debt assumed by the buyer, and income realized by the Company from and after October 31, 2006.

KILLINGTON - Killington Resort, the largest ski resort in the East and a name synonymous with Vermont skiing, is being sold to SP Land Co. and Powdr Corp., for $83.5 million. (See the rest of the Rutland Herald story and related stories)

We think this means a new opportunity for investment in the best ski area in the East.  We think this could finally mean the construction of a village at the base.  We think this could mean new lifts, new lodges, and new business opportunities.  But we want to know what you think.  Is this good?  Is this bad?  Let’s use this page as a means to hear what people think.  Please comment.  Let’s start a dialog.

In a deal first reported at First Tracks!! Online on Feb. 6, American Skiing Company (ASC) announced today that it has entered into a definitive agreement to sell its Killington and Pico ski and snowboard resorts in Vermont to SP Land Company, LLC, a major area landowner, for $83.5 million. SP Land will partner with Utah’s POWDR corporation in the purchase and operation of the two ski areas. The announced sale follows the recent announcement of ASC’s sale of Mount Snow, Vt. and Attitash, N.H. resorts for $73.5 million and the December announcement of the planned $265 million sale of Steamboat resort. This leaves ASC with Sugarloaf/USA and Sunday River ski resorts in Maine and The Canyons in Utah as its only remaining holdings.

Read full article: ‘American Skiing Sells Killington and Pico Ski Resorts’   ( 807 more words )

There are currently 3 homes, 2 condominiums and 1 parcel of land under contract and scheduled to close in the near future.  There are 37 homes, 133 condominiums and 15 parcels of land currently listed for sale in Killington Vermont.

Killington, VT ski conditions are fantastic with 83 miles of skiing on 197 trails serviced by 31 lifts.