Killington Resort Village – to develop or not to develop?

Thursday, February 11th, 2010
Killington Resort Village

Killington Resort Village(image courtesy of www.discoverkillington.com)

Prestige Real Estate firmly supports the development of the Killington Resort Village for several reasons:

New construction will raise real estate values and heighten interest in existing properties. Some people have argued that new residential construction (both homes and condominiums) will have a negative effect on Killington real estate.

We believe just the opposite. Having been involved in several new construction projects (Winterberry, The Lodges, Topridge Duplex Homes and The Vistas), we have seen how new construction has had a positive impact on the market value of nearby property.

New construction will bring new buyers to our region. Several buyers with whom we have worked were also considering new construction at other ski resorts. Had we not been able to present to them new projects in Killington we strongly believe they would have bought elsewhere. The new residential units to be built at the “Village” will excite buyers who have complained about the lack of “new product” in Killington.

The Village will bring back skiers who have left for other areas. Skier visits to Killington have declined over the decade from well over a million to just over 600,000. We need to attract new visitors and we need to convince people who have left Killington (for other resorts with a village) to return. Those who worry about traffic on the access road or overly crowded conditions on the mountain forget that we have the capacity for a significantly larger number of visitors than are currently here.

New commercial development will create an incentive for existing businesses to make improvements. New retail/commercial space is of concern to some but we believe that new competition is beneficial to everyone. More traffic coming to the area will benefit existing businesses as well as new businesses. In addition, existing businesses who have become complacent may be forced to update, benefiting all customers and ultimately themselves.

Construction of the Village will bring a substantial number of jobs to Killington. There will be many new jobs for people year round helping to stimulate business during traditionally slow periods.

Purchase of “Fireside” property discussed at Killington public meeting

Tuesday, January 12th, 2010

On January 11, 2009, an informational meeting was held at the Sherburne Elementary school in Killington.  Members of the Killington Economic Development and Tourism Commission (EDTC) as well as Select Board members and other town volunteers presented the rationale for purchasing a 37 acre parcel of land located on Killington Road known as the “Fireside” property.  Well over 100 people attended the meeting to hear the presentation and voice their support, concerns, and/or questions.

The EDTC contends that the land is necessary to host events critical to building a vibrant four-season economy for the town.  The conceptual site plan presented at the meeting indicates proposed event areas, parking, trails, and access points.  The land is being offered to the town for $850K.  Costs have been estimated at approximately $700K for site development, not including bathroom facilities. 

The EDTC and Select Board are proposing that the town voters approve a Municipal Bond in the amount of $1.4 million to cover the outstanding costs.  According to the presenters at the meeting, revenues associated with the Options Tax will be sufficient to cover the cost of the bond spread over 20 years.  The vote will be held through Australian ballot at the Killington town meeting to be held the first Tuesday of March, 2010.  Absentee ballots will be available prior to the meeting.

Although attendees at the meeting were generally supportive of bringing new events and business to the town and many attendees seemed supportive of the land purchase, a number of the attendees requested that revenue projections be presented supporting the expenditures.  No revenue models or new visitor projections were developed or presented.

An additional meeting prior to the town meeting in March will be “warned” and held for further comment and discussion.  Watch for future announcements.

Killington VT Real Estate Continues It’s Slump

Tuesday, January 5th, 2010

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. to Purchase Copper Mtn Resort

Tuesday, November 17th, 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.

Killington Village Master Plan approved by town

Thursday, November 5th, 2009

At a meeting of the Killington Town Planning Commission last evening, November 4, 2009, the Conceptual Master Plan for a ski village at the base of the Killington Resort submitted by SP Land Company was overwhelming approved (by a vote of 8 to 1).  The application for the PUD and Conceptual Master Plan was submitted to the town and a Public Hearing was held starting on May 27, 2009.  Several subsequent meetings were held with the Planning Commission clarifying the intent and refining details of the plan.  Last night’s approval clears the way for SP Land to develop more detailed plans within the framework approved and begin the State of Vermont’s process for Act 250 approval.

Last night’s Planning Commission approval marks a major step forward toward the realization of a new and exciting development in Killington.  Details of the plan will be available within the next few days on the town of Killington’s website.

Killington VT Town Update

Wednesday, October 21st, 2009

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.

Killington, Vt Town News Update

Friday, October 9th, 2009

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.

Killington real estate sales are driven by price!

Tuesday, October 6th, 2009

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.

“Broadway” comes to Killington Vermont

Wednesday, September 23rd, 2009

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.

Town of Killington, VT Signs Purchase Option

Saturday, September 19th, 2009

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.

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