Blog :: 2006

Stay up to date on Killington real estate activity with regular updates and information on sales activity

Sales Update - November Killington Real Estate

Real Estate sales in Killington, Vermont have picked up this fall!  Below is a breakdown of the Killington Home sales, Killington Condo Sales, and Killington Land sales for the month of November.  Prestige Real Estate is proud to say we were involved in 1/3 of these transactions!

November 2006 Killington Property Transactions
  

HOME SALES

 

         
Location  

 

  

List Price

 

  

Sold Price

 

  

Sold Date

 

  

Days on Market

 

 
East Mountain Road  

 

  

$265,000

 

  

$249,000

 

  

11-Nov

 

  

758

 

 
Old Coach Road  

 

  

$359,000

 

  

$340,000

 

  

20-Nov

 

  

99

 

 
Bear Run Road  

 

  

$595,000

 

  

$570,000

 

  

20-Nov

 

  

8

 

 
Ridge Road  

 

  

$309,000

 

  

$309,000

 

  

28-Nov

 

  

194

 

 
Weathervane Drive  

 

  

$339,000

 

  

$330,000

 

  

30-Nov

 

  

71

 

 
CONDO  

 

SALES  

 

       
Location  

 

  

Size

 

  

List Price

 

  

Sold Price

 

  

Sold Date

 

  

Days on Market

 

Whiffletree  

 

  

2BR/1BA

 

  

$139,000

 

  

$134,500

 

  

3-Nov

 

  

70

 

Whiffletree  

 

  

2BR/1BA

 

  

$154,900

 

  

$147,500

 

  

9-Nov

 

  

69

 

Woods  

 

  

3BR/3.5BA

 

  

$325,000

 

  

$310,000

 

  

10-Nov

 

  

168

 

Mountain Green  

 

  

1BR/1BA

 

  

$115,000

 

  

$105,000

 

  

13-Nov

 

  

389

 

Pico  

 

  

2BR/2BA

 

  

$289,000

 

  

$245,000

 

  

16-Nov

 

  

62

 

Topridge  

 

  

3BR/4BA

 

  

$795,000

 

  

$971,174

 

  

16-Nov

 

  

133

 

Mountain Green  

 

  

2BR/1.5BA

 

  

$99,900

 

  

$95,000

 

  

17-Nov

 

  

322

 

Woods  

 

  

2BR/2.5BA

 

  

$230,000

 

  

$225,000

 

  

17-Nov

 

  

96

 

Lodges  

 

  

3BR/3BA

 

  

$565,000

 

  

$565,000

 

  

20-Nov

 

  

38

 

Topridge  

 

  

3BR/4BA

 

  

$785,000

 

  

$775,000

 

  

20-Nov

 

  

32

 

LAND SALES  

 

         
Location  

 

  

Acres

 

  

List Price

 

  

Sold Price

 

  

Sold Date

 

  

Days on Market

 

Lot 56 Old Coach Rd  

 

  

0.9

 

  

$119,000

 

  

$105,500

 

  

3-Nov

 

  

50

 

Killington real estate volume is down and inventory builds!

The Killington real estate market differs from the national market in many ways, however one statistic that is tracking with the nation trend is that real estate sales volume is down significantly.  Forty one condominiums have sold in Killington in the first nine months of 2006, down 57% from the same period last year.  The number of home sales have dropped 48% for the same period. 

There are currently sixteen condos under contract and scheduled to close, five are new construction units at Topridge.  Prestige Real Estate is proud  to say we are involved in 50% of these pending transactions. It should come as no surprise, as sales volume drops, inventory continues to build.   As of September 30, 2006, inventory was up almost 38% over last year.  There are 120 condos actively listed on the market: · 36 one-bedroom units

· 44 two-bedroom units · 37 three-bedroom units · 3 four-bedroom units House inventory is up 34% over the same time last year.  There are currently 47 houses on the market (10 of which are multi-family)with an average listing price of just over $653K.  Six houses are listed for over $1 million and another 10 houses are listed for over $600K and have been on the market an average of 204 days.

For more details and to view the entire 3rd quarter newsletter, visit Prestige Real Estate of Killington's website.

 

Pre-qualification vs. Pre-approval - What does it mean?

Pre-qualification is the first step in obtaining mortgage financing. A potential borrower answers a few questions to provide the loan consultant with a quick snapshot of the borrower's income, existing debt, accumulated savings and whether or not there is a co-borrower. Signature(s) allow the loan consultant to run a credit report and begin to determine what loans are good candidates for this particular client. However, there are literally thousands of loan programs available. It is important for the loan professional to know the long-term financial objectives of the prospective homeowner.

Pre-approval is a written documentation that proves the borrower has full support of a lender. It means the form 1003 Uniform Residential Loan Application has been completed and reviewed by an underwriter. Based on the borrower's income, debt ratio and savings, the underwriter will provide a dollar amount this borrower is eligible for. Now the borrower has the convenience of shopping for a home in the price range agreed upon by the lender.

Pre-approval allows potential homeowners to shop as cash buyers, and that means negotiating power. The seller will take an offer from a pre-approved shopper much more seriously and may even accept a lower bid because they know the financing is in place and the deal is secure. 

New Construction Planned For Killington Vermont

Prestige Real Estate of Killington has been selected the Exclusive Listing Agency for THE VISTAS a new single family home development in Killington, Vermont.  Seven extraordinary homes will be constructed at Sunrise Village in Killington.  Each home will have 3 bedrooms, 4 ½ baths, garage, large recreation room and large outdoor deck.  In addition to spectacular views, each home will have ski-in/ski-out access. 

The Vistas will be the most carefully considered, highest quality, and simply the most exciting and livable project to be offered in Killington to date.  More information coming soon!!!

Ski in/Ski out condos at Killington

If you're looking to buy a condo at Killington from which you can ski to and/or from your door, your options are few and far between.  Sunrise Mountain Village adjacent to Bear Mt. is one of the few communities in Killington that offer that convenience.  Sunrise Village is comprised of three condominium associations with resales currently on the market with one-bedroom to four-bedroom condo units and a  single family home priced from $179,900 to $2.3 million.  Prestige Real Estate of Killington is the exclusive listing agent for the majority of properties currently available on the market at Sunrise.  Please see our website for detailed information on these properties.  You need to act now to ensure you'll be ready for the 06/07 ski season.

Intermediate Fixed Rate Mortgages - Are they for you?

Intermediate Fixed Rate mortgages (sometimes referred to as Short-Term Fixed Rate mortgages, or Hybrids) come in numerous varieties; the 3, 5, 7 and 10-Year Fixed. These are all 30-year loans that carry a fixed rate for a set number of years, and then roll over to an Adjustable Rate Mortgage.

For example, in a 7-Year Fixed Rate scenario, the rate would be fixed the first seven years, and the loan becomes an Adjustable for the remaining 23 years. The main advantage of these hybrid programs over a traditional 30-Year Fixed loan is typically a slightly lower interest rate.

These types of loans often work well for people who do not plan on being in their home for an extended period of time, such as first time home buyers or, perhaps, vacation home buyers. The most important question to ask when going into an Intermediate Fixed Mortgage is how long will the borrower need the money?

If the borrower intends to sell the home in four to five years, then a 5-Year Fixed loan offers stability and a lower interest rate for the time that money is needed. However, in this example it would not be wise to pay points up front to obtain a lower interest rate, because the likelihood of recuperating the cost of those points would be diminished with the short tenure in the loan.

The borrower's financial planner and mortgage consultant should work hand-in-hand to provide guidance to the borrower in these matters.

Killington Real Estate Sales decline in 1st half of 2006

Twenty four condominiums have sold in Killington during the first 6 months of this year, the lowest number of transactions during the first half of the year in memory. Four one-bedroom units sold for between $135,000 and $192,000. Thirteen two-bedroom units sold for $125,000 to $305,500 and seven three-bedroom units sold for $206,000 to $560,000. There are twelve condominiums currently under contract and scheduled to close in the near future. Nine of these are new construction Topridge condominiums that are almost completed.Twelve homes have sold in Killington since January 1, 2006. This is down from twenty one sales during the same period in 2005. One house was listed for $1,300,000 and sold for $975,000. The average listing price of the other eleven homes was $364,000 and the average sales price of these eleven was $335,000. Only three houses are under contract with an average listing price of $313,000.For a copy of the full 2nd quarter 2006 newsletter, send an e-mail to info@prestigekillington.com

 

 

 

Trailside condo sells in Killington

One of the most convenient trailside condominiums in Killington just sold for $347,500.  It was a two/three bedroom two level condo with two baths, a sauna, and private hot tub on the deck.  Any of you who are familiar with the Killington ski area know that there are few opportunities to own a condo literally "on the mountain".  Trailside Village is an association comprised of eight condominiums and three single family homes.  For information on what is currently available at killington, be sure to visit Prestige Real Estate's website frequently.

Great family Killington ski home for sale

Have you been thinking about finally buying that perfect family ski home?  Here is a great opportunity to own a very special property, privately located at the end of a dead end, yet in the heart of the Killington basin.  This home was originally built as a modest family ski house, then expanded and modernized to become a wonderfully spacious up to date resort property. 

The house features 4-5 bedrooms, 3 of which with en-suite baths, granite kitchen, expansive deck, fenced in yard area, 2-car oversized heated garage, two additional out buildings, gazebo, and beautifully landscaped grounds.  The basement provides an enormous amount of storage space, as well as a great cedar closet.  New heating system, new roof, new gas fireplace, and expanded deck are just a few of the upgrades completed in the last two to four years. 

For more information and pictures of this property, check out this link to MLS #263785.

To view all properties currently for sale in the Killington Real Estate market, visit the website for Prestige Real Estate of Killington, representing the Realtors who are committed to providing "unrivaled customer service!"