Blog :: 2007

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

Killington Real Estate market - Status update

Since our last formal update, at the end of the 3rd quarter of 2007, in Prestige Real Estate's quarterly newsletter, 14 Killington condominiums, 3 Killington homes, and 1 parcel of Killington land have sold.  That is down fairly substantially in all three categories from the same period last year.  Killington condo sales year to date are down 18%, Killington house sales year to date are down 63% and land sales year to date are down from 15 parcels last year to just one this year.

I think this continued real estate market slide is attributable to:

1) National media continuously reporting that the real estate market is in serious trouble and has not seen the worst yet, causing potential buyers to hold off; and

2) Buyers exercising caution in light of new Killington Resort management.

One thing I do know is that foreign interest and investment in the Killington real estate market has increased in light of the decreased value of the US dollar.  The last three purchase & sale agreements that we have put together involve Brits buying Killington real estate.

Killington ski conditions are great

All I've heard since Killington ski resort opened this year on November 16th is how good the skiing has been.  I finally let some friends talk me into getting out onto the mountain today.  Boy, is it good!  It would not be an exaggeration to say that the conditions were as good as they are in the middle of the winter. 

So, three cheers for the new mountain management.  I have been outspoken, to anyone who would listen, that we need to give the new team a chance.  It took American Skiing Company years to run the operation down as far as it went.  It's going to take time and some tough business decisions to get it back to where it should, can, and will be.  The new team has my support.  A strong mountain operation can only help all of the other businesses in town, along with raising Killington real estate values.

So tell all your friends to try Killington again.  I think you will all be pleased with what you find.

Killington Real Estate

Four condominiums have sold in Killington since our last update (11/6/07); all were two bedroom condominiums and sold for $95,000 to $227,000. Only one house has sold in Killington, a three bedroom two bath chalet listed for $289,000 and selling for $269,000.  There are 7 properties currently under contract and scheduled to close in the near future; five condominiums and two homes.  Prestige Real Estate of Killington is invovled in five of these 7 real estate transactions, three Killington condominiums and both Killington homes.

 

 

Recent Killington Vermont Real Estate Activity

There have been 9 condominiums sold in Killington since October 1st.  Prestige Real Estate of Killington was involved in 6 of these real estate transactions.  We participated in the sale of 2 Woods condominiums, 1 Glazebrook condominium, 1 Highridge condominium, 1 Pinnacle condominium and 1 Topridge town home.  There was also one parcel of land sold and one home sold in Killington during this period.

 

Prestige Real Estate of Killington is also pleased to announce that the new construction Vistas project is well under way with the first home completed and on the market for sale.  Only 7 homes will be built, all featuring 3 bedrooms and 4 ½ baths.  These magnificent mountain homes boast approximately 4,000 square feet of exquisite living space.  

Killington East Residents Voice Concerns to Killington Town Officials

On Monday night, October 15, 2007 a group of two dozen or more town residents attended a meeting of the town of Killington Selectboard to voice their concerns about some of Powdr Corp's new Killington mountain operations decisions.  The decision that raised most concerns at this meeting related to Killington's "announcement" to not run the lower Skyship gondola Monday through Thursday on non-holiday weeks.  A flurry of e-mails after the announcement appears to have caused the mountain to rethink their decision and only close the lower gondola on Tuesdays and Wednesdays, mirroring the operating plan for Pico for the upcoming season.

Property owners most directly affected by the decision are those who own ski in/ski out homes and condos on the ski trails serviced by the lower gondola, primarily "Great Eastern" and "Home Stretch."  Their ability to rent those properties for mid-week periods is negatively affected and one could assume the value of those properties could be diminished.  Although residents were slightly appeased by changing the closures to just Tuesday and Wednesday, concerns remain. 

Unfortunately, the Board of Selectman and the town may have little influence over business operations decisions made by a private corporation.  I think we all appreciate that Powdr Corporation is in business to make money and we support that objective.  My hope is that, in making those operations decisions, Powdr realizes the economic affect they have on the entire town.

For further reporting on the meeting and discussion, see Bruce Edwards article in the October 17, 2007 Rutland Herald.

Killington real estate sales slump continues

Each quarter, as we gather and analyze data for our newsletter, we search for the silver lining in what appears to be a market continuing its downward spiral.  As we experience several consecutive quarters of slow market activity, that silver lining gets harder and harder to find. Year to Date Sales 

Once again, the number of transactions is down compared to last year.  The number of condo sales year-to-date is down 18% compared to the same period last year and only eight homes have sold in Killington since the first of the year.  There has not been a single land transaction in 2007. Current Inventory 

Consequently, it should come as no surprise, as sales volume drops, inventory continues to build.   As of September 30, 2007, condo inventory is up almost 20% over last year at this time with 143 condos actively listed on the market: · 3 studios

· 47 one-bedroom units · 49 two-bedroom units · 44 three-bedroom units Of  the units sold, they were on the market almost 9 months before going under agreement, almost twice as long as in 2006.

Killington Real Estate UPDATE

Real estate activity in Killington is picking up and Prestige Real Estate of Killington is leading the way.  We recently sold a Topridge (ski in/ski out) for $819,000; 2 Sunrise units (also ski in/ski out) for $292,500, and $305,000 and 1 Mountain Green unit for $96,000.  Currently there are 11 condominiums under contract and Prestige Real Estate is involved in 8 of these transactions.  We are extremely proud to be leading the way in Killington sales.   

 

 Prestige Real Estate focuses only on Killington properties.  We do not rent short term or long term.  We are the Killington real estate experts and our record clearly demonstrates our success. 

New Killington inventory at Prestige Real Estate

Prestige Real Estate of Killington recently added 3 exciting properties to its inventory.  Pinnacle A-6 is a one bedroom condominium located in the heart of Killington with shuttle service to the mountain. This condominium is listed for $145,000.  Trailcreek 68, a two bedroom plus loft with a ski home trail is listed for $354,900.   Topridge 14A, a three bedroom/den town home located in Sunrise Village is listed for $860,000.  Topridge has true ski in/ski out access with stunning views of Bear Mountain.

New Killington Season Pass Rates effective August 1, 2007

The price for the unlimited season pass will be going up from $999 to $1149 on August 1st.  The pass with 18 blackout dates will be going up from $799 to $849.  The midweek pass with blackout dates will be going up from $299 to $449.  To take advantage of lower prices and a 2-payment option, passes must be purchased by July 31, 2007.  For information on all pass prices, visit the Killington website.

Killington Resort Success will bode Success for All

Why should those of us interested in Killington real estate care so much about what the Killington Resort plans for 2007 and beyond?  I think an editorial in the Rutland Herald was "right on" in terms of making the connection: 

"Nyberg's [new Killington President and General Manager] comments suggest the company intends to invest in the deferred maintenance and basic upkeep of the ski areas before making big capital improvements. Killington and Pico face strong competition, and shabby facilities will prevent them from returning to the top rank of eastern ski areas.

A prosperous ski area is good for the region. It spills over into the restaurant, lodging, and real estate businesses, as well as the retail and cultural businesses of the entire region. If Powdr is able to achieve its ambitions, the benefits are likely to be far-reaching."

I fully agree that the tone of the resort sets the tone for all commerce in the town.  If the mountain is successful, I see success for all neighboring businesses and property owners.  For those who want to rent their properties, there should be more visitors to the area, needing a place to stay.  For those who want to sell their property, a better image of the mountain and its prospects should translate into rising property values and more buyer interest.

Killington plans to invest $3 million in the resort this year and much will go toward polishing existing infrastructure and snowmaking improvements.  New season pass rates are out that support a strategy to improve the customer experience and make money.  Powdr says they will invest profits from Killington in Killington. 

I like what they say.  I think the future is bright.  We just have to have some patience.  Bottom line is that I think it's a great time to buy Killington Real Estate.