If you have a vested interest in the Killington real estate market as I do, you probably have been waiting with great anticipation for announcements from the new owners of the Killington Resort as to their plans. After all, major infrastructure improvements will signal great confidence in the vitality and potential in the area and should translate into an upsurge in buyer interest and real estate prices.
So far, the approach of Powdr Corporation, the entity that will be managing the ski and resort operation, is to take one step at a time. First, they have recruited an extremely qualified individual, Chris Nyberg as President. Chris has been in place for about a week and is getting acclimated to the resort and the personnel. Based on his comments at a recent meeting, it seems there will be two areas of initial focus:
- To focus on upgrading the small things that will make a good first impression
- To upgrade the snowmaking infrastructure to ensure a good customer experience and keep people coming to Killington
Although these activities are important first steps, they are not likely to make a tremendous difference in Killington real estate sales prices in the short term. In a newsletter put out by Prestige Real Estate shortly after the announcement that the mountain would be sold, we predicted that market activity should increase but prices will be most affected when there is tangible evidence of significant new investment. For the full text of that newsletter...
A statement made by Chris Nyberg indicates that as improvements that are made at Killington bear "fruit" (i.e., profits) for Powdr, those profits will be re-invested in Killington to fund larger and larger projects. Obviously this will take some time.
The bottom line is that there is great reason for optimism. I translate that into "this is a great time to buy in Killington." There is a strong inventory of quality properties and prices are very attractive. These prices are not likely to drop, given the anticipation of future development, and they are most likely to increase as more significant infrastructure improvements begin in the area.