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.
Blog :: 2009
Stay up to date on Killington real estate activity with regular updates and information on sales activity
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.
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.
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.
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.
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.
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.
There are currently 51 homes (including multi-family) for sale in Killington:
- Eight homes listed >$1,000,000
- Ten homes listed $500,000 - $999,999
- Sixteen homes listed $300,000 - $499,999
- Seventeen homes listed <$300,000
Over 30% of these Killington homes have been listed for over a year. One of which has been on the market for just over 4 years. The average listing price is just under $600,000.
Five homes have sold in Killington, VT since January 1, 2009 with an average selling price of $367,000.
For quarterly updates on Killington, VT real estate sales volume, prices, and inventory, be sure to check Prestige Real Estate of Killington's quarterly newsletter.
The number of condominiums listed for sale in Killington has risen to 127 units. The lowest priced condominium listed is a one bedroom Mountain Green ($59,900) and the highest priced condominium listed is a ski on/ski off property at The Vistas in Sunrise Village ($1,395,000). 19 condominiums have sold since the first of the year and 3 units are currently under contract and expected to close in the near future
There were five real estate property sales in Killington, Vermont during the month of August, 2009. This compares to the same number of sales in July, 2009 and compares to six sales during the same period a year ago. All five Killington properties sold during August 2009 were condos. Specifically:
- 1-bedroom Pico condo sold for $115,000
- 1-bedroom Fall Line condo sold for $149,000
- 2-bedroom plus loft Pico Slopeside condo sold for $184,000
- 2-bedroom Sunrise condo sold for $170,000
- 3-bedroom Fall Line condo sold for $225,000
Continue to follow this blog for regular Killington real estate market updates and/or become a fan on Facebook where market information is provided and all of the Prestige Real Estate of Killington listings are posted with facts and pictures.
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