final 2Q11 newsletter.pub

Killington Real Estate in Review A Publication of Prestige Real Estate of Killington 2922 Killington Road Killington, VT 05751 802-422-3923 phone 802-422-4874 fax www.prestigekillington.com/news

Sales volume AND revenue climb, while buyers still seek out bargains VOLUME 6, ISSUE 3

JULY 1, 2011

L

ast year at this time, we were pleased to report that the number of Killington real estate sales was up dramatically. This year, we are happy to say that revenue is also up, driven by some more expensive properties selling during the 1st half of this year. We remain cautiously optimistic about the market as buyers continue to hold out for bargains. The average sales price of homes is still dropping, down about 13% from last year at this time. Condo sales prices are still, on average, 26% off from their peak, however, in a “handful” of the most recent condo sales we have seen modest price increases. Perhaps the tide is turning. Inventory remains low which should help prices stabilize as we move into what we hope will be a busier summer selling period. Avg Sales Price of Killington Property 1st Half

Killington Property Sales 1st Half $10,000,000

$600,000

$9,000,000 $500,000

$8,000,000

IN THIS ISSUE:

$7,000,000 $400,000

$6,000,000 $5,000,000

• Sales volume AND revenue climb

$300,000

$4,000,000 $200,000

$3,000,000 $2,000,000

• Tax Assessment/Rate

$100,000

$1,000,000 $0

$0 2007

• 1st half Killington real estate sales • Condo price analysis

* Based on MLS data as of March 31, 2009

2008

2009 Homes

Condos

2010

2011

2007

2008

2009 Homes

Land

2010

2011

Condos

* Based on NNEREN MLS data available as of June 30, 2011

Tax Assessment/Rate Killington Sales Transactions 1H2011

I

f you currently own property in Killington, it is likely you know your property has been reassessed. After the initial round of valuations, the total of the town’s property values rose 20% since the previous assessment completed in 2003. Many property owners grieved their new assessment prior to the May 27th deadline. Upon completion of the grievance hearings, the new assessments were submitted to the State. Based on those valuations, the State and town have established the new tax rates for 2011: Resident Rate Non-Res. Rate State

$1.55/100

$1.46/100

Town

$ .29/100

$ .29/100

TOTAL $1.84/100

$1.75/100

Even though an individual property assessment may have risen, the reduction in the total tax rate could result in a lower tax bill than last year when the rates were $2.37/100 and $2.22/100.

Condos Address Mountain Green 3D9 Sunrise Timberline M3 Sunrise Cambridge 303 Sunrise Timberline B4 Trailcreek 10 Mountain Green 3D22 Pico D206 Sunrise West Glade H3 Sunrise West Glade F2 Sunrise West Glade K4 The Heights 1A Fall Line G5 Pico G303 Glazebrook G3 Edgemont A1 Pico F306 Topridge 18A Edgemont D2 Highridge C11 Pico E204 Highridge D10 Trailside Village A3 946 Killington Road ME #2 Woods F5 Pinnacle C6 Highridge D1 Sunrise West Glade I2 Pinnacle E5

Size 2BR/2BA 2BR/2BA 1BR/1BA 4BR/3BA 3BR/3BA 1BR/1BA 1BR/1BA 2BR/2.5BA 3BR/3BA 3BR/3BA 3BR/3BA 1BR/1BA 3BR/2BA 2BR/1.5BA 1BR/1BA 2BR/2BA 3BR/4BA 3BR/2BA 2BR/3BA 2BR/2BA 1BR/1BA 1BR/1BA 3BR/2BA 2BR/2.5BA 1BR/1BA 2BR/2BA 3BR/3BA 1BR/1BA

Sold 1/20/2011 2/3/2011 2/11/2011 2/25/2011 3/16/2011 3/16/2011 3/21/2011 3/25/2011 3/28/2011 3/31/2011 4/7/2011 4/7/2011 4/15/2011 4/22/2011 4/22/2011 4/29/2011 5/2/2011 5/13/2011 5/13/2011 5/13/2011 5/23/2011 5/26/2011 5/27/2011 5/27/2011 6/1/2011 6/21/2011 6/24/2011 6/24/2011

Days on Mkt 1588 71 740 492 41 238 39 186 187 85 476 114 942 37 13 4 370 217 48 223 470 384 365 317 133 29 397

List $ 99000 150000 134900 399000 250000 79900 90000 230000 369000 299000 389900 119000 225000 169000 80000 159000 650000 165000 249000 139900 139000 109900 129000 189000 110500 179000 279000 84500

Sold $ 80000 142500 112000 350000 235100 68000 88500 215000 335000 275000 360000 115000 211000 163000 73000 150000 625000 142000 230000 127000 130000 105000 100000 175000 88000 155500 260000 83000

Homes Address 434 Bart's Hill Road 520 Barrows Towne Road 1502 Roaring Brook Road 99 Wobbly Lane 268 Alpine Drive 558 Trailview Drive 68 Round Robin Road 728 Rim Road 32 Alpine Court 396 Anthony Way

Size 3BR/2BA 3BR/2.5BA 3-family 4BR/(2).5BA 3BR/2BA 4BR/2BA 4BR/3.5BA 4BR/2BA 3BR/2.5BA 4BR/3BA

Sold 1/5/2011 2/28/2011 3/30/2011 4/7/2011 4/22/2011 5/11/2011 5/13/2011 5/16/2011 5/25/2011 6/27/2011

Days on Mkt 66 384 693 151 15 307 244 886 179 276

List $ 299000 395000 325000 210900 225000 549000 289000 285000 299500 299000

Sold $ 270000 361000 140000 211000 225000 530000 274000 240000 238000 240000

*Yellow bar indicates Prestige Real Estate was either the listing agent, selling agent, or both.

VOLUME 6, ISSUE 3

PAGE 2

Although well off their peak, a handful of condo sales prices are up from their “lows” # Sold Fall Line 1bed/1bath 2bed/2bath 3bed/3bath

Condo Sales Since January 2006 Highest Lowest Price $ Mon-Yr Price $ Mon-Yr

Latest Price $ Mon-Yr

Δ% Δ% High to Latest Low to Latest

Current Listings # Listed Lowest $ Δ% of Latest

10 1 4

$177,500 $195,000 $225,000

Nov-06 Oct-10 Aug-09

$115,000 $195,000 $190,000

Apr-11 Oct-10 Jun-10

$115,000 $195,000 $210,000

Apr-11 Oct-10 Nov-10

-35% only one sale -7%

0% only one sale 11%

2 1 0

$105,000 $244,900 -

-9% 26%

Glazebrook 2bed/2bath 3bed/2bath

8 0

$265,000 no sales

Jul-07

$163,000 no sales

Apr-11

$163,000 no sales

Apr-11

-38%

0%

1 0

$199,000 -

22%

The Heights 3bed/3bath

2

$360,000

Apr-11

$340,000

Dec-10

$360,000

Apr-11

0%

6%

6

$369,900

3%

Highridge 1bed/1bath 1bed/loft 2bed/2bath 2bed/2.5bath 2bed/3bath/loft 3bed/3/bath

4 2 9 1 2 0

$192,000 $230,000 $305,000 $307,500 $285,000 no sales

Feb-06 Oct-07 Jun-06 Sep-07 Jun-09

$130,000 $158,000 $150,000 $307,500 $230,000 no sales

May-11 Apr-10 Mar-10 Sep-07 May-11

$130,000 $158,000 $155,500 $307,500 $230,000 no sales

May-11 Apr-10 Jun-11 Sep-07 May-11

-32% -31% -49% only one sale -19%

0% 0% 4% only one sale 0%

3 1 0 1 0 0

$130,000 $165,000 $175,000 -

0% 4%

The Lodges at Bear Mt 3bed/3bath

6

$565,000

Nov-06

$390,000

Jun-09

$390,000

Jun-09

-31%

0%

2

$395,000

1%

Pico Studio 1bed/1bath 1bed/2bath/loft 2bed/2bath 2bed/2bath/loft 3bed/2bath 3bed/2bath/loft

2 4 1 12 4 6 2

$135,000 $149,000 $135,000 $225,000 $247,500 $288,000 $297,000

Jan-06 Jun-06 Dec-08 Oct-06 Jan-08 May-07 Oct-06

$60,000 $88,500 $135,000 $127,000 $167,000 $165,000 $211,000

Nov-10 Mar-11 Dec-08 May-10 May-10 Sep-09 Apr-11

$60,000 $88,500 $135,000 $127,000 $185,000 $205,000 $211,000

Nov-10 Mar-11 Dec-08 May-11 May-10 Nov-10 Apr-11

-56% -41% only one sale -44% -25% -29% -29%

0% 0% only one sale 0% 11% 24% 0%

1 4 1 2 0 1 0

$112,000 $93,000 $129,900 $119,000 $227,000 -

87% 5% -4% -6%

Pinnacle 1bed/1bath 2bed/2bath 3bed/2bath 3bed/2bath/den

10 6 2 1

$150,000 $208,500 $268,000 $194,000

Aug-08 Feb-06 Oct-07 Dec-09

$83,000 $150,000 $160,000 $194,000

Jun-11 Sep-10 Aug-10 Dec-09

$83,000 $150,000 $160,000 $194,000

Jun-11 Sep-10 Aug-10 Dec-09

-45% -28% -40% only one sale

0% 0% 0% only one sale

2 1 1 3

$89,000 $175,000 $199,000 $199,900

7% 17% 24% 3%

Sunrise 1bed/1bath 2bed/2bath 2bed/3bath/2 2bed/2bath 3 3bed/2bath 2 3bed/3bath 2 3bed/3bath 3 4bed/3bath 3

4 9 1 2 10 8 6 4

$164,000 $231,000 $215,000 $292,500 $317,500 $365,000 $357,500 $415,000

Jul-09 Mar-06 Mar-11 Aug-07 Sep-08 Jan-07 Oct-08 Feb-06

$112,000 $142,500 $215,000 $265,000 $235,000 $243,500 $290,000 $280,000

Feb-11 Feb-11 Mar-11 Sep-07 Oct-10 Mar-10 Jun-09 Jun-09

$112,000 $142,500 $215,000 $265,000 $235,000 $260,000 $325,000 $350,000

Feb-11 Feb-11 Mar-11 Sep-07 Oct-10 Jun-11 Jul-10 Feb-11

-32% -38% only one sale -9% -26% -29% -9% -16%

0% 0% only one sale 0% 0% 7% 12% 25%

2 3 2 0 0 2 1 1

$145,000 $140,000 $239,000 $279,000 $299,000 $244,900

29% -2% 11%

7% -8% -30%

1 1

$295,000 $300,000

Sep-06 Apr-07

$295,000 $300,000

Sep-06 Apr-07

$295,000 $300,000

Sep-06 Apr-07

only one sale only one sale

only one sale only one sale

0 1

$325,000

8%

-36%

2%

2

$650,000

4%

0 3 0 2 0

$169,000 $275,000 -

level level level levels levels levels

Telemark 2bed/2bath 2bed/3bath

21

$971,000

Nov-06

$615,000

Dec-09

$625,000

May-11

Trail Creek 1bed/1bath 1bed/loft 2bed/2bath 2bed/2bath/loft 3bed/2bath

2 0 1 4 1

$193,000 no sales $260,000 $349,000 $235,100

Sep-06

$191,000 no sales $260,000 $262,000 $235,100

Oct-06

$191,000 no sales $260,000 $290,000 $235,100

Oct-06

-1%

0%

Nov-08 Apr-10 Mar-11

Nov-08 Apr-10 Mar-11

only one sale -17% only one sale

only one sale 11% only one sale

Winterberry 3bed orig development 3bed new development

1 0

$390,000 no sales

May-09

$390,000 no sales

May-09

$390,000 no sales

May-09

only one sale

only one sale

1 1

$385,000 $425,000

Woods 2bed/2bath Village Lower 2bed/2bath Village Upper 2bed/2bath Village End 2bed/2bath "G" Cluster 2bed/2.5 bath Cluster 3bed/3bath Cluster 3bed/3.5 bath Cluster

2 1 4 1 7 0 7

$139,000 $193,000 $220,000 $162,500 $235,000 no sales $312,000

Dec-09 Nov-07 Jun-08 Oct-09 May-06

$133,000 $193,000 $199,000 $162,500 $164,000 no sales $260,000

Oct-10 Nov-07 Dec-06 Oct-09 Jan-09

$133,000 $193,000 $199,000 $162,500 $175,000 no sales $285,000

Oct-10 Nov-07 Dec-06 Oct-09 May-11

-4% only one sale -10% only one sale -26%

0% only one sale 0% only one sale 7%

Dec-09

-9%

10%

0 1 1 0 3 0 0

$149,000 $149,000 $138,500 -

Topridge

Nov-08 Aug-07 Mar-11

Jun-06

Sep-08

-43%

11%

-5%

-1%

-23% -25% -21%

Note: Based on available data from NNEREN MLS system as of 6/30/11

For information on all Killington properties for sale, visit:

www.prestigekillington.com/news For updates on Killington real estate news, visit:

blog.prestigekillington.com

Prestige Real Estate of Killington 2922 Killington Road Killington, VT 05751 Phone: 802-422-3923 Fax: 802-422-4874 E-mail: [email protected] Website:www.prestigekillington.com