2015 Killington Real Estate Sales Summary
Total Number of Sales: 141 (up from 118 in 2014)
Total Single Family Homes: 28 (up from 23 in 2014) Median Price $260,500 (down 7.5% from $280,000 in 2014)
Total Multi-Family Homes: 1 (same as in 2014)
Total Full Ownership Condos: 70 (up from 66 in 2014) Median Price $138,000(up 4% from $132,500 in 2014)
Total Interval Ownership Condos: 34 (up from 23 in 2014) Median Price $25,200 (down 13% from $29,000 in 2014)
Total Land Sales: 6 (up from 5 in 2014) Median Price $134,000 (up from $15,000 in 2014)
Total Commercial Sales: 2 (up from 0 in 2014)
2014 Killington Real Estate Sales Summary
Total Number of Sales: 118 (same volume as 2013)
Total Single Family Homes: 23 (up from 21 in 2013) Median Price $280,000 (up 10% from $255,000 in 2013)
Total Multi-Family Homes: 1 (up from 0 in 2013)
Total Full Ownership Condos: 66 (up from 61 in 2013) Median Price $132,500 (down 1% from $134,000 in 2013)
Total Interval Ownership Condos: 23 (down from 25 in 2013) Median Price $29,000 (up 16% from $25,000 in 2013)
Total Land Sales: 5 (down from 9 in 2013) Median Price $15,000 (down 82% from $82,000 in 2013)
Total Commercial Sales: 0 (down from 2 in 2013)
There are no Pinnacle condominiums for sale at this time - an extremely unusual condition. With such limited supply, we could begin to see prices move upward in the coming months.
There is also good news on the rental front. For the Pinnacle units in the Killington Rental Program, owner revenue was up 8.2% in 2015 vs. 2014.
The average net rental income (NRI) to owners was:
1 BR $8,000
These averages do not take into account owner usage, or whether the unit is an “A” unit or “B” unit, but give good baseline rental numbers.
There's more expense to buying a home than the purchase price. When you're ready to make an offer on just the right property, make sure you have enough cash in reserve for these 10 common costs associated with the transaction.
1. Earnest money
To prove you're "earnest" in your purchase commitment, expect to put down up to 10% of the total purchase price as an earnest money deposit. This amount is negotiable, but in general, the higher the earnest money deposit, the better the offer in the eyes of the seller. In Vermont, the buyer establishes "an equitable interest" in the property with a ten percent contract deposit. If the seller breaches the contract for whatever reason and the buyer has an equitable interest, he can sue not only for damages, but also for "specific performance," effectively forcing the seller to sell at the price and terms agreed upon.
Assuming that all goes well and your offer is accepted by the seller, the earnest money will go toward the down payment and/or closing costs. In most circumstances, you get your deposit back if you discover something that you don't like about the home and decide not to go forward with the purchase.
2. Escrow account
An escrow account is basically a way for your mortgage company to make sure you have enough money to cover property taxes and mortgage insurance. The amount you need to pay varies by location, lender, and loan type. It could cover costs for a few months to a year. Escrow accounts are common for loans with less than a 20% down payment and mandatory for FHA loans, but not required for VA loans.
The origination fee is the price you pay the loan officer or broker for completing the loan, and it includes underwriting, originating, and processing costs. The origination fee is a percentage of the total loan. A typical origination fee is about 1%, but it can vary. Use your good-faith estimate to shop around.
You want to be assured your new home is structurally sound and free of surprises such as leaks or pests living in the walls. Those assurances come with a price.
- Home inspection: This is critical for home buyers. A good inspector will be able to notify you of structural problems, flooding issues, and other potentially serious problems. Expect to pay $750 for a home inspection, although cost vary.
- Radon inspection: An EPA-recommended step, this inspection will determine whether your prospective home has elevated levels of the cancer-causing agent radon. A professional radon inspection can cost several hundred dollars.
- Pest inspections: Termites are uncommon in Vermont and termite inspections are rare. The most common pests are mice and cluster flies, which can be managed in a variety of affordable ways.
Vermont requires an attorney or title company to be present at closing. The attorney or title company will make sure the property's title is free and clear. In most cases, both the buyer and seller will have their own attorneys. The fees vary depending on the complexity of the transaction, but you should expect to pay at least $750 for settlement services. If you are financing the purchase, the bank or mortgage company may have a lawyer on their end, and they should cover the bill, but keep in mind, this attorney represents the bank's interests, not yours.
6. Credit check
Just because you can get your credit report for free doesn't mean your lender can (and it will actually pull all three). You have to reimburse the lender, usually around $30.
7. Extra insurance
If you live in a hazard-prone area, you might need to purchase extra insurance, like flood insurance.
Your lender won't loan you money for a home without knowing what its fair market value is. An appraisal will generally cost between $350 to $550, depending on location and property size.
A survey is not required to convey property in Vermont. If you use a lender from a state where surveys are required, it could cause your loan to be denied. A professional survey could cost upwards of $1,000 if no existing survey is on file. This is just one of many reasons it can be to your advantage to use a local lender if you're financing your purchase.
10. Transfer Tax
This can be a big expense, so take note. If you are buying a home in Vermont as your primary residence, you will pay the state a transfer tax in the amount of 0.05% of the purchase price of the property. If the property is not going to serve as your primary residence, the transfer tax will be 1.25% of the purchase price.
Here are the latest conforming mortgage rates if you're looking to finance a second home in Killington:
- 10 Year Fixed 3.00%, 0 points, 3.29% APR
- 15 Year Fixed 3.25%, 0 points, 3.45% APR
- 15 Year Fixed 3.125%, 1.00 points, 3.47% APR
- 20 Year Fixed 3.75%, 0 points, 3.91% APR
- 20 Year Fixed 3.625%, 1.00 points, 3.90% APR
- 30 Year Fixed 3.875%, 0 points, 4.00% APR
- 30Year Fixed 3.75 1.00 3.95
Courtesy of: Kittredge Mortgage Corporation
123 Bonnet Street ? P.O. Box 37
Manchester, Vermont 05254-0037
Tel. 802-362-4874 ? Fax 802-362-4209
Real estate sales were stable in September, with 13 sales transactions - an improvement over 8 sales during the same period of 2013. Of the 13 sales, one was a single family home, ten were full-ownership condominiums and two were interval units. The full ownership condos included a 2BR Mountain Green, a 1BR and a 2BR Whiffletree, two 2BR Woods units, a 3BR Moonridge townhouse, a 3BR Special at Pinnacle, a 2BR and a 3BR Glazebrook townhouse and a 3BR Sunrise condo.
The median home sales price for the trailing 12 months slipped slightly to $260,000 while the median full-ownership condo price edged up noticeably to $141,750. Here is a link to the detailed views of the sold properties:
Real estate sales rebounded in August with 14 sales transactions - compared with 9 sales in the same period of 2013. Of the 14 sales, five were single family homes, seven were full-ownership condominiums and two were interval units. The full ownership condos included a 1BR and a 2BR Mountain Green, a 1BR and a 3BR Pico, two 2BR Woods units and a 3BR Northbrook condominium.
The median home sales price for the trailing 12 months increased to $265,000 while the median full-ownership condo price edged up slightly to $134,000. Here is a link to the detailed views of the sold properties:
Real estate sales plummeted in July with just 4 sales transactions in the town of Killington and down dramatically from the same period in 2013 during which there were 14 sales transactions. Of the 4 sales, two were single family homes and two were full-ownership condominiums - an Edgemont 1BR and a Trail Creek 3BR.
The median home sales price for the trailing 12 months remained at $255,000 and the median full-ownership condo price was also unchanged at $133,250. Here is a link to the detailed views of the sold properties:
Real estate sales remained unchanged in June with 8 sales transactions, but down from 10 salesin the same period of 2013. Of the 8 sales, one was a single family home, six were full-ownership condominiums and one was an interval ownership sale. The full ownership condos included a 2BR Whiffletree, a 3BR Pinnacle, a 4BR Colony Club townhouse, two 3BR Lodges luxury ski-in/ski-out condominiums and a 3BR Topridge luxury ski-in/ski-out townhouse.
The median home sales price for the trailing 12 months remained unchanged at $255,000, while the median full-ownership condo price improved slightly to $133,250. Here is a link to the detailed views of the sold properties:
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