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Blog :: 2013

Killington Real Estate Sales - November 2013

November real estate salesimproved slightly with15 transactions up from 9 sales inthe same period of2012. Of the15 sales,2 were single family homes, 11were condominium sales and2 were land sales.

Of the condominiums sales,9were full-ownership and 2 were interval units at the Grand Hotel.

The median home sale pricerebounded to $131,250. Hereare links to the detailed views of the sold properties:

November 2013 Residential Sales

November 2013 Land Sales

Year-to-date there have been 110 sales, compared to 99 in the same period one year ago. The median home sales price year-to-date is $130,000, compared to $154,000 for the same period last year.

Killington Real Estate Sales - October 2013

October real estate sales rebounded somewhat with14 transactions up from 9 sales inthe same period of2012. Of the14 sales,3 were single family homes, 9 were condominium sales and2 were building lots.

Of the condominiums sales,7were full-ownership and 2 were interval units at the Grand Hotel.

The median home sale pricerebounded to $131,250. Hereare links to the detailed views of the sold properties:

October 2013 Homes and Condominium Sales

October 2013 Land Sales

Year-to-date there have been 95 sales, compared to 84 in the same period one year ago. The median home sales price year-to-date is $124,000, compared to $153,000 for the same period last year.

Killington Real Estate Sales - September 2013

September real estate sales declined slightly with8 transactions - down from 10 sales inthe same period of2012. Of the8 sales,6 were condos and1 was a commercial sale andone was a single family home.

Of the 6 condominiums sales, 4were full-ownership and 2 were interval units at the Grand Hotel.

The median home sale priceplummeted to an astonishingly low$42,000 - the lowest since this blog has been published. Hereare links to the detailed views of the sold properties:

September 2013 Residential Sales

September 2013 Commercial Sales

Year-to-date there have been 81 sales, compared to 75 in the same period one year ago.

Killington Real Estate Sales - August 2013

August real estate sales declined slightly with9 transactions - down from 12sales inthe same period of2012. Of the9 sales,8 were condos and1 was a building lot; no single family home sales were recorded.

The condominiums were all full-ownership except for one interval unit at the Grand Hotel.

The median home sale priceplummeted to$74,250. Hereare links to the detailed views of the sold properties:

August 2013 Condo Sales

August 2013 Land Sales

Year-to-date there have been 73 sales, compared to 65 in the same period one year ago. The median year-to-date is $128,000, compared to $145,000 for the same period last year.

Killington Real Estate Sales - July 2013

July real estate sales improved slightly with14 transactions, the best month since November 2012 and an increase of 100% over the same period of2012. Of the14sales,4 were single-family homes,8 were condos and2 were building lots.

The condominiums were all full-ownership including one condex.

The median home sale pricewas unchanged from last monthat$159,000. Hereare links to the detailed views of the sold properties:

July 2013 Homes and Condos Sales

July 2013 Land Sales

Year-to-date there have been 62 sales, compared to 53 in the same period one year ago.

Killington Real Estate Sales - June 2013

June real estate sales declined slightly with10 transactions, but wasup from just 4 sales in the same period of2012. Of the10 sales,5 were single-family homes,4 were condos and 1 was a land sale of 60 acres.

The condominiums included 3 full-ownership condos and 1 interval unit.

The median home sale priceclimbed slightly to$159,000, supported by some single family home sales that were absent in May. Hereare links to the detailed views of the sold properties:

June 2013 Homes and Condo Sales

June 2013 Land Sales

Year-to-date there have been 50 sales, compared to 46 in the same period one year ago.

Killington Real Estate Sales - May 2013

May real estate salesimproved to 13transactions, the best month since November 2012 and similar to May2012, when there were 11 sales.All13 saleswere condominiums-10 full-ownership condos,2 interval units and one condex. The full-ownership condos included a studio and a1BR Mountain Green, a Whiffletree 2BR, Fall Line 1BR, 3 Highridge condos, a Sunrise and a Topridge townhouse.

The median sale pricebounced back somewhatto$104,000. Hereis a link to the detailed views of the sold properties:

May 2013 Sales

Year-to-date, there have been 40 total transactions, compared to 42 in the same period last year.

Biggert-Waters Flood Insurance Reform Act

As a Realtor in the Killington area, the impact of Biggert-Waters on property values is already evident. On the recent sale of a property in Woodstock, the previous owner paid $1700/year for flood insurance. Under Biggert-Waters, the new owners rates went up to $8800 - a five-fold increase in the premium. A property listed in Chittenden, which is bordered by East Creek and was placed in the Zone A flood designation area by FEMA when the updated maps came out in 2008 will see premiums rise from $672/year to as much as $4100/year, even though flood waters have never touched the structure, which is at grade on an elevated site on the property. Priced at $129,500, this charming little home has been shown more times than any property in the area, but buyers in this price range quickly realize they can't afford the insurance, putting the home out of reach for the average buyer. To know what the actual insurance rate will be, the owner must hire an engineer to obtain an elevation certificate, adding to the cost of selling a home.

For those who don't know about Zone A designations, it means that FEMA has not conducted flood studies and has not provided any base flood elevation data, so its more complicated and more expensive to get an elevation certificate, because the surveyor must be an engineer who can calculate the base flood elevation, which may require hydrological studies of the area. It seems unjust that FEMA can effectively tell a property owner we havent established any base flood elevations for your property, but we looked at aerial photos of your property and we think youre in a flood zone, so now you have to get flood insurance, thank you very much and if you disagree, you can hire an engineer at your expense to prove us wrong.

The National Flood Insurance Program has served an important function in preserving and maintaining affordable housing in America, but Biggert-Waters has placed immense financial burdens on the same property owners for whom it was designed to protect and needs to be revisited by Congress. That FEMA has authority to designate a property as being in a high risk area such as Zone A, thereby costing property owners thousands of dollars in insurance expense and lowering their property values without providing any base flood elevation data, is akin to an illegal government taking and should be prohibited in any new legislation being considered.

Killington Real Estate Sales - April 2013

April real estate sales remainedlevel with 8 transactions, but declined by nearly 50% comparedthe levels seen in April of 2011and 2012. Of the 8 sales,3 were full-ownership condos,3 were interval units, one was a building lot in Robinwoodand one an auto-service station, formerly known as Habro,on the Killington Road. The full-ownership condos included a 1BR Mountain Green at the bargain price of $32,000, a 2BR Glazebrook townhouse for $160,000 and a 3BR Sunrise for $304,000.

Clearly an aberration, the median home sale priceplummeted dramaticallyin April, falling to just$50,000 - the lowest since this blog has been published. Hereare links to the detailed views of the sold properties:

April 2013 Residential Sales

April 2013 Land Sales

April 2013 Commercial Sales

Killington Real Estate Sales - March 2013

The market recovered some in March, as it does most years, with a total of 8 real estate sales in Killington. Of the 8 sales, 4 were full-ownership condos, 2 were interval units and two were fairly high-end single-family homes.

The median home sale price slipped a bit in March, falling to $129,000. Here is a link to the detailed views of the sold properties:

March 2013 Sales