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Blog :: 03-2014

The Woods Lawsuit Defeated

On February 28, 2014, the Vermont Supreme Court reaffirmed the lower courts decision that The Woods at Killington homeowner's association is not liable for interfering with the developers right to build and the homeowner's association is not responsible for any monetary damages requested by the developer. A fourteen day period following the ruling, available for motions to re-argue and/or raise issues regarding potential errors passed without any motions being filed. Thislong awaited decisionbenefits bothcurrent owners and potential purchasers at The Woods. With closure on this important issue, the risk of monetary damages being assessed to owners has been eliminated (the developer argued for damages in excess of $3 million), ongoing legal fees will becommensurate with the fees other associations of similar size allocate for legal expense and the prospect of buyers obtaining financing should be similar to those in condominium projects with comparable characteristics.

Kyle Kershner, owner/broker at Killington Pico Realty anticipates that this decision will have positive impacts on property values at The Woods, citing the litigation and corresponding high HOA dues, as having placed downward pressure on prices at The Woods for many years. "This is fantastic news for homeowners and represents an excellent buying opportunity for prospective purchasers", Kershner added.

Killington Real Estate Sales - January 2014

January real estate sales declined againwith just 7 transactions. Sales were also down from8 in the same period of 2013, but 7 of those were interval properties, while this year showed a much healthier mix. Of the7 sales, there was onesingle family home, one multi-family homeand4 full ownership condominium sales and a single building lot.

The condos included a 1BR Mountain Green in Building III, a 2BR Whiffletree, a 2BR Pico and a 3BR Pico.

The median sale price fell to $118,500, down from $157,500 in December. Hereare linksto the detailed views of the sold properties:

January 2014 Residential Sales

January 2014 Multi-Family Sales