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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.

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