Vermont Country Properties Sotheby's International Realty's Weblog

The New York Times

By IRENE RAWLINGS

Published: January 28, 2010   

     OVER the holiday season all was snowy and bright at ski areas across the country, with a festive jingle in the air. It wasn’t sleigh bells — it was the sound of money. Vacation-home seekers who saw recessionary opportunities were looking to buy.

Many were ready to pay in cash, and they wanted great deals, like a $900,000 slope-side condominium for $500,000 or a studio in town for half the asking price. They were getting what they wanted because it is the best buyers’ market in 20 years, real estate agents said, with inventory at levels not seen since 2001.

John Eldridge, 59, a lawyer, and his wife, Amelia, 58, of Fayetteville, Ark., have a lot of affection for Snowmass, Colo. They learned to ski there with their families in the 1970s. They were married there and bought a small condo so they could visit often. Two children and several grandchildren later, they are looking to move up to a three-bedroom condo. After looking at more than 10 units during their annual holiday visit to Snowmass in December, they decided to wait until January to make an offer of $700,000 on a three-bedroom ski-in, ski-out condo that was listed at more than $1 million just last year.

“We’re seeing a number of price reductions as sellers get more realistic,” said Ms. Eldridge, who has been a real estate agent for 30 years and is well acquainted with the vagaries of the market. “Time has caused some sellers to accept offers that they may have rejected before.”

As an example of those low prices Andrew Ernemann, a broker at B. J. Adams & Company, which has offices in Aspen and Snowmass, said there was a studio just a few blocks from the Aspen gondola listed at $275,000. Just a few years ago the asking price would have been upward of $350,000.

If prices are flat or still falling, the number of sales seems to be increasing, real estate offices across the West said. Patti Brave, a broker in the Cordillera office of Slifer, Smith & Frampton in the Vail Valley in Colorado, said that the first seven months of 2009 were dismal, but that the rising stock market had helped drive up sales, though prices at Vail and Beaver Creek are still off by 10 percent or more in the last three years.

Telluride, the historic Colorado mining town tucked in the end of a valley in the remote San Juan Mountains, remains a bright spot for sellers, agents there say. Steve Finger, owner of Finbro Construction and Development, is building Element 52, a 200,000-square-foot, 32-unit luxury condo project overlooking town. The development, which is more than 60 percent sold, is named for telluridium, a form of gold ore mined here in the 19th century.

Even with mortgage rates holding at around 4 percent for qualified buyers, cash deals are king right now, brokers say.

In Jackson, Wyo., “buyers are paying cash and determining the market,” said Greg Prugh, a broker, who said prices have fallen by as much as 50 percent since 2007. He recently sold a two-bedroom condo in Teton Village listed at $700,000 for $360,000 in cash. “Modern-day Jackson was built on construction, financing and real estate,” he said. “With financing tight, those jobs are gone, and the middle-class people who bought condos on spec are forced to sell.”

The huge price cuts seem to be bringing in more traffic, brokers say. “Phones are ringing and people are walking into our offices again,” said Martha Johnson, president of Rivers to Peaks Big Sky Real Estate in Big Sky, Mont. A recent client, William Martin, 53, and his wife, Susan, 51, from Locust Grove, Ga., paid $275,000 for a condo listed at $600,000 in the Big Sky Town Center, because “we’ve been coming here for 17 years to ski,” he said. “It is not crowded, not pretentious and the price was right.”

For the first time since a major downturn in 2007, Tom Peek, a partner at the Park City office of Prudential Utah Real Estate, is seeing “a lot of pent-up demand” for real estate in Park City-Deer Valley.

“Normally we don’t see a lot of activity until Christmas time,” Mr. Peek said, “but our market started picking up around Thanksgiving, before the slopes were even open.”

A two-bedroom condo on the ice rink in Park City could go for $600,000 (less for cash), he said; a few years ago it would have cost more than $1 million. In New Park and Redstone, developments within five miles of the ski areas, a two-bedroom new-construction condo would cost under $300,000.

Shari Chase, president and chief executive of Chase International real estate in Nevada, said low mortgage rates (around 4 percent for buyers with good credit scores) and a federal tax credit of $6,500 for eligible repeat home buyers have helped to revive the condo market in South Lake Tahoe and Incline Village. “People are looking for long-term investments,” she said, “and that’s putting something that’s very solid and much needed into the foundation of the housing industry.”

“There are great values in all the areas that were overbuilt during the real estate boom years,” she added. “What was a million is now $600,000, and a $600,000 condo will sell for $325,000.”

Pamela Goetz, associate broker at Sotheby’s International Realty Sun Valley, said: “We all got into a fantasy world there for a while but are going back to the old rules of real estate: Make a wise purchase and anticipate holding it for a while.”

Ski areas in the Northeast have not been hit as hard those in the West, but condo prices, already lower than those in the West, are now the lowest in decades, brokers say. Stowe, Vt., has seen a “noticeable uptick” in activity in the last few months, particularly at the high end, said Brent Libby, managing broker in the Stowe office of Sotheby’s Vermont Country Properties.

“Owners of some luxury properties are highly motivated to sell and have made it known,” he said. He recently sold a condo listed at $1.175 million for less than $900,000 (cash) and expects the bargain prices to hold up through the spring but probably not beyond. Many of his clients come from the financial world. “The stock market is up, and everyone is feeling optimistic,” he added.

Sunday River and Mount Abrams in Maine are known for uncrowded slopes, short lift lines and great snow even in bad years; more than 95 percent of the terrain has snow-making equipment. Ed Kennett of Kennett Realty in Bethel, Me., is listing condos that start at $70,000 for a studio and just under $200,000 for two-bedroom units. He anticipates that the market will hit bottom by June 2010, then prices will start to rise. “Sellers assume the bottom is hit before buyers want it to be,” he said.

Deb Howard, a second-home expert at the National Association of Realtors, said that though the 2009 market was the lowest it had been in a decade she expected some good news this year. Agents said traffic was particularly high during the holidays.

“Typical clients come to vacation in an area many times as a renters,” Ms. Howard said. “When they feel comfortable and are ready to buy, it can take months or even years to find the perfect second home.”

“Of course,” she added, “there are the clients who come once, fall in love and want to buy before they step on a plane to go back home.”

 

 You may also view this article at: http://www.nytimes.com/2010/01/29/greathomesanddestinations/29skicondo.html

 

 

  Vermont Country Properties Sotheby’s International Realty, the area’s leading real estate

 

brokerage firm serving Vermont’s primary, resort and commercial markets, announced

 

that Will Hersom, formerly of Main Street Realty, will be joining their team of successful

 

Brokers and Agents.  Nancy Perry, Manager of the Manchester Office and William

 

Colvin, Manager of the Phoenix Commercial Division, jointly welcome Mr. Hersom,

 

former owner of Wells Real Estate and partner in Main Street Realty, to his new position.

 

 

Mr. Hersom will continue his active residential business, but will also join the Phoenix

 

Commercial Division as a Commercial Broker.  Peggy Montague, Principal Broker and

 

Owner shares, “Will offers his clients and customers what is necessary to succeed in

 

today’s more challenging markets: fact-based advice and representation backed by

 

experience and a BSBA in Real Estate and Construction Management.  We could not be

 

more pleased that a broker of Will’s caliber and reputation has chosen to develop his

 

career with our team of professionals.” With regard to Hersom’s involvement in the

 

Phoenix Commercial Division, Colvin notes, “It is wonderful to have a broker with

 

Will’s skill set and depth and breadth of local contacts join the Phoenix Commercial

 

team.  Vermont Country Properties Phoenix Commercial has a long-established

 

reputation as the region’s preeminent commercial real estate and business brokerage. 

 

Will fortifies an already excellent group of dedicated commercial agents.

 

 

A native of Manchester Village with an in-depth knowledge of Southern Vermont and the

 

Manchester, Dorset, Sunderland, Arlington and adjacent areas, Will had the benefit of

 

learning the business from his father, Walter Hersom, the founder of Wells Real Estate

 

and one of the most respected Realtors in the history of the Village. Elected President of

 

the South Central Vermont Board of Realtors in 2004 and honored with the Walter A.

 

Hersom 2005 Realtor of the Year Award, Will is an involved member of the

 

community and marketplace.

 

 

Will states, “Joining this network will dynamically increase the exposure of my listings, and grants exclusive access to a premium clientele within the real estate market.  Today’s buyers and sellers are more sophisticated and knowledgeable than ever and expect the high level of service and expertise that is synonymous with the Sotheby’s International Realty brand.  I have chosen to work with Vermont Country Properties Sotheby’s International Realty because of its world-wide connections, incomparable marketing platforms, friendly and knowledgeable agents, and the underlying commitment to every customer and client to provide the best service in the industry,” and offered, “If you are looking for more than a real estate tour: someone to work with that has a real knowledge of the local market, someone who is not pushy, but respects and values Yankee tradition, give me a call and enjoy the relationship that grows from matching great people with unique properties.”

     Will can be reached at Vermont County Properties Sotheby’s International Realty,

 

802.362.5040, Phoenix Commercial Division at 802.362.7107 or by email at

                                                         

willhersom@gmail.com or on his cell, 802.379.0786.

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Plublished on Jan 5th, 2010

By: Patrick McArdle 

Staff Writer of Rutland Herald

 

William Colvin, the managing broker of Vermont Country Properties and Phoenix Commercial, said the property, which includes almost three acres of land, is being actively marketed again.

For some time, there had been little visible activity on the future of the site and Colvin said until recently there was a potential buyer. However, while there had been a letter of intent to buy the school, that letter has now expired.

Colvin said the potential buyer may still be interested in the property, but for now it’s being marketed to all comers.

The Catamount Elementary School property includes the school and the Brookside Building.

According to Colvin, there is a lot of flexibility to market the property because it falls into two different zoning districts. The section with the Brookside Building is in a commercial zone and in Bennington’s downtown so it could be used for retail.

The section with the former school is in a residential area that Colvin said could be attractive for someone looking to develop housing or a mixed use that included housing.

Built in the 1950s as a Catholic high school, Catamount eventually became one of Bennington’s four elementary schools, but in 2006, the Bennington School Board made a decision that would result in closing the school.

At the time, voters were being asked to approve a request to send the school district’s sixth-grade students to Mount Anthony Union Middle School. The middle school opened in 2004 with enough space to house sixth-, seventh- and eighth-grade students, but Bennington voters chose to keep the sixth-grade within their school district.

Mount Anthony Union School District is a separate school district and although its two schools, a middle school and a high school, are in Bennington, it also includes North Bennington, Pownal, Shaftsbury and Woodford.

To help defray the cost of transferring the students to another district, the Bennington School Board decided if voters agreed to send the sixth grade to the Mount Anthony school, the School Board would close one of its four schools.

The School Board retained the Bennington, Molly Stark and Monument elementary schools.

The Applejack company bought the empty school from the school district for $250,000 in 2007.

According to Colvin, the Catamount site is being advertised and marketed on local and national Web sites dedicated to commercial real estate as well as through local and regional print media.

 

 

 

You may also view this article on www.rutlandherald.com

 

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Okemo Office
Route 103 - Mount Holly, Vermont
Listed By: Diane Rousseau

MLS#: 2912031 Type: Residential Square Feet: 4040 Acres: 68 Bedrooms: 7 Baths: 4 Full Price: $575,000

A rare find, this spacious 6-bedroom home on 68 acres is just right for a large family or share with 2 families! Set well off the road, you have great privacy without remoteness. Wonderful yard with large deck, minutes to Okemo & VAST for snowmobiling with lots of land for hiking & exploring AND significant frontage on the Branch Brook! The exterior has been newly stained and the wood floors on the first level refinished. Great French doors and windows bring the outside in to brighten every day! The separate “caretaker” apartment adds the 7th bedroom.

Shelburne Office
West Shore Road - Alburgh, Vermont
Listed By: Diane Felix

MLS#: 2911999 Type: Residential Square Feet: 1716 Acres: 10 Bedrooms: 2 Baths: 2 Full Price: $567,000

Situated on 10.2 acres with 237 feet of lakefront, this home is truly located in an ideal setting. The main house easily provides cozy and comfortable living, with all living spaces on the main level and top quality construction materials throughout. The floor plan is a wonderful open design with hardwood and tile flooring and crown molding on the ceilings. The kitchen faces westerly and provides tall maple cabinets, granite countertops and a wonderful view of Lake Champlain. The living room has a Hearthstone woodstove which sits on a granite hearth that is flush to the floor. This property also includes a large detached guest house with a two-bedroom apartment upstairs and oversized workshop downstairs.

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Okemo Office
Valley View Drive Lot 4 - Ludlow, Vermont
Listed By: Terry DiNapoli

MLS#: 2911944 Type: Residential Square Feet: 4589 Acres: 10.91 Bedrooms: 5 Baths: 5 Full, 1 Half Price: $1,595,000

Experience beautiful vistas with supreme privacy from inside this new to-be-built quality Bensonwood timberframe home located in the exclusive gated community of Summit Ridge. Residence offers open vaulted living/dining rooms with access to exterior deck & fireplace, fabulous master suite with study and tiled bath, 4 additional bedrooms and tiled baths, oversized rec room plus movie theater. Large 2 car garage with additional room for snowmobiles. High-end amenities throughout!

Stratton Office
Stratton Springs - Stratton, Vermont
Listed By: Robin Apps

MLS#: 2911873 Type: Condominium Square Feet: 2119 Acres: 5 common Bedrooms: 4 Baths: 3 Full, 1 Half Price: $695,000

Ride the private shuttle or walk to the slopes from this wonderfully appointed condominium. The Stratton Sports Center and community hot tub are just a short distance from the front door. Attached 2 car garage for your car and winter/summer toys. Stratton Sports Center bond is available with transfer fee.

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Sales of existing homes bounce back to their highest level since July 2007, boosted by first-time homebuyers. Prices continue to fall.

By Hibah Yousuf, CNNMoney.com contributing writer
Last Updated: October 23, 2009: 11:01 AM ET

NEW YORK (CNNMoney.com) — Sales of existing homes rebounded sharply in September to their highest level in two years, getting a strong boost from first-time homebuyers, according to a report released Friday.

Sales of previously-owned homes jumped 9.4% in September after falling for the first time in four months in August, said the National Association of Realtors. Year over year, sales of existing homes were up 9.2% in September.

“Much of the momentum is from people responding to the first-time buyer tax credit, which is freeing many sellers to make a trade and buy another home” said Lawrence Yun, NAR chief economist.

Early information from a NAR report to be released next month suggests first-time homebuyers accounted for more than 45% of home sales in the past year.

September home sales hit an annualized rate of 5.57 million properties, up from 5.10 million units in August. A consensus estimate compiled by Briefing.com had forecast sales of 5.35 million units.

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Phoenix Business Properties: A Division of Vermont Country Properties
Danby Pawlet Road - Danby, Vermont
Listed By: Bob Stannard

MLS#: 2911699 Type: Commercial Square Feet: 4000 Acres: 1.0 Rooms: 9 Rest Rooms: 3 Price: $249,000

At the top of Danby Mountain Road property is at intersection of Tinmouth/Danby Mtn. Road. This is the only general store for miles. Gross $1 mil/year.

Stowe Office
Mitchell Road - Lowell, Vermont
Listed By: Lisa Grady & John Grady

MLS#: 2911684 Type: Residential Square Feet: 1200 Acres: 10 Bedrooms: 3 Baths: 1 Full, 1 Half Price: $174,900

A simple life! Neat and tidy Gambrel sited on ten 10 acres of open pasture, woodlands and beautiful views of Jay Peak. Outbuildings include heated workshop and wood shed, animal barn and herb shed-outhouse! Raised vegetable and flower beds. Private yet close to skiing and Interstate 91. Nicely maintained and in move-in condition.

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Stowe Office
Logging Hill Road - Stowe, Vermont
Listed By: Brent Libby

MLS#: 2911249 Type: Residential Square Feet: 4938 Acres: 21 Bedrooms: 4 Baths: 3 Full, 2 Half Price: $2,395,000

This exquisite 21 acre estate enjoys an outstanding location, privacy, beautiful landscaped grounds surrounded by magnificent mountain views, a mountain stream with a waterfall, hiking trails, swimming pond, clay tennis courts, exceptional quality four bedroom main house, 220 square foot hobby barn/workshop and quaint Vermont style barn. This country home offers easy elegance, spacious rooms, and fine amenities throughout.

Phoenix Business Properties: A Division of Vermont Country Properties
Johnny Seesaw’s - VT Route 11 - Peru, Vermont
Listed By: Bob Stannard & Carmen DeNatale

MLS#: 2911266 Type: Commercial Square Feet: 18235 Acres: 6.72 Rooms: 22 Restrooms: 4 Price: $1,495,000

The complex is nestled in the foot of Bromley Mountain on a southeast facing slope with a view of mountain ranges stretching some 40 miles. There are many mature trees, including maple, willow, birch, fir and pine. The property takes on a quintessential look of a New England ski lodge.

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Shelburne Office
Green Point Road - North Hero, Vermont
Listed By: Diane Felix
Sold: September 28, 2009

MLS#: 2901467 Type: Residential Square Feet: 1800 Acres: 17 Bedrooms: 3 Baths: 1 Full List Price: $899,000

This private 17 acre peninsula has westerly facing frontage on Carry Bay in beautiful North Hero, Vermont. Walk down to the water’s edge to experience the gradual shale beach or explore the property and take in the easterly shoreline of marshland that abuts 75 acres of nature conservancy land. Enjoy the peace and privacy of your own point, where extreme sunsets, wildlife and waterfowl abound. Your personal Lake Champlain paradise also includes a 1960’s retro seasonal cottage with 2 bedrooms and 1 bath for guests, family, friends or rental opportunities! See www.2bonthelake.com for additional information.

Manchester Office
Landgrove Hollow Road - Landgrove, Vermont
Listed By: Meredith Stock
Sold: October 6, 2009

MLS#: 2810472 Type: Residential Square Feet: 3260 Acres: 5.3 Bedrooms: 3 Baths: 3 Full, 1 Half List Price: $665,000

Fabulous post and beam contemporary farmhouse. Well thought out with many quality features. Floor to ceiling central stone fireplace acts as the focal point for this unique home. Light-filled rooms and easy flow allows for great entertaining. Stainless steel kitchen appliances including 36″ Viking stove. Cherry floors, marble bathrooms, radiant heat in entryway and kitchen. Upstairs bedrooms have extra high lofts. Adjoins National Forest with many trails at your doorstep. Private location.

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Published on: Thursday, October 01, 2009
Written by: Housing Predictor

Spared the worst of the housing market crisis, Vermont is making slow but sure progress, reporting minimal property value deflation. Once at the top of the real estate boom, areas like Hartford are now benefiting from more modest sales to first-time buyers lured by incentives, yet the spectre of increased job losses now threatens to bring foreclosures to a state that mostly eluded the scourge of toxic home loans. For more on this, see the following article from Housing Predictor.

The foreclosure epidemic hasn’t hit the Vermont housing market and it’s not projected to arrive. The big national lenders that sold the majority of problem mortgages never targeted Vermont to sell their new exotic loans, and it’s Vermont’s saving grace.

The foreclosure crisis that has slammed so many other places won’t be hurting the state.

The inventory of homes for sale is slowly decreasing as home sales rise. But the country’s most northern state in the Lower-48 is seeing the velocity of housing sales sputter along rather than make a full rebound.

At the present rate the inventory of homes listed for sale will take at least a year to sell off. There were hardly any subprime mortgages or new creative loans sold by lenders. There isn’t a foreclosure epidemic in Vermont and as a result to a large degree they’re dodging the housing crisis.

Local Vermont Housing Markets at a Glance:

City	Forecast
Burlington	- 2.6%
Hartford	- 2.8%
Waterbury	- 3.6%

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