Mountain Green Sales?

[skiadikt]

Why is Hops leaving just as ski season starts? We'll miss that place.

last nite was "empty the keg" nite. bet it was a hell of a party.

fun, family-like place. kind of like "cheers". always enjoyed the tap selection and the mushroom pho was killer.

from what i heard, believe it was buddy who wanted to move on (heading west) and rent was gonna be raised. someone else will run it this season (won't be called hops) and then will be closed for extentive renovation. mrs g can add or correct .

[spanky]

Any news on these repairs/assessments/progress?

Lots of work going on in Building 1. Looks like they are going with metal roofs which is good for a long life, but not cheap. Do note that the big number of units on the market is way down. Either units sold (at reduced prices) or have been pulled from the market.

I also note quite a few units at other complexes have recently come on the market after a summer of almost nothing for sale.

Good to hear they’ve started repairs. Any word on the assessment/sq ft? Based on [mention]Stormchaser [/mention]’s comments earlier, it looked like about $100/sq ft.

Maintenance was already about $1/sq ft/month before these assessments.

I’m impressed recent sales are holding where they are ($200-$250/sq ft).

[jimmywilson69]

sh*t are you serious Hops is gone? That place was amazing...

[Stormchaser]

Any news on these repairs/assessments/progress?

Lots of work going on in Building 1. Looks like they are going with metal roofs which is good for a long life, but not cheap. Do note that the big number of units on the market is way down. Either units sold (at reduced prices) or have been pulled from the market.

I also note quite a few units at other complexes have recently come on the market after a summer of almost nothing for sale.

Good to hear they’ve started repairs. Any word on the assessment/sq ft? Based on [mention]Stormchaser [/mention]’s comments earlier, it looked like about $100/sq ft.

Maintenance was already about $1/sq ft/month before these assessments.

I’m impressed recent sales are holding where they are ($200-$250/sq ft).

As of right now it's costing me about an additional $6K a year, which just about doubles my condo fees. Word is costs will far exceed the project loan, and if owners choose to fix everything on Mountain Green's todo list, then expect special assessments to double.

Exterior repairs (roof and decks) started on Building 1 this summer and will be complete by ski season. Road drainage installed in the main driveway. The indoor pool and spa opened this weekend with limited hours and services (closed since 2019). Building 3 entrance walkway rebuilt. Garage repairs in Building 3 should also be completed by ski season. Wood fireplaces have all been removed/capped. Project moves to Building 2 exterior in the spring.

[Killingtime]

I was told by a Killington realtor that the MG condos are not mortgageable since there is now an underlying $18M loan on the complex. If I wanted to buy a unit I would have to bring all cash or find alternative financing.

[skiguy802]

Any news on these repairs/assessments/progress?

Lots of work going on in Building 1. Looks like they are going with metal roofs which is good for a long life, but not cheap. Do note that the big number of units on the market is way down. Either units sold (at reduced prices) or have been pulled from the market.

I also note quite a few units at other complexes have recently come on the market after a summer of almost nothing for sale.

Good to hear they’ve started repairs. Any word on the assessment/sq ft? Based on [mention]Stormchaser [/mention]’s comments earlier, it looked like about $100/sq ft.

Maintenance was already about $1/sq ft/month before these assessments.

I’m impressed recent sales are holding where they are ($200-$250/sq ft).

As of right now it's costing me about an additional $6K a year, which just about doubles my condo fees. Word is costs will far exceed the project loan, and if owners choose to fix everything on Mountain Green's todo list, then expect special assessments to double.

Exterior repairs (roof and decks) started on Building 1 this summer and will be complete by ski season. Road drainage installed in the main driveway. The indoor pool and spa opened this weekend with limited hours and services (closed since 2019). Building 3 entrance walkway rebuilt. Garage repairs in Building 3 should also be completed by ski season. Wood fireplaces have all been removed/capped. Project moves to Building 2 exterior in the spring.

when did the assessment commence collecting $ from owners?
when is it scheduled to end? (10 years from commencement?)
what other items would you, or the board anticipate coming up in the next 10 years?

seems to be a fair # of units on the market right now (25) - any idea how many total units in the 3 buildings? do all three buildings have parking garages?

[Stormchaser]

when did the assessment commence collecting $ from owners?
when is it scheduled to end? (10 years from commencement?)
what other items would you, or the board anticipate coming up in the next 10 years?

seems to be a fair # of units on the market right now (25) - any idea how many total units in the 3 buildings? do all three buildings have parking garages?

I just sold my unit; phew! The first special assessment began in the summer of 2022. Next month the second special assessment kicks in. The two assessments combined will run through 2035. Next month the combined assessments for a 1-bedroom unit increase to $24k a year. Assessments are based on square footage, so a 2-bedroom unit goes up to $35k a year, and a 3-bedroom to $46k a year (give or take, each unit size varies). The assessment for a 1-bedroom goes back to $8k a year in year 2030. Total assessment payments for 1-bedroom will total $185k. Up to $360k for the largest 3-bedrooms. The total project budget is $50 million. The project budget does not include costs associated with connection to the new Killington water system, parking lot paving, saltwater pool conversion, electric fireplace conversion (wood fireplaces condemned by State Fire Marshall), electric water heater replacements (every 10 years at $4500/ea), or any interior renovations (common or private). A parking space in the Building 3 garage costs $15k/year, but there is a proposal to increase it. There are only about 40 spaces. There are 216 units (iirc) which doesn't include the commercial spaces.

Condo fees are on top of special assessments, and run about $1/sf each month, paid quarterly. The private water system is in failure and has been for a quite a while. MG continues to plead for leniency from the State of VT in hopes the connection to the new Killington water system happens sooner than later. The Killington Village Project proposes to eliminate the parking in front of the restaurant.

The Town assesses a value to my unit I just sold of $41,500. My bank would not remortgage my unit to include the additional $185k.

All costs included it was going to cost me roughly $38k/year to ski at Killington for the next 6 years (fees, insurance, electric, ski pass, travel, mortgage, etc.).

If you were to buy a 1-bedroom for $185k, and pay the $185k in special assessments, your cost would be over $600/sf. This is more money than even the highest priced units for sale in all of Killington (Top Ridge).

[asher2789]

when did the assessment commence collecting $ from owners?
when is it scheduled to end? (10 years from commencement?)
what other items would you, or the board anticipate coming up in the next 10 years?

seems to be a fair # of units on the market right now (25) - any idea how many total units in the 3 buildings? do all three buildings have parking garages?

I just sold my unit; phew! The first special assessment began in the summer of 2022. Next month the second special assessment kicks in. The two assessments combined will run through 2035. Next month the combined assessments for a 1-bedroom unit increase to $24k a year. Assessments are based on square footage, so a 2-bedroom unit goes up to $35k a year, and a 3-bedroom to $46k a year (give or take, each unit size varies). The assessment for a 1-bedroom goes back to $8k a year in year 2030. Total assessment payments for 1-bedroom will total $185k. Up to $360k for the largest 3-bedrooms. The total project budget is $50 million. The project budget does not include costs associated with connection to the new Killington water system, parking lot paving, saltwater pool conversion, electric fireplace conversion (wood fireplaces condemned by State Fire Marshall), electric water heater replacements (every 10 years at $4500/ea), or any interior renovations (common or private). A parking space in the Building 3 garage costs $15k/year, but there is a proposal to increase it. There are only about 40 spaces. There are 216 units (iirc) which doesn't include the commercial spaces.

Condo fees are on top of special assessments, and run about $1/sf each month, paid quarterly. The private water system is in failure and has been for a quite a while. MG continues to plead for leniency from the State of VT in hopes the connection to the new Killington water system happens sooner than later. The Killington Village Project proposes to eliminate the parking in front of the restaurant.

The Town assesses a value to my unit I just sold of $41,500. My bank would not remortgage my unit to include the additional $185k.

All costs included it was going to cost me roughly $38k/year to ski at Killington for the next 6 years (fees, insurance, electric, ski pass, travel, mortgage, etc.).

If you were to buy a 1-bedroom for $185k, and pay the $185k in special assessments, your cost would be over $600/sf. This is more money than even the highest priced units for sale in all of Killington (Top Ridge).

theres just something leopards ate my face about the mountain green situation... decades of deferred maintenance and HOA mismanagement finally come home to roost in the form of completely ridiculous assessments. i hope the people who were too greedy to do proper maintenance all these years get absolutely hosed, its well deserved. short term gain for long term pain. just like our economy. reminds me of the people who want their taxes cut to nothing yet whine about potholes giving them flat tires...

btw, i lived there 2015-2016 season. it was falling apart back then, although at least the pool / hot tub / sauna / steam rooms were still functioning. the water was completely undrinkable. hows the new restaurant in there doing? i have yet to check it out, its only the fourth one there in the time ive been in the area. a friend of mine was gonna start a restaurant there after hops on the hill left but the fees were insane and unworkable for them.

glad you were able to get out, im honestly surprised you were able to sell. it makes absolutely no sense to buy in there unless youve got money to burn and are looking to hold onto it until after the village is complete. not that im ever buying property in this lifetime unless the market crashes or i win the lotto, but mountain green is a lesson in why i would never, ever, ever buy anything under an HOA.

[PinnacleJim]

Sounds like under those conditions, I am puzzled why anyone would buy a MG unit. You were lucky to get out Stormchaser.

I am sure you would guess I own a unit at Pinnacle. I will have owned this unit 25 years this fall. My experience has been very positive. Roofs have been replaced, siding redone, parking lots paved, windows and sliding doors replaced, wood burning fireplaces replaced with direct vent gas, swimming pool replaced, new well, etc. And HOA fees are about half or less compared to MG. I have been renting short term since I owned the unit. Even with a lot of owner use, current STR income covers a significant percentage of my HOA fees, taxes and utilities. It can be done well.

[Bubba]

Nothing wrong with an HOA/condo if it’s run properly. It’s why you always have to do your homework before buying? First and foremost, is there a reserve fund and is it adequate? What’s been the history of maintenance? Are there any legal issues going on? Ask questions and use an attorney.

[Mister Moose]

Nothing wrong with an HOA/condo if it’s run properly. It’s why you always have to do your homework before buying? First and foremost, is there a reserve fund and is it adequate? What’s been the history of maintenance? Are there any legal issues going on? Ask questions and use an attorney.

Colony Club has little reserves but is well run and well maintained. Most owners are very long term. If the roof needs replacing the owners are going to cough up their share. If you know that going in, you can plan appropriately. That's where the homework comes in. The attitude there is "If we give them the money, they'll spend it" (That could be dated info, I was there 15 years ago)

electric water heater replacements (every 10 years at $4500/ea),

Gaaah!!! If water heaters are $4,500 that might be an insight into what's wrong at Mountain Green.

[hillbangin]

I'd get out too. Congrats! But in this nutty world - if they ever get it fixed ( IMO they won't because it's a herculean task ) - that's cheap real estate at 600 bucks a foot next to the village ( see Stowe ).

Stowe is over $1,000 a square foot. Aspen is $4,000 a foot off the mountain a half a mile from the lifts.

As Asher said - if you can sit on it for 10 years - rent it out - etc - it may work out.

Big gamble.

Even if it does work out - Vermont is going to take a big chunk when you sell it...........

[Big Bob]

Nothing wrong with an HOA/condo if it’s run properly. It’s why you always have to do your homework before buying? First and foremost, is there a reserve fund and is it adequate? What’s been the history of maintenance? Are there any legal issues going on? Ask questions and use an attorney.

Colony Club has little reserves but is well run and well maintained. Most owners are very long term. If the roof needs replacing the owners are going to cough up their share. If you know that going in, you can plan appropriately. That's where the homework comes in. The attitude there is "If we give them the money, they'll spend it" (That could be dated info, I was there 15 years ago)

electric water heater replacements (every 10 years at $4500/ea),

Gaaah!!! If water heaters are $4,500 that might be an insight into what's wrong at Mountain Green.

I was thinking the same,butt these must be larger commercial units that serve multiple condos, I hope... Otherwiswe a plumber is getting rich!

[Bubba]

Nothing wrong with an HOA/condo if it’s run properly. It’s why you always have to do your homework before buying? First and foremost, is there a reserve fund and is it adequate? What’s been the history of maintenance? Are there any legal issues going on? Ask questions and use an attorney.

Colony Club has little reserves but is well run and well maintained. Most owners are very long term. If the roof needs replacing the owners are going to cough up their share. If you know that going in, you can plan appropriately. That's where the homework comes in. The attitude there is "If we give them the money, they'll spend it" (That could be dated info, I was there 15 years ago)

electric water heater replacements (every 10 years at $4500/ea),

Gaaah!!! If water heaters are $4,500 that might be an insight into what's wrong at Mountain Green.

I was thinking the same,butt these must be larger commercial units that serve multiple condos, I hope... Otherwiswe a plumber is getting rich!

I think the last time I purchased and had installed an electric water heater, maybe the 100 gal size, it was around $600 - $700 at Trail Creek. Granted that was 15 years ago but I’m pretty sure they haven’t gone up 600%.

[asher2789]

re the water heaters at mtn green - could it be related to also heating the pool water?