Mountain Green Sales?

[ski]

New village units will end up at auction just like the Grand. If they all even get built out to capacity.

I believe Killington named a trail after that . . . . .

[KingsFourMan]

New village units will end up at auction just like the Grand. If they all even get built out to capacity.

I believe Killington named a trail after that . . . . .

Which one, the Throne? That would be appropriate.

I walked through that place shortly after it was completed and saw a couple of the units. What a piece of sh*t. It was cut to the bone, I couldn't believe how much they cheeped out on everything, I haven't been in there since but I can't imagine that it has held up well at all. I hope that's not what's in store for the village.

As far as the lacking infrastructure goes on the mountain, I still think that there will be some type of multi-year capital improvement program announced by Powdr/Killington at some point before the village takes off, perhaps with the groundbreaking announcement but we'll see.

Didn't they say they were going to start accepting pre-sales soon? It still hasn't been submitted for ACT 250 which was supposed to happen back in January. By the time the first unit is ready for occupancy it will be the Fall of 2028 at the absolute earliest. And that's if they start construction a year from now which has about a 25% chance of happening at best. By 2028, the real estate market will likely look completely different than it does now, why would you put money down now? Because you think it's going to sell out? I agree with Stormy and would rather wait for the auctions, especially if there isn't some much needed major investments on the mountain to create a big buzz and correct some major deficiencies.

[hillbangin]

I would disagree. The taxes matter even if you are a 2nd or 3rd homeowner. It may not matter for those well inside the top 1%, but it matters to the top 2% to 10% (of the 1 to 2% of ski families that would buy ski real estate in New England) that need to be killingtons market for that village, whether they own there or stay In short term lodging. The top 1% can find plenty of places to invest in high end real estate, Killington needs that top 2% to 10% within driving distance. And the taxes matter. I can speak as one of them, I'm sure kingsfourman can too.

If taxes didn't matter, Biden wouldn't be fighting for 80k new IRS employees to hunt tax cheats.

I don't necessarily agree either, that applies but I think at a higher price point than $2M. I definitely don't think it applies at $1M or $1.5M. A million dollars isn't what it used to be.

It will be telling to see how many properties in VT hit the market after this new 25-27% tax increase goes through.

New village units will end up at auction just like the Grand. If they all even get built out to capacity.

Quartershares don't work resale wise.

Even the St Regis in Aspen has issues......

Apples and oranges.

The Village units will go pretty quick if they ever break ground.

There's enough money within a 3 hour drive to Killington to build 10 villages.

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[Andrew B.]

https://apple.news/AttP71QvTR5-MfnqlfceEKA

[ski]

Which one?

Pipe Dream

[asher2789]

How many units does VACASA own in MG? Seems like a lot and will probably become more.

vacasa doesnt own any units and id imagine their office is also rented. theyre a short term rental property management company, they manage properties that other people own for a fee. housekeeping and maintenance. they have units that are outside of mountain green as well, whole houses and what not.

[asher2789]

From The Mountain Times

$50 million assessment at Mountain Green to hit condo owners in July
After decades of calling Killington home, some say it’s too expensive for them to stay

By Katy Savage

https://mountaintimes.info/50-million-a ... s-in-july/

Stormy, would you say this article is accurate?

I've been close to 3 events in my life that have made the news, and every time I was blown away by the inaccuracies and/or sensationalism of the news articles. Yet, for some reason I read the rest of the news, with the exception of political news of course, like it's gospel.

More or less...

Yes, there is a bunch of work that needs to get done, but also included in the $50M is a bunch of work that is more wish list than requirement. Part of the problem is the association hired a high-end real estate developer as the owners' representative to make sure the contractor is giving the association appropriate renovations and costs, instead of an engineering firm or construction management firm to control costs. Every whim is being addressed to get MG to compete with the new village. And instead of securing a 30- or 40-year loan or developing a long-term improvement program to mitigate costs for ownership, they're pushing repairs and costs to owners over a 6-year period as work gets completed. The majority of owners bought their places with a 30-year mortgage, but now they're being forced to pay 2, 3, 4 times what they bought their place for in 6 years. Almost feels like gentrification. MG was never a luxury resort, but apparently, it's aiming to be...

For example:

- The health club was fully renovated when it only really needed structural work on the roof and under the pool. They renovated all the locker rooms, the steam room, the saunas, the gym, and the spa rooms under the guise of an emergency repair. None of which needed to be done. $2 million. The roof above still leaks and has been causing damage to the new renovation... The new saunas aren't commercial rated and are broken. One hot tub is still yet to be built and there's a hole in the ground waiting.

- They fully renovated the tiny parking garage in building 3 to be code compliant with ventilation, fireproofing, etc., to allow cars to continue parking under the building. The association rents these spaces, but it's going to take 40 years to get a return. They should have closed the garage and rented basement storage space. $2 million.

- They are proposing major renovation of the restaurant, which operates 4 months a year. They can barely get a few thousand dollars measly rent (when the renters even pay), but again they have no problem spending millions to do so. 50 years before the returns show a profit. That's if they can keep a steady lease, which historically they haven't. The old deli space sits unused, with no interested parties. $2 million.

- One of the most expensive roof treatment systems, standing seam metal, was the choice for all roof repairs. Sure it'll last, but there were/are plenty of other sustainable solutions. $15 million.

- Door and window replacements and unit deck repairs that historically have been unit owner responsibility. I replaced my doors and windows 6 years ago. Now they'll be replaced again, for...posterity? The decks are concrete. Some could use a seal, but an overhaul? $4 million.

- Siding replacement including new insulation all around. The contractor suggested just refacing over the old EIFS with a vapor barrier. But no, lets do new insulation and rip out the EIFS. $8 million.

- All new hvac, electric, and fire protection equipment. $5 million.

- All new railings in stairways. $2 million.

- New ADA building entrances. $2 million.

- $1.2 million in architectural, engineering, and permitting fees.

- $1.5 million in construction management fees and office supplies.

- $1 million in construction insurance.

- $1.3 million in gc wages.

- Ski locker renovations, driveway renovations, all new exterior lighting.

totally insane and seems like a conflict of interest... also disagree about closing the garage, thats a huge selling point. not having to dig ones car out of storms is f*** awesome. i miss having a parking spot there! they could just charge more for the amenity. also, arent standing seam roofs the cheapest/longest lasting of roofing options?

the deli and restaurant space are a tough sell now but when the village comes in they might be worth renting in. a friend thought about taking over hops on the hill but when they went over the books they noped the f*** out especially when MG wanted to charge them all sorts of crazy fees.

its such a mismanaged building it makes me wonder if its incompetence or something worse.

[asher2789]

>1000$ seems likely. It was at >500$ fifteen years ago. That was pre-Act 250.

So a 1,500sf unit at $1,000/sf will be $1,500,000. To be in the parking lot of Snowshed and pay between $20-30K a year in taxes and another $6-$12,000 in HOA fees? I just don't get it. Even at Stowe I don't get it but at least Stowe has serious name recognition appeal...which a certain segment of society is willing to pay a lot of money for. Killington does not have that.

And I'm still amazed that there isn't a major capital improvement program coinciding with the village to create a buzz, especially given how lacking Killington's infrastructure is. I totally expected that along with the interconnect announcement. This has to be a serious bone of contention between Great Gulf and Powder. How would you like to pay $1.5M for a condo and then get stuck on the Skyship for an hour or stranded down on Rt 4.

IMO killington (maybe most of powdr's ski areas) is going to change hands soon to alterra and the capital will come with that...

[Heywood jablowmee]

>1000$ seems likely. It was at >500$ fifteen years ago. That was pre-Act 250.

So a 1,500sf unit at $1,000/sf will be $1,500,000. To be in the parking lot of Snowshed and pay between $20-30K a year in taxes and another $6-$12,000 in HOA fees? I just don't get it. Even at Stowe I don't get it but at least Stowe has serious name recognition appeal...which a certain segment of society is willing to pay a lot of money for. Killington does not have that.

And I'm still amazed that there isn't a major capital improvement program coinciding with the village to create a buzz, especially given how lacking Killington's infrastructure is. I totally expected that along with the interconnect announcement. This has to be a serious bone of contention between Great Gulf and Powder. How would you like to pay $1.5M for a condo and then get stuck on the Skyship for an hour or stranded down on Rt 4.

IMO killington (maybe most of powdr's ski areas) is going to change hands soon to alterra and the capital will come with that...

Don’t give up your day job

[asher2789]

>1000$ seems likely. It was at >500$ fifteen years ago. That was pre-Act 250.

So a 1,500sf unit at $1,000/sf will be $1,500,000. To be in the parking lot of Snowshed and pay between $20-30K a year in taxes and another $6-$12,000 in HOA fees? I just don't get it. Even at Stowe I don't get it but at least Stowe has serious name recognition appeal...which a certain segment of society is willing to pay a lot of money for. Killington does not have that.

And I'm still amazed that there isn't a major capital improvement program coinciding with the village to create a buzz, especially given how lacking Killington's infrastructure is. I totally expected that along with the interconnect announcement. This has to be a serious bone of contention between Great Gulf and Powder. How would you like to pay $1.5M for a condo and then get stuck on the Skyship for an hour or stranded down on Rt 4.

IMO killington (maybe most of powdr's ski areas) is going to change hands soon to alterra and the capital will come with that...

Don’t give up your day job

youll see.

[hillbangin]

I don't see it either. Butt it wouldn't suck.



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[jimmywilson69]

It wouldn't suck if Killington actually got the Steamboat or Deer Valley treatment from a lift perspective.