Condo or The Grand?

[teletimg]

My wife and I are getting closer to retirement and we were considering buying a condo since we should be slowing down a bit and able to spend more time at K. Maybe even have the Kids/grandkids over for a few days once in a while. After looking around and reconsidering how much we would use it for the next few years (until we really retire), it seems like the Grand would make more sense. We could even take advantage of the facilities on our day trips when it is not our week to use there as we do not live too far away. Any owners/former owners out there that would care to share their opinions? If you would rather, feel free to email me at teletimg at gmail.

Thanks

[PinnacleJim]

I have been a condo owner at Pinnacle for 20 years. For my wife and I, it has been the right decision. Gives us complete flexibility on when and how long we want to use it. We have been in the Killington rental program the entire time to help cover costs. I will say the rental program was a better deal when we first bought 20 years ago as it covered almost all of our costs. Over the years, costs have gone up but income has not. Now its maybe half.

The hotel works for a lot of people. You do have to understand the rotating schedule. You will only get each holiday every four years. That was the deal breaker for us when we were working. For retirees it can be a good deal if your use will be primarily midweek non-holiday. Even if its not your week, you can get use of another unit and only pay a small fee. The HOA fees for the hotel units are very high, but they are split between the four owners. Of course with a condo, you are responsible for updates to the interior while in the hotel they do that (and charge you for it). Do your homework.

Not sure what the current market is for hotel shares. I do know that a number of years ago, hotel unit owners had a hard time selling. The current market for condo units is pretty good. Units in good condition and priced fairly sell pretty quickly. Prices are still down from the peak of 10 years ago but seem to be inching up as inventory is low.

The wild card is the planned village and what that will do to the hotel unit and condo market.

[yiddle on da fiddle]

The Grand?... is an unwanted prostate exam... cant imagine why ANYONE would ever throw money away on this scam......its a glorified hotel...that YOU make mortgage payments on. PASS...

[RENO]

Many great deals on condos in K right now. A bunch for sale down east mountain road on the free bus route and ski home access. The Grand just isn't worth the money to me. For a little more than twice the cost of a quarter share at the Grand, you can get a nice 1 bed condo with full ownership...

[SnoBrdr]

Don't forget to look into condo fees, some can be almost as much as the mortgage payment.

Also inquire into possible pending lawsuits.

The condo association board can also be a big factor.

[Nikoli]

I looked at the grand a few years ago. You can do better elsewhere for your money

[Bubba]

The Grand is a time share and the time share resale market is now and always has been a dog. Buy a condo somewhere on the bus route or buy land now and build on it later. (Truth in advertising: I have a piece of land for sale.)

[MountainMan]

Sunrise has a variety of condos,athletic center, outdoor hot tub and seasonal restaurant. Well run with outstanding staff, supports
rentals by owners(few use Killington but use VRBO,etc-), SKI ON_SKI OFF with Sunrise lift and the best sound in the world-someone shoveling your unit while you put your boots on to ski. My family loves it.

[RENO]

The Grand is a time share and the time share resale market is now and always has been a dog. Buy a condo somewhere on the bus route or buy land now and build on it later. (Truth in advertising: I have a piece of land for sale.)

Not 1 house in that development under 1.5 million $'s. Can I slap up one of these there?

[KingsFourMan]

We went for the land option mostly because we couldn't afford anything else at the time. We purchased 10 acres of heavily wooded raw land in the Coolidge area of Plymouth about 16 years ago and then another 10 acres behind it a few years later. We are 15 minutes from Killington, 15 minutes to Okemo, 10 minutes to the lakes, have direct access to the VAST trail system which is partially open to ATV's in the summer, and have beautiful mountain views, something we didn't know until after several years of chainsaw work on the property. We purchased in Vt for the love of skiing but Vt has become so much more than skiing to us which has now become a secondary activity, especially Saturday and holiday skiing which fell by the wayside years ago along with hanging out on the access road. When we do ski VT now, it's usually only when the kids want to go, if the conditions are good, and if its a weekday which equates to a few days a year at most. I'd much rather be out on a snowmobile in the remote backcountry seeing a side of VT that you can only see from sled. Riding a hundred plus miles in a day, never seeing the same trail twice, and only seeing a few other people is much more appealing to me now than crowded weekend ski trails. For us, the greatest thing about VT is the ability to get away from the hoards of people and traffic that fill our every day life living in the most densely populated state in the country. Every year, I appreciate that aspect of Vt more and more. Having a place in a relatively remote area of one of the least populated states in the county is a great blessing. It provides an incredible sense of freedom that doesn't exist where we live and one that we couldn't have in a condo complex in Killington or Okemo, or in a housing development in those areas. Freedom to do things without worrying about annoying the neighbors or having them annoy us. Freedom to have huge bonfires under the stars, play load music and carry on outside late into the night, ride ATVs and snowmobiles, shoot firearms, skeet shoot, and blow sh*t up, whatever, sometimes all at once and its all perfectly acceptable and doesn't bother anyone. More often than not, our neighbors are doing it with us or we are doing it with them at their place. We've made great friends with many of our VT neighbors who are from all over the northeast and all walks of life and more or less enjoy all of these same types of freedoms that don't exist anymore where they are from either. Summers are glorious and by far our favorite time of year in VT. The kids tent camp on the property with their friends, kayak and swim in the lakes, hike and mountain bike, and the neighbor hosts an annual 4th of July hayride and BBQ that is way more fun than 4th of July traffic on the Garden State Parkway. We purchased in VT for the love of skiing but it turned into so much more than we ever imagined. I'm a manager with a nightmare of a commute and spend most of my time in an office behind a desk but love working outside with chainsaws and tractors and brush hogs etc., and its been a labor of love. I call it my chainsaw therapy. Most people would call is crazy. But I love working outside and have enjoyed the entire process immensely. We have no plans to retire to VT full time but plan to spend a lot more time there when we do retire. The dream is a barn or two for the toys and equipment, time spent outside working and playing on the land and in the woods, and a gathering place for family and friends enjoying the freedoms of rural Vt. God bless America type stuff!! Good luck with your search, no matter what you choose Vt is awesome!

[hillbangin]

Depends on Budget..

If I could do it all over again - middle priced house in Killington. 3 - 500K. They keep their value OK and seem to sell when needed.

If you want a condo - rent for the season - don't buy - it's way cheaper if you are looking at a 10 year window.

Condo rental income is great if you want to rent them - but if you want to live in them they are cheap to buy and expensive to keep up. And they are really tough to sell.

The value of Killington condos is still off about 25 to 35% from the 2007 levels. But nightly rentals seem to be higher.

Not sure if that helps butt....IMO

[rogman]

I'd do some weekend/week rentals at places; figure out which unit works for you.

Look at costs; fees, taxes, and how much they have in escrow for things like a new roof. Check the heating system and windows. Who pays? Bad association can ruin an otherwise good situation. Look at cost per sq/ft. Results might surprise you.