Ski Town Housing Market is Hot

[Bubba]

No surprise in Killington region

https://www.vpr.org/vpr-news/2021-08-12 ... to-come-by

[easyrider16]

I know a lot of this is due to external macroeconomic factors, but you have to appreciate how well Killington is doing with their bike park, how that has dramatically changed the scene during the summer, and how that has impacted Killington as a desirable place for a second home. I know people who are doing summer shares now just for the mountain biking. It's pretty wild.

[hillbangin]

Values are finally above 2008.

I don't think the summer stuff moves the needle here that much. It's great for the mountain butt it's still quiet.

Need to flood the golf course!

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[GMCrra]

July and Aug occupancy the last two years has approached winter levels. Bike park and outdoor activity boom during covid have definitely moved the needle

[hillbangin]

July and Aug occupancy the last two years has approached winter levels. Bike park and outdoor activity boom during covid have definitely moved the needle

Oh please. Approaching winter? A Tuesday in January maybe.

Show me the data.



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[Bubba]

July and Aug occupancy the last two years has approached winter levels. Bike park and outdoor activity boom during covid have definitely moved the needle

Oh please. Approaching winter? A Tuesday in January maybe.

Show me the data.



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From KPAA newsletter today:

Occupancy
This weekend we are at 60% compared to 50% in 2019. Next midweek we are at 38% compared to 25% in 2019. Next weekend we are at 56% compared to 65% in 2019.

[GMCrra]

Not sure how KPAA compiles data, but if you look at airdna data, occupancy has hit 70 to 80% on weekends.
I have 7 units on rental market and can speak from direct experience

[GMCrra]

WFH and multi season activities have driven a lot of real estate sales. We will see if it lasts. Some companies including google have just started cutting pay for remote workers.

[Mister Moose]

From KPAA newsletter today:

Occupancy
This weekend we are at 60% compared to 50% in 2019. Next midweek we are at 38% compared to 25% in 2019. Next weekend we are at 56% compared to 65% in 2019.

Define "We". Is it The Grand? Killington's own rental stock? The mid-winter lodging stock extends far further, into private homes, internet rentals, and adjacent towns other than just Killington. Visual cues such as restaurants at limited hours and cars in parking lots indicate we are not at 50-65% of mid winter levels. Picture the cars on a February Saturday at Bear, Skyeship, Pico, both Snowshed lots, Ramshead, Vale, KBL and along the access road down to the medical building. Now divide that into the number of cars you see today. Do you get 50%?

[hillbangin]

WFH and multi season activities have driven a lot of real estate sales. We will see if it lasts. Some companies including google have just started cutting pay for remote workers.

It's going to last until interest rates go up.

Wfh is here to stay. Most Ceos don't want to pay for real estate.

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[hillbangin]

Not sure how KPAA compiles data, but if you look at airdna data, occupancy has hit 70 to 80% on weekends.
I have 7 units on rental market and can speak from direct experience

If all 7 of your units are booked you're not asking enough.

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[GMCrra]

A lot of cars in winter are day trippers. A lot of guests in summer aren't deep pocketed and dining out as much. A lot of summer guests are hiking or visiting other activities than the resort

It's difficult to compare winter and summer, but summer occupancy is well up the last 2 years.

I suspect KPAA data is over weighted in hotel

Do you think Hilton would have bought the Killington mountain lodge if it didn't see increased year round occupancy?

[GMCrra]

Yes. I'm near 100% occupancy, that's the idea isn't it ? Summer rates are up as well. 900 rental units in killington and only a handful available on airbnb last minute on some weekends is all you need to see? Try to find a room this weekend in k

[hillbangin]

Yes. I'm near 100% occupancy, that's the idea isn't it ? Summer rates are up as well. 900 rental units in killington and only a handful available on airbnb last minute on some weekends is all you need to see? Try to find a room this weekend in k

All good news.

It's a good time to sell for sure.

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[Skivt2]

Yeah….people owning 7 units to make money and locals can’t find a place to live. There have been cycles of boom and bust in investment real estate in the past. As more and more places get bought up for short term rental investments will we see supply outstrip demand? I would not cry for those who end up holding the short end of that deal when it eventually happens. It’s so sad to see all the FB posts of people begging for help finding a place to live.