Mountain Green Sales?

[Stormchaser]

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%.

12 years ago it was $850. Now the association requires adding an expansion tank, adding automatic shutoff valves that meet their new standard, adding wireless leak monitoring with it's own electric connection, adding leak storage, and securing a 2-year warrantee. Total ripoff.

WH_bill.jpg (100.05 KiB) Viewed 1475 times

[jimmywilson69]

That's crazy...

I had a new water heater for my house installed for $1100 nearly 2 years ago. Yes there are some extras, but that's just a silly cost...

[Stormchaser]

That's crazy...

I had a new water heater for my house installed for $1100 nearly 2 years ago. Yes there are some extras, but that's just a silly cost...

Plumbing is easy. I have a dual setup at my house, and replaced it on my own for $850 a few years ago. For a commercial bldg in VT, I needed to use a licensed plumber certified by MG. LIke I said previously, total ripoff.

[jimmywilson69]

That sucks Licensed plumber doesn't bother me as much as "certified by MG". WTF kind of certification process did they do?

[Bubba]

That's crazy...

I had a new water heater for my house installed for $1100 nearly 2 years ago. Yes there are some extras, but that's just a silly cost...

Plumbing is easy. I have a dual setup at my house, and replaced it on my own for $850 a few years ago. For a commercial bldg in VT, I needed to use a licensed plumber certified by MG. LIke I said previously, total ripoff.

Who is (or are) the "MG certified" plumber(s)?

[Big Bob]

7 hours to install a water heater by a master plumber is a rip off!!

[ozzy]

Yeah, that's the first thing I saw too.
Jesus.
If you can't install a HWH in four hrs, go find something else to occupy your day

[Big Bob]

You need to drag this guy up from Boston, he works fast.

https://www.facebook.com/reel/1423941321893306

[wannabeskibum]

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).

Glad that you got out, and thanks for the clarity on the assessment. In a moment of insanity, I was considering selling my 1 bedroom at Trail Creek and going into a 3 bedroom at Mountain Green. Right now Trail Creek units are selling at around $420 /sq ft. Village units are going to be well north of $1000/sq. ft. I think I might be better off buying another unit at Trail Creek. Better the devil you know than the one you don't and as Bubba well knows, Trail Creek HOA is well managed.

[KingsFourMan]

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).

Glad you were able to get out. What are your plans for future lodging at Killington?

[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).

Glad you were able to get out. What are your plans for future lodging at Killington?

Couch surfing...

[KingsFourMan]

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).

Glad you were able to get out. What are your plans for future lodging at Killington?

Couch surfing...

And using some of that $35K plus extra per year to go do some real skiing out west or in Europe no doubt.

[Stormchaser]

And using some of that $35K plus extra per year to go do some real skiing out west or in Europe no doubt.

I'm a little down on Killington this season (and the past few). I've opted not to renew my season pass...

[KingsFourMan]

And using some of that $35K plus extra per year to go do some real skiing out west or in Europe no doubt.

I'm a little down on Killington this season (and the past few). I've opted not to renew my season pass...

The 5 days a year we get with the Ikon Base pass is more than enough Killington days for me. We've been enjoying skiing Sugarbush and Stratton instead which are both unlimited. We upped our Ikon base pass to the full Ikon pass next year so that we can ski Aspen/Snowmass and because of it, we now get 7 days at Killington with no blackouts and I highly doubt that we will use all of them.

I don't know how much longer VT skiing and snowmobiling is going to hold my interest given how shitty the winters are now and how ridiculously expensive VT taxes are becoming. Probably until retirement which is 3-5 years away and then we will very likely sell VT and invest somewhere in CO where it still snows more than it r*ins and the tax structure is a lot friendlier to people who have worked hard and saved and sacrificed their whole lives to enjoy a comfortable retirement.

[PinnacleJim]

I seriously considered buying in CO over 20 years ago, but ended up buying in VT for a number of reasons. Units were cheaper, STR income was better, and I knew I would only see the CO unit a couple of times a year while I could drive to VT easily. When I retired, I found the STR income in prime season (February) covered my costs for an extended trip to CO. Everything - condo rental, passes, travel costs, etc. CO real estate is crazy expensive, and taxes and other costs there are maybe worse than New England.