skiguy802 wrote: ↑Mar 29th, '24, 11:21
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).