from_the_NEK
Active member
Back on the Burke topic...
From Tuesday on the way home from work:
Burke Over The Hill 2-1 by Tim_NEK, on Flickr
From Tuesday on the way home from work:
Burke Over The Hill 2-1 by Tim_NEK, on Flickr
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Big Burke announcement
- Thread starter the original trailboss
- Start date
VTKilarney
Well-known member
The February condo statistics are in for Caledonia County. The numbers we are dealing with here are small, so keep in mind that they can swing percentages quite a bit.
The short version - compared to 2014:
1) Listings are up this year;
2) There is 1 pending sale, compared to 2 last year;
3) There is one closed sale, compared to 1 last year;
4) In February 2014 there were 16 units for sale, in February 2015 there were 34;
5) In Ferbruary 2014 there were 7.5 months supply for sale; in February 2015 there were 21.6.
6) Percentage of asking price received is down approximately ten percent.
While it is too early to draw any steadfast conclusions, it appears that the buyer's market is strengthening even more than it had in 2014. But this can certainly turn around quickly since we are only looking at 1/6th of the overall year.
The short version - compared to 2014:
1) Listings are up this year;
2) There is 1 pending sale, compared to 2 last year;
3) There is one closed sale, compared to 1 last year;
4) In February 2014 there were 16 units for sale, in February 2015 there were 34;
5) In Ferbruary 2014 there were 7.5 months supply for sale; in February 2015 there were 21.6.
6) Percentage of asking price received is down approximately ten percent.
While it is too early to draw any steadfast conclusions, it appears that the buyer's market is strengthening even more than it had in 2014. But this can certainly turn around quickly since we are only looking at 1/6th of the overall year.
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Twice as many units for sale....wow.
Sent from my iPhone using AlpineZone
Sent from my iPhone using AlpineZone
VTKilarney
Well-known member
I'm a little surprised at that statistic. Burke has announced a longer season, and they apparently are going to invest in better snowmaking even if the details are still vague. But for the hotel's sake alone it stands to reason that they will make the investment. So I'm not really sure why people seem to be voting with their feet at this point.
Likely a number of owners who have been waiting to sell and this appears to be a good time (with the promise of a new hotel). Why would these people sell now instead of wait for the hotel to be built and the value of their property to increase? I would guess they have no confidence in the future with current owners and now may be the safest time to get out...
Well, one line of thought might be the folks that own some of the mountain condos purely as rentals or primarily as rentals are pulling out. Now is probably a little too late honestly. Historically there was no mountain lodging available except the condos so it was a decent rental market in good snow years; however now they have a large hotel being built that will probably cut into the rental demand. Time to get out. I would. Then again, I would have prior to the hotel being built.......
Masskier
New member
When looking at those sales stats you would think that it is a strong Buyer's market. However if you dig a litttle deeper you see a different picture. The stats listed above are skewed. There was never 34 Condos for sale in Feb. There was a sale of local real estate agency to c-21 and when they transferred the listings over it caused a lot of duplications. Currently there are 21 Condos for sale on the mountain of which 4 are not even built yet so that leave 17 that are available for immediate sale. That is a far cry from 34. This also would bring the down the "months supple of inventory" substantially.
Burke is actually off to one of it strongest 1st quarters ever. Compare to the 1st quarter last Year, condo sales are up 300% (4 sales Vs 1 last year). The average price is up a whopping 277.9% ($470,500 vs $124,500 last year. As I discussed in December, with such a small data pool, you need to look at a lot more than just these stats to get a feel of the direction of the market.
Burke is actually off to one of it strongest 1st quarters ever. Compare to the 1st quarter last Year, condo sales are up 300% (4 sales Vs 1 last year). The average price is up a whopping 277.9% ($470,500 vs $124,500 last year. As I discussed in December, with such a small data pool, you need to look at a lot more than just these stats to get a feel of the direction of the market.
VTKilarney
Well-known member
You claim that sales are up 300% this quarter. The Vermont Association of Realtors reports that through the first two months of the year sales are level and pending sales are lower. Somebody has made a mistake somewhere along the line unless a couple of people signed a contract and closed all within the first 20 days of March.
One way or the other we will know if you are correct when the March report comes out.
I have noticed that asking prices on several units have been reduced in February and this month. Unless those owners like to give their money away it is not consistent with the market being a strong sellers market.
One way or the other we will know if you are correct when the March report comes out.
I have noticed that asking prices on several units have been reduced in February and this month. Unless those owners like to give their money away it is not consistent with the market being a strong sellers market.
VTKilarney
Well-known member
As you can see, above, I said that I was surprised by the "number of listings" statistic - and gave some reasons why. Thank you for providing me with validation that my instinct was spot on. It's always nice to know from time to time that I am able to see the forest through the trees.
Masskier
New member
Yes, The VAR report is not accurate. They did not pick up on the two sales in February. And they may not pick up on the one earlier this month either. But as you know it is easy enough to verify. Perhaps VAR doesn't report non MLS sales. However they should.
I'm only aware of 1 price reduction. Under normal circumstances the only reason a price should be reduced now is if it was overpriced to begin with. Prices certainly are not falling, it's the opposite. And that is good news for the value of your Condo also.
VTKilarney
Well-known member
- Powderhorn 402 was put back on the market for less than it what it had been listed for when it was taken off of the market in October, 2014.
- Powderhorn 1103 was reduced yesterday.
- 26 Wintergreen #10 was reduced on 2/14/15
Masskier
New member
Wintergreen 10 was entered into MLS at the wrong price and that why the next day they changed it to 199k. I knew about PH 1103 being relisted at a lower price, but I didn't realize that PH 402 was listed at a higher price last fall. Thanks for the info.
VTKilarney
Well-known member
Moving on to skiing... Any word on how much the races this weekend will affect the overall crowd level?
Condo rentals in winter are primarily seasonal and the market is quite good. It is mostly ski program families. I expect that the hotel will cut into summer short term rentals. Will have to wait and see.
Most of the units I know of for sale are long term owners who bought in late 90s and families are grown.
Masskier
New member
Agreed, I already have deposits on seasonal rentals for next year.
I'm just going off a couple folks I know and how they are thinking, but time will tell.
I own three condos, am active in the associations and have been for 20+ years. The winter and summer rental markets are very different.
I understand that. Thanks.
dlague
Active member
When Burke went bankrupt and shut down years ago. The condos were sold off for low dollars. My guess is that now that growth plans are in place they are cashing in.
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