Big Burke announcement

[thetrailboss]

They may not include school taxes. For a two bedroom condo unit at Jay, we pay nearly 5k in taxes, 90% of which is the school tax. Vermont is killing the non-residents.

Hate to say it, but it's going to get worse.


Sent from my iPhone using AlpineZone

 

[halfpintvt]

The 6 condos have an assessed value of $1,016,000 with an asking price of 1,445,000. A bit of a mark-up. We'll have to wait and see what they go for. The actual taxes for 2014 were $20,802 with 77% of that rate going to the school. In Burke, the non-residential rate is LOWER than the residential rate (43% of of the towns in Vermont have a higher residential rate than non-residential rate!)

 

[from_the_NEK]

The 6 condos have an assessed value of $1,016,000 with an asking price of 1,445,000. A bit of a mark-up. We'll have to wait and see what they go for.

The individual condos prices don't include any land other than maybe a parking spot or two. This listing includes the building and the 2 acres of land. The location of this condo complex may draw the interest of the Q since it is directly adjacent to the new hotel. Potential there for parking expansion.

 

[VTKilarney]

Are they used as rentals right now, or does someone have a VERY large family?

I vote that we look into a possible AZ Ski Club building. ;-)

 

[deadheadskier]

The 6 condos have an assessed value of $1,016,000 with an asking price of 1,445,000. A bit of a mark-up)

Are accessed values vs actual values in VT close? They are not in my area of NH. There's often a 30ish% difference.

 

[VTKilarney]

Are accessed values vs actual values in VT close? They are not in my area of NH. There's often a 30ish% difference.

Vermont law requires towns to reassess if assessments are more than 10% from fair market value. Town-wide, Burke's assessments are averaging 102% of fair market value.

 

[mbedle]

Are accessed values vs actual values in VT close? They are not in my area of NH. There's often a 30ish% difference.

Not sure for Vermont, but like NH, accessed values are not always tied to actual real estate market values in PA. We use something called a CLR to determine actual market values off of the accessed value.

 

[halfpintvt]

Are they used as rentals right now, or does someone have a VERY large family?

I vote that we look into a possible AZ Ski Club building. ;-)

The units are used as rentals.

 

[River19]

The units are used as rentals.

And at $1.4M, it would take an occupancy rate and daily rate that I personally don't think is attainable to make that number work from a pure rental property investment. But what do I know ;-)

 

[Masskier]

From Burke's Web site

April progress report: * Roof framing is well underway in the west wing of the Hotel
* Level 5 east walls are currently underway.
* Concrete foundation as well as the structural stell for the entire hotel is complete
* Mechanical, electrical, plumbing rough-in continues throughout both west and east wings.
* Preperation for 2015 site work is in full swing.
* Residential topping concrete slab in the west wing are moving along.
* Commercial area framing is almost complete.

check out the video https://www.youtube.com/watch?v=eVb86aec_PI

 

[River19]

It is amazing what Drones have brought to the real estate market as far as opening up great marketing channels, especially for the larger properties.

Time to keep the hundreds of workers hammering away to nail that December opening.....with any luck there will be snow.

 

[faQ]

ugh.


Sent from my iPhone using AlpineZone

 

[fbrissette]

View attachment 16541

ugh.


Sent from my iPhone using AlpineZone

The 'Q' is not there at least...

 

[River19]

I'm so confused......

 

[thetrailboss]

View attachment 16541

ugh.


Sent from my iPhone using AlpineZone

Damn it you blew the surprise! That's my new tattoo!

 

[faQ]

Ha! Nothing says world class resort like a tattoo. I hear Vail is on the phone after seeing this FB post!


Sent from my iPhone using AlpineZone

 

[VTKilarney]

This is what happens after $3 draft night.


.

 

[thetrailboss]

This is what happens after $3 draft night.


.

It's probably either Q's own tattoo or his manager's (as a pledge of allegiance to Q)


Sent from my iPhone using AlpineZone

 

[Abubob]

 

[Domeskier]

do I get a prize for being the 4000th post in this thread?