HGTV Dream House- Stowe, Vt

[Warp Daddy]

Awesome home and the ski dorm idea works !!!

 

[billski]

Awesome home and the ski dorm idea works !!!

Just thinkin the same thing. Imagine a couple dozen Subie bangers parked out front!

 

[Bostonian]

To quote HGTV's rules:

....All home furnishings, merchandise, and the automobile will be selected by HGTV at its sole discretion. All home furnishings and merchandise will be delivered to the HGTV Dream Home in Stowe, Vermont. The HGTV Dream Home shall be conveyed to the Grand Prize Winner without representations or warranties, express or implied, other than those, if any, provided by the contractor/developer ("Developer") from whom Main Sponsor has agreed to acquire the HGTV Dream Home, and other than any applicable manufacturers' warranties. Real estate transfer taxes, deed recording charges and closing costs, if not the obligation of the Developer pursuant to an agreement with Main Sponsor (the "Home Contract") to acquire the home, shall be the sole responsibility of the Grand Prize Winner, as will all current and future real estate taxes and all other taxes, costs, fees, and expenses related to the maintenance of the house commencing as of the date the Grand Prize Winner accepts the Grand Prize. Title insurance and homeowner's hazard and liability insurance shall be the sole responsibility of the Grand Prize Winner. The Released Parties shall not be responsible for construction delays and condition of title to home shall otherwise be as set forth in the Home Contract. For the automobile, the Grand Prize Winner is solely responsible for the taxes, registration, insurance (proof of which must be shown prior to the Grand Prize Winner taking possession of vehicle), license, pickup costs at the automobile dealership designated by General Motors LLC and any other option not included on the stated model. Total ARV of Grand Prize is $2,051,120 if Grand Prize Winner takes title to the HGTV Dream Home or $1,201,120 if Grand Prize selects the cash option in lieu of taking title to the HGTV Dream Home.

General Prize Conditions: All costs, taxes, fees, and expenses associated with the prize or the acceptance and use of any element of the prize not specifically addressed above are the sole responsibility of the winner. All federal, state, and local taxes on prize are winner's responsibility. Grand Prize Winner will be issued a 1099 tax form for the ARV of the prize. The specifics of all aforementioned elements of the prize in the Sweepstakes shall be solely determined by Main Sponsor. Some restrictions may apply. Prize cannot be transferred, substituted or redeemed for cash except at Main Sponsor's sole discretion. Main Sponsor reserves the right to substitute the prize, or portion(s) thereof, with a prize of comparable or greater value, at its sole discretion.

There is nothing there within the official rules saying that it has to be made as your primary residence. What I do find interesting is that you are responsible for paying for Title Insurance, closing costs and all the current taxes (future I can understand of course). Not that I am complaining, I wouldn't mind that house.

 

[billski]

To quote HGTV's rules:



There is nothing there within the official rules saying that it has to be made as your primary residence. What I do find interesting is that you are responsible for paying for Title Insurance, closing costs and all the current taxes (future I can understand of course). Not that I am complaining, I wouldn't mind that house.

And the federal gift tax would be 35% . Luckily, there is no Vermont gift tax.:???:

So we're talking an out of pocket of over 350K if you take the house. At that point, I'd take the cash, pay the tax and build something else. Imagine what the heating bill and property tax will be for such a place?

 

[deadheadskier]

I'm sure all of the associated fees are the reason why the winner also receives 500K in cash.

It becomes a value judgment at that point. Do you think you can flip the house for more $$$ than taking a full cash prize instead. If you can, are you willing to wait the amount of time it may take on the market to get that price.

 

[Bostonian]

And the federal gift tax would be 35% . Luckily, there is no Vermont gift tax.:???:

So we're talking an out of pocket of over 350K if you take the house. At that point, I'd take the cash, pay the tax and build something else. Imagine what the heating bill and property tax will be for such a place?

Very good point, when all is said and done, it may be more of a burden then a gift... But again it would be a nice burden to have. I am sure renting it out on peak weeks you can make the taxes back and then some.

I'm sure all of the associated fees are the reason why the winner also receives 500K in cash.

It becomes a value judgment at that point. Do you think you can flip the house for more $$$ than taking a full cash prize instead. If you can, are you willing to wait the amount of time it may take on the market to get that price.

Also a great point deadhead... I wouldn't want to flip the house, as in this economy it would be way too much of a risk. I think at the end of the day, I would take the cash in lieu of the house, and buy something either at Okemo or on the lake on Winnipesaukee. Although I am sure NH would kill me with the property and view taxes... Hmmm...decisions decisions.

 

[UVSHTSTRM]

Wouldn't even touch this house.

That 500g's would be gone quick between Vermont and the Feds getting a hold of it. Then what are you left with? Tax and regsistration on a expensive vehicle, yearly property taxes on a house, insurance on a house, utilities on a house, etc.

They will give you a lump some of what 1.1 million? I would pay the taxes on that call it good and use the money towards another, much smaller house that would fit my style and budget. And none of that would happen till I sold my current house, pay off my car payment, school loans, etc.

Smaller house, nice piece of land, live in a place I would want to live (not Stowe) and have some extra cash in the bank to kick around on a rainy day.

 

[drjeff]

I'm sure all of the associated fees are the reason why the winner also receives 500K in cash.

It becomes a value judgment at that point. Do you think you can flip the house for more $$$ than taking a full cash prize instead. If you can, are you willing to wait the amount of time it may take on the market to get that price.

I'd bet that even today, one could flip that house by the start of the '11-'12 ski season. First off, from what I gather, the high end market at Stowe hasn't been hurt nearly as much as other housing price levels/regions.

2ndly, the ego factor - for some of the existing Stowe home owners/clientele, this house would likely be appealing (if it's stylistically in their personal tastes) simply because of the recognition factor it will have, and for some, that's worth plenty

 

[drjeff]

Awesome home and the ski dorm idea works !!!

My wife and I were joking about the ski dorm concept and kids/friends of kids of various ages. (especially the college dorm style shower set up)

Kids/friends pre-puberty - who cares.

Adolescent Kids/friends mixed sexes - parental supervision in the shower area

Kids/friends over the age of 18 - parents don't want to know what might go on in the shower area :lol:

 

[deadheadskier]

I'd bet that even today, one could flip that house by the start of the '11-'12 ski season. First off, from what I gather, the high end market at Stowe hasn't been hurt nearly as much as other housing price levels/regions.

2ndly, the ego factor - for some of the existing Stowe home owners/clientele, this house would likely be appealing (if it's stylistically in their personal tastes) simply because of the recognition factor it will have, and for some, that's worth plenty

You are correct. I am very good friends with a succesful realtor for Paul Spera in Stowe. She has done just fine during the recession.

 

[nelsapbm]

I read somewhere that property taxes on that places would push $25K yearly(not sure of it's truth though). No thanks. I'd take the cash!

 

[djspookman]

I read somewhere that property taxes on that places would push $25K yearly(not sure of it's truth though). No thanks. I'd take the cash!

At LEAST.. folks place in Chit county is 5400/ yr for an acre and a basic house.

I imagine there's some sort of yearly association fee too..

that said.. make it a rental home, live in a modest house on the other side of the mtn, (Jeffersonville) and you're all set...oh, and sell that gawd-awful GMC whale too..

 

[deadheadskier]

The real estate taxes in Stowe blow my mind. Yes they have one of the best school systems in the state, but with all the businesses in town, the taxes should be mitigated something.

It probably has much to do with the town police having enough equipment and staff to thwart an invasion from Canada.

 

[UVSHTSTRM]

At LEAST.. folks place in Chit county is 5400/ yr for an acre and a basic house.

I imagine there's some sort of yearly association fee too..

that said.. make it a rental home, live in a modest house on the other side of the mtn, (Jeffersonville) and you're all set...oh, and sell that gawd-awful GMC whale too..

Is high end rentals like that all that good? I bet utilities won't be cheap either.

Since my last post, I got to thinking, the value of the house is priced at what, $2.1 million? This is assuming there is nothing that prevents you from selling it, and that the real estate is as good for high end stuff as some have said, then you could what lowball right away and sell it for a 1.5 million? After your first year of taxes of what 25g's, title, insurance, and capital gains you would still walk away with considerably more than the 650g's than you would get from taking the lump sum, yes?

 

[drjeff]

The real estate taxes in Stowe blow my mind. Yes they have one of the best school systems in the state, but with all the businesses in town, the taxes should be mitigated something.

It probably has much to do with the town police having enough equipment and staff to thwart an invasion from Canada.

You gotta remember in VT - the taxes collected in the "resort" towns don't just stay in the "resort" town it was collected in, but a good chunk of those tax $$'s go to school systems far from the resort towns.

 

[deadheadskier]

oh, I'm aware of the whole Act60 Gold town thing. I just know having lived in Stowe, the services they have available in terms of Police far exceed what is needed unlike anywhere I've ever lived. If I were a tax payer in town it would drive me nuts. That said, there are a few very wealthy families that basically control town politics.

 

[wa-loaf]

My plan is to take the cash, buy a nice lake house in the Bridgeton Maine area. Payoff my current mortgage. Use the rest to fund some trips out west.

 

[billski]

At LEAST.. folks place in Chit county is 5400/ yr for an acre and a basic house.
.

I checked appraisals in Stowe.
A house appraised at 2.1M garnered 31K in property taxes while a 1M house was hit with 20K taxes.

It's all about cash flow over time if you're going to flip.

 

[billski]

My plan is to take the cash, buy a nice lake house in the Bridgeton Maine area. Payoff my current mortgage. Use the rest to fund some trips out west.

I can't wait to see you on HGTV saying that! :-o

 

[billski]

Pictures of the bunkhouse

Pics

Nice place, but I see no place to store the quiver!
I guess you use the lockers over at SML?