HGTV Dream House- Stowe, Vt

[riverc0il]

Douglas? He may have a R next to his name, but he sure as heck isn't a Republican. Not much better than Dean frankly, who chased all the "evil" businesses from the state. VT has been screwed over and used/abused for years now. It's sad.

VT has an interesting history. Especially its political history. I don't think any other state in the union has as much a case of dissociative identity disorder as VT does. Which is truly ironic juxtaposed against the identities that visitors give to the state, often time overly idealistic. I lived there for two years and I left with a much different impression of the state than the one I brought in with me.

VT may be used and abused but its nothing new. VT realized long ago that it needed to capitalize on its image and its recreational and vacation opportunities. That issue has gotta go back at least three quarters of a century, perhaps more. There are efforts to blend the need for economy with the need for the social security of its residents. Its a tough balance. Sometimes in the state's efforts to protect its residents, it actually harms them to keep the state looking a certain way that its tourist economy desires. Its crazy town for sure.

 

[deadheadskier]

What do a bunch of guys with enough free time and money to Ski or Ride all season long and additional free time to post on a board like this have to complain about anyway?

You know why the Taxes are so high in the first year? So speculators don't come in and artificially inflate the market like they did in FL, Las Vegas, ATL, etc. You guys should just stick to skiing.

I'm aware that the law is there to prevent Real Estate speculators from driving up the price and making the state less affordable for year round residents.

That still doesn't mean I have to agree with the law.

What if you moved to VT to take a job, bought a home and then a year later needed to move because you lost your job? I think as long as someone makes their permanent home in VT for a year, they should be exempt from such laws.

Not that I plan on moving back to VT anytime soon. I'm quite content in NH.

 

[SIKSKIER]

Some of these posts make no sense.I'm pretty sure the taxes would be based on your capital gain or net gain in dollars.Getting a free house would be 100% gain.Buying one and selling it without any gain would be a whole different story I would think.

 

[gmcunni]

once i'm announced as a winner I think i'll need to find a good VT accountant.

 

[jaywbigred]

Some of these posts make no sense.I'm pretty sure the taxes would be based on your capital gain or net gain in dollars.Getting a free house would be 100% gain.Buying one and selling it without any gain would be a whole different story I would think.

Well, the problem is the upfront income taxes you would owe at the time of receipt. I am no tax expert on sweepstakes winnings, but, at the time of sale, I'd think you'd have less of an issue with capital gains because you should receive basis credit for the amount on which you paid income tax at the time of winning. It would seem patently unfair for them to both tax the receipt of the home as income and then assign to it a $0 basis for the purpose of calculating capital gains down the road.

One of the VermontTiger commenters importantly points out that "...this year you have an option of taking a cash prize and car in lieu of accepting the house". So rather than having to accept the prize and then sell it, one would have this option. I agree w VermontTiger's approximation of the Fed. income tax figure of $678k, but the state taxes would be determined (most likely) by the state in which the person lived at the time of winning (I don't think winning the contest makes it source income from VT or another state). Even if we assume its in the neighborhood of $187k, that is a total of $865,000 of tax, leaving the winner with a net $1,185,000. I wouldn't turn my nose up at that...but, as other have pointed out, your odds of winning vs. payout are probably better in the Powerball or Megamillions.

 

[jimmywilson69]

I would think that if I'm left with about $1 million, that I could find a place in Stowe to call my own and still have plenty of money left over. Or at the very least find a place in Waterbury or somewhere in the surrounding area.

My plan when I win, is to take the coin! I even scheduled a trip to Stowe that weekend, so that I can accept my prize!

 

[MommaBear]

I even scheduled a trip to Stowe that weekend, so that I can accept my prize!

But that's MY dilemma - we will also be up there that weekend. And I'm concerned that their plan to "ambush" the winner at their home will fail as I won't be "home" in CT. Thinking of leaving a note on the door telling them I'm waiting at my new home. :beer:

 

[BeanoNYC]

As mentioned I know the listing agent for this thing should the new owners decide to sell it.

Isn't it up to the winner to decide who the listing agent is?

 

[deadheadskier]

Isn't it up to the winner to decide who the listing agent is?

I think it's an arrangement the guy has with HGTV. He sold them the house and land to tear down to build the dream home.

I suppose the winner could pick their own, but right now pretty much all of the mountainside real estate is being sold by the Spruce Peak real estate group. He would be the person in that group in charge of selling the property.

 

[BeanoNYC]

I think it's an arrangement the guy has with HGTV. He sold them the house and land to tear down to build the dream home.

I suppose the winner could pick their own, but right now pretty much all of the mountainside real estate is being sold by the Spruce Peak real estate group. He would be the person in that group in charge of selling the property.

He will have to wine and dine me first...just saying.

 

[deadheadskier]

well, I can tell you the guy has damn fine taste in food and wine, so you should be all set there.

I recommend Hen of the Wood for your meal.

 

[jimmywilson69]

But that's MY dilemma - we will also be up there that weekend. And I'm concerned that their plan to "ambush" the winner at their home will fail as I won't be "home" in CT. Thinking of leaving a note on the door telling them I'm waiting at my new home. :beer:

Ha Ha.

Dear HGTV,

I am in Stowe this weekend. Please ambush me at (insert your rental or vacation home address). I will be just as suprised.

thanks


Although I think the ambush is likely taped, hopefully on 3/16 because I'll still be home in PA.

 

[billski]

Ha Ha.

Dear HGTV,

I am in Stowe this weekend. Please ambush me at (insert your rental or vacation home address). I will be just as surprised.

The cynic in me says the vast majority of any made-for-television "surprise" is well choreographed and edited by a support cast of hundreds, perhaps even with later re-takes. I always felt that way about "Extreme Makeover". You get hints of it every now and then, especially with the rapid edits and the perfect angles. I cannot imagine someone coming up to my house with a loudspeaker and shouting at me and my family to come on out, assured that my SO and all the kids are home, no company, not dressed in jammies, cameras staged on site, etc. Dogs? Any dog worth it's salt would be barking its head off. Notice how there are no dogs around and no people in the background gawking?

As far as resale or renting, I'll bet there are onerous clauses built into it to prevent a quick flip. They probably want all the PR they can get, and probably want to be able to place a film crew in it for some time.

 

[billski]

HGTV Dream Home Giveaway Winner is Announced March 19

I guess you'll have to interrupt your ski day...

 

[SIKSKIER]

I'm planning on a nice birthday present.

 

[WJenness]

HGTV Dream Home Giveaway Winner is Announced March 19

I guess you'll have to interrupt your ski day...

That will be a hell of a way for me to win big while in Vegas...

-w

 

[gmcunni]

i will have to arrange to conveniently have all my friends and family over for a big party that day. I'll rent a bus and take them all to my new home. You guys are welcome too.

 

[billski]

i will have to arrange to conveniently have all my friends and family over for a big party that day. I'll rent a bus and take them all to my new home. You guys are welcome too.

It would be too funny if we all showed up at the front door, dressed like slobs, with three pairs of skis each and a few 12-packs and ring the doorbell. Just emulate me

"Isn't this the HGTV hostel?"
:beer:

 

[djspookman]

It would be too funny if we all showed up at the front door, dressed like slobs

I wouldn't have to change a thing then! (as I dress slobbish everyday.. haha)

 

[gmcunni]

It would be too funny if we all showed up at the front door, dressed like slobs, with three pairs of skis each and a few 12-packs and ring the doorbell. Just emulate me

"Isn't this the HGTV hostel?"
:beer:

I wouldn't have to change a thing then! (as I dress slobbish everyday.. haha)

DJ - just make sure you have a 12 pack under your arm!