The NEW Magic Mountain

[drjeff]

Depends what you get for the HOA fees and if it completely cancels out the maintenance costs and aggravation of owning

Yup. When you have a solid HOA, you really don't think too much about the fees as you know that you don't have to worry about plowing, lawn cutting, exterior maintenance that often benefits the value of your property, exterior painting, roof replacement, failing window replacement, someone available to monitor and handle any emergencies when you're not around, etc, etc, etc. I also get with my HOA fees (and granted there's just over 210 units paying into the HOA where I own) firewood, a onsite fitness/community center with an indoor pool, gym, racquet/pickle ball courts, outdoor clay tennis courts in the non ski season, on site maintained cross country/snowshoe/hiking trails, weekend and holiday weeks/weekends shuttle service every 15 minutes to/from the mountain from Thanksgiving until the last weekend in March, trash and recycling service, etc, etc, etc. It really does take many of the stresses of owning a 2nd home away.

Granted sometimes within the HOA, there will be special assessments for larger capital maintenance projects that are above and beyond your regular HOA fees (there have been 2 in the almost 14 years my wife and I have owned. One that amounted to around 4k (payable in various 1 time to 3 year options) to redo our community center/gym/indoor pool facilities, and one that we're currently in the middle of paying back now that was into the low 5 figures (exact amount varied based on how many bedrooms your unit was perked for initial construction deed about 30 years ago {that's also how my associations HOA fees are determined - do you own a perked 1 bedroom, 2 bedroom, 3 bedroom or 4 bedroom unit} to replace all of the old wooden siding on all of the buildings many of which was original siding that had been scraped and painted so many times over the last 30 years that it wasn't holding paint anymore, with a cement fiberboard material which when all is said and done for the entire 36 buildings in my complex is about a 2 construction season 5.3 million dollar project) which now that 99.8% of the entire complex is done, we're seeing an uptick in the sales market for our complex above and beyond what other similar complexes in the area are currently seeing).

Again, there are certainly pro's and con's to HOA's and their fees and the "value" you feel like you get from them. If you like your HOA and the complex your in, then you tend not to mind your HOA fees. If you don't have a solid HOA, then you tend to question the value you get from them....

 

[deadheadskier]

here's the house i found yesterday that i'm kind of obsessed with. just can't do it now. i love the location, the small lot with nice stonework and little yard, the floors, the kitchen pass thru, the kitchen nook with the beams. love it. doesn't seem to need much work. maybe some new kitchen appliances. no pics of bathroom situation.

https://www.tpwrealestate.com/listing/4784526/5892-100-route-londonderry-vt-05148/

How much do you think you'd realistically pull in for rental income though in Londonderry?

I only throw caution as you need to be prepared for that house to sit vacant pretty much all summer no matter how cheap you have it listed on AirBnB.

The place my folks rent in Ludlow is a much larger 3bd, 2ba home than this listed . The owners paid $299,000 for it and practically beg them to come back every summer offering at $1500 for two weeks. They might get in rented a total of 4-5 weeks beyond that during the off season. So, basically from Mid March to Mid December they are able to find renters for 6-7 weeks total. Ludlow has a lot more going on during summer than Londonderry and the occupancy rate of rentals is only like 25%.

Sent from my XT1635-01 using AlpineZone mobile app

 

[KustyTheKlown]

yep, point taken. This is all so wildly hypothetical right now anyway.

 

[icecoast1]

How much do you think you'd realistically pull in for rental income though in Londonderry?



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Probably not much in the summer but if you do a winter seasonal rental you could easily get 10-15 thousand for just a basic house if not more. But then you have the issue of not being able to use it when you want to. You could also do daily/weekly rentals for when you're not gonna be there and get back some of the cost of ownership and still have use of the house when you want it

 

[drjeff]

The reality is that if you're looking to buy a 2nd home, get some use out of it, and get enough rental income to cover the costs associated with it, the overwhelming majority of the time, that's just not going to happen

 

[slatham]

The reality is that if you're looking to buy a 2nd home, get some use out of it, and get enough rental income to cover the costs associated with it, the overwhelming majority of the time, that's just not going to happen

Agreed, unless your willing to rent it for Christmas and MLK and Presidents week. Then maybe. But then that’s a large part of of the ski season for someone else to use your place!

 

[tumbler]

You are not going to cover enough of your costs renting it out some of the time. Full time is even cutting it close. I would do the seasonal rental. For the first time buyer I highly recommend going the condo route for the reasons Dr J covered. If you are young and not experienced in owning and managing a primary home then the 2nd home will kill you. Take all the maintenance and services you have to line up and manage and let the HOA handle.
Another important point is you cannot put a value on experiences and happiness. You are not going to get a monetary return on that.

 

[hughconway]

Does anyone know if the bottom bullwheel and drive housing got installed for the quad last week as 'scheduled'?

 

[ShadyGrove]

Yep, saw that.
1910 stone foundation, full crawl space basement...can you say "critters?" lol
can be fixed though if your industrious.
Electric heat too, I'd convert to propane, or add propane somehow, fireplace etc.

If I buy it, I'll invite you over for sure.
I was in Brooklyn for the first time recently, saw Trampled by Turtles at the Brooklyn Bowl.
Nice city you've got there....you people drive like absolute animals. :grin:

The current owner of that house builds rock walls and has done a ton of work on that home. I can't vouch for it, but certainly wouldn't assume the worst.

Of course, it's right on a very busy intersection and trucks jake-braking on south 100 into town may not be to your liking.

 

[ShadyGrove]

How much do you think you'd realistically pull in for rental income though in Londonderry?

I only throw caution as you need to be prepared for that house to sit vacant pretty much all summer no matter how cheap you have it listed on AirBnB.

The place my folks rent in Ludlow is a much larger 3bd, 2ba home than this listed . The owners paid $299,000 for it and practically beg them to come back every summer offering at $1500 for two weeks. They might get in rented a total of 4-5 weeks beyond that during the off season. So, basically from Mid March to Mid December they are able to find renters for 6-7 weeks total. Ludlow has a lot more going on during summer than Londonderry and the occupancy rate of rentals is only like 25%.

Sent from my XT1635-01 using AlpineZone mobile app

My friends in Londonderry pay their year round mortgage with winter weekend AirBnB rentals.

 

[BenedictGomez]

My friends in Londonderry pay their year round mortgage with winter weekend AirBnB rentals.

But therein lies the problem.

 

[JimG.]

But therein lies the problem.

Unless they're retired and ski midweek.

 

[MEtoVTSkier]

Was reading this arcticle, and this thread came to mind. Don't mean to pollute the awesome Magic thread, but thought some of you may read it. Especially the comments down at the bottom....

VT Digger

 

[MG Skier]

Does anyone know if the bottom bullwheel and drive housing got installed for the quad last week as 'scheduled'?

Hugh, it did not due to the snowstorm....In one of the alpine reports or possibly an email to pass holders, I cant remember.... Magic had some delays getting the communication line for that lift shipped from overseas-through customs etc and it got hung up at the USA port. So between weather and com. line.....I believe a new schedule for lift completion is being put together. I spoke with Geoff briefly on Saturday, they want that lift done ASAP.

You can also do what I do.....look at the live facebook feed on youtube.....skimagicvt LIVE STREAM ...... I see the snow flying in the learn to ski area!

 

[urungus]

Today’s snow report is pretty brutal, on Saturday only 2 trails will be open, Green Chair -> Wand -> ShowOff

 

[hughconway]

Hugh, it did not due to the snowstorm....In one of the alpine reports or possibly an email to pass holders, I cant remember.... Magic had some delays getting the communication line for that lift shipped from overseas-through customs etc and it got hung up at the USA port. So between weather and com. line.....I believe a new schedule for lift completion is being put together. I spoke with Geoff briefly on Saturday, they want that lift done ASAP.

You can also do what I do.....look at the live facebook feed on youtube.....skimagicvt LIVE STREAM ...... I see the snow flying in the learn to ski area!

Thank you for the information and the tip on the live cam!

 

[Hastur]

Twas a good couple of days at Magic after the new years storm. First the east side blues and greens and then some snow later in the day on the 1st led to some westside exploring.

The Boss himself was out shoveling some snow bridges on the chute and lower wiz yesterday. Twas a fun day to close out xmas vaca.

Always amazed at how much can get open with 8" of snow on bare ground. The initial sleet/ice layer helped a bunch. Very supportive snow.

Was out hiking on the 28th and it looked like this

 

[slatham]

A very dense 8" with the proper order of operation - freezing rain to bond with ground, then sleet to provide an inch or so of "snowmaking-like" base, then wet snow and sleet mixed, then snow. Average water to "snow" ratio probably 1 to 4. Normal 1 to 10-12. Blower 1 to 15-20. The 2-4" this Saturday/Sunday will help and then mid week needs to be watched. Do Work should also be back in snowmaking business too starting Sunday sundown. Lets go winter!

 

[sledride]

Predictions for Sunday? Considering Magic vs Black (freedom pass). Looks like Black will get more snow but they hardly have anything open.

 

[KustyTheKlown]

unless sat>sun produces real heavy, i don't know if magic is prime yet. the magic locals crowd on here would know better. my plan is K sunday to ski powder.