Condominiums

Vail Purchase Affecting Real Estate Sales

Ever since Vail Resorts purchased the Stowe Mountain Resort operations, buyer demand for Stowe condominiums has increased.  In fact, condominium sales began to increase almost immediately after the news broke about the potential sale.  We continue to receive inquiries from buyers about investing in Stowe properties, yet inventory remains low.  We have represented the majority of of the condo sales off the Mountain Road corridor, and have sold all of our recent condominium listings.  With the advent of continued buyer demand for condominiums in the area, we are looking forward to marketing and selling more condominiums. 

If you are thinking about selling your condominium or home, let us know, as this is the best time to do so.  We'd be happy to provide you with a market analysis, and help you sell your property. 

In the meantime, if you're thinking of buying a new condominium in Stowe, here is our most recent listing.  This Fox Hill Condo is an ideal option for year-round or vacation living, conveniently located right off the Mountain Road.  This affordable 3 level condo makes for easy 4-season living - and one of the best benefits is the low monthly association fees!  For more on this new listing, priced at $250,000, click through to our website

Select Properties in Stowe and Morrisville, Vermont

 

This updated home is ready for you to move right into.  Located on a double lot, this sweet home features a modern kitchen with new appliances, bath, and flooring.  One-level living and 3 bedrooms make this home very comfortable for you, your family, and friends.  For more information, including photographs, you can go here.

 

                    

 

Rarely available Hillcrest condo! With unobstructed views of Mount Mansfield and low monthly fees, this well-appointed condo is just what you've been looking for! Centrally located near everything you need in Stowe. The location also offers easy access to the Mountain Road and ski hill. Enjoy summers on the deck watching the sunset over the Green Mountains after taking a dip in the community pool. Cozy up with a book next to the fire on a cold winter day. This well maintained two bedroom Hillcrest condo is a perfect starter home, or great for a weekend getaway. Available furnished, move right in.  For further detail and photographs, go here.

 

Market Update

                 Mountain Glen Drive, Stowe

 

The real estate market has been strong and consistent for years in our market area and beyond.  As our world has had to recently navigate the unexpected challenges and affects of Covid-19, there has been a great deal of uncertainty; and more than ever, people want to know what the state of the real estate market is.  As communities expand with re-opening, and some local and state restrictions have been lifted over past weeks, we have been able to begin to get a clearer picture.  Real estate continues to transact, and prices have been holding for the most part - in some cases even increasing. Three factors so far remain in tact - strong buyer demand, low inventory, and all-time low interest rates.  And although there have been fewer options for buyers to choose from, this is the time where more sellers will be listing their properties for sale, which we have already been seeing.

Despite challenges surrounding the ability for buyers to actually come to Vermont from out of state, and sellers being willing or not to have their properties shown, all parties have had to find ways to adapt.  Real estate agents have had to enhance their virtual property tours to enable buyers more visual opportunities to view and even purchase, with assistance from their agents.  As a result, we have been seeing more buyers becoming increasingly active, and properties going under contract at all price points.  In some cases buyers had not even physically seen the property.  As with pre-Covid, some sellers have been presented with multiple offers, a number of which have been for over the listed prices.  We have been monitoring the market more closely than ever, and have found over the past couple of weeks pending sales and closed sales in our market area have been robust - in all price ranges. Two weeks ago all 4 homes that sold, were on average, within 5% of the list price. 

Despite the ongoing need to adapt, including new protocols for showing properties (think masks and other safety precautions), we are optimistic that these consistent trends and consumers' resiliency will continue as we enter our busiest selling season of the year.  Be assured that our goal is to keep the public informed, and provide whatever assistance may be necessary, more often than ever during these changing times.

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Real Estate Update

                 Stowe Hollow Road, Stowe

 

As we reported last month, the real estate market has been strong and consistent for years in our market area and beyond.  These past months have been anything but normal, and brought unexpected challenges as a result of a pandemic sweeping across our nation and the world.  For a time, there was a great deal of uncertainty; and now, more than ever, people want to know what the state of the real estate market is.  We are happy to report, that over just the last few weeks, we have seen life turning back to more normalcy, and real estate is in some ways coming back as strong as ever.  We continue to see an increase in overall sales activity, some of which has to do with more buyers being able to come to Vermont to view properties, now that additional state restrictions for travel have been lifted.  There has also been a collective effort and means to adapt to the current buying and selling conditions, which all parties have managed to navigate very well.

Each day we monitor the market very closely to keep everyone best informed and up to date.  What we are finding is that the market conditions and activity for our market area in general are very much comparable to last year at this time despite some of the operating challenges that still remain.

The sales data has revealed a very strong market over the last month, and in particular the last 7 days.  We've been seeing steady increases each week, but last week was the most significant so far since February/March. The increases were across the board last week, including closed and pending sales.  The number of overall closed sales was up in every area, and pending sales were up in Stowe and Waterbury.  There was only 1 pending land sale in Lamoille North. 

The number of days on market for the pending sales in Stowe was very low - between 4 and 22 for homes - the exception being the Mt Cabin condominium at Spruce Peak which was on the market for 165 days.  One of the homes had multiple offers, which has not been uncommon.  Buyer demand is very high.  The current number of pending sales overall in Stowe is 26 ranging in price from $155,000 for a condo to $3,700,000.  This is almost the same amount as last year during the same time period.  24 of those are residential, and 2 are land.  The median days on market for all is only 48, and the median price is $499,500.

Although there was only 1 pending sale in Lamoille North, there are currently a total of 34 pending sales, most of which are residential, 11 of those are land.  The median price  is $242,000, with a high of $695,000.

In Waterbury, the 5 pending sales is the highest amount seen there in months.  The number of closed sales was consistent with past weeks.  There is a total of 28 pending sales in Waterbury, mostly homes, with a median days on market of 71.  The median price is $372,500.

New inventory added was the highest in Stowe compared to past weeks and months, but this is typical for this time of year.  It remained about the same for Lamoille North and Waterbury.  There was no new commercial data to report in Stowe.

These statistics show a strong market overall, and buyer demand should continue. If you haven't had a chance, you can review our 1st Quarter Market Report on our website.  We will be preparing the 2nd quarter report at the end of June.

 

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End of Summer Real Estate Market Update

              

 

 

 

 

 

 

 

 

 

 

 

The real estate market in our area is hot right now.  It wasn't that long ago that we wondered how the market might be affected by the interruption that Covid had on our world.  There was so much uncertainty.  As Vermont and the surrounding states began to flatten the curve of the Pandemic, buyers were able to begin entering the Stowe area market place again.  Slowly but surely offers and closings began to increase.  And now, we are seeing buyer demand like never before.  This is happening across the nation as well.  Existing home sales were up over 24% in July, as was the median price.  Pent up demand and low inventory sparked a resurgence in buying activity.  Despite continued shortages of residential inventory, buyers have found a way to follow through on their desire to invest in Vermont in a big way, but it's not unusual for them to be finding themselves in a very competitive situation, with multiple offers becoming more common.  Since the end of June, sales and pending sales, and prices have been on the rise.  The number of days on market decreases as properties flow through the market more quickly than usual. 

Sales activity increased again over the course of the past week - significantly in Stowe and Lamoille North.  Waterbury remained consistent with closed sales; and a slight increase in pending sales.  The numbers in Stowe were way up, with an over 30% increase in pending sales and closed sales.  Condominiums and homes still dominate the number of transactions, yet there has been more and more land activity, as buyers look to consider building as an alternative. New listing inventory fluctuates, as buyers remain vigilant and aware, along with their agents, of new properties coming onto the market so they can make appointments to see them as soon as possible. 

We remain vigilant as well, helping to guide our sellers and buyers through the process of selling and buying, giving guidance in order to procure the best outcome for our clients.  We are committed to monitoring the market very closely to keep everyone best informed and up to date.  This is a great time to sell, and the market is desperate for additional inventory.

Our Q2 Market Report is available to view here.  Although home sales in Stowe, Lamoille North and Waterbury were all down for the first 6 months due to the Covid interruption, the number of residential home, and condo sales continues to increase. 

Please feel free to contact us with any questions - we are always available.

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Is it Still a Seller's Market?

133 Gilcrist Road, Stowe Vt

 

The answer is "yes".  As we transition to the late fall and winter season, some have asked us if the real estate market is still active.  We've seen one of the strongest markets ever over the summer and fall, and that continues today as a result of strong buyer demand, and an all time low level of inventory.  There are only 27 homes in Stowe that are on the market currently.  That coupled with many active buyers in the marketplace still looking for either a primary or second home has caused  properties to go under contract extremely quickly - in some cases in only 1 day.  Multiple offers have been common, pushing sale prices up further.  Demand for homes and condominiums takes place in all price ranges.  Even the previously lagging luxury market has been met with a high level of interest, and it has now become more common to see these properties selling in the multi-million dollar price range.  Our team just recently listed the above pictured home along with 54 acres which sold for $6,100M. 

Land and building lots have become more popular too, as the number of residential listings keeps shrinking.  Consumers would still prefer to purchase an existing home, but land provides a nice opportunity to build a dream home from scratch.  There are so many talented architechts, designers and builders with whom we have strong relationships, thereby taking the worry out of this process to build a new home.

Overall, more and more people are choosing Stowe and the surrounding area as a place to call home.  And, with that comes the need for new listings to meet this demand.  If you or anyone you know is thinking of selling, we welcome the opportunity to speak with you about the value of your home, and the process.  We have one of the strongest track records of successfully listing and selling homes for our clients, so we can guide you to help you meet your goals and provide the best outcome.

 

Seller's Market Continues

As with so many communities throughout our region, real estate sales continue to be very strong.  Buyer demand is higher than ever, yet inventory is the lowest ever.  Buyers stand ready to view any new homes landing in their daily inbox, but days and days may go by before there is anything new for them to look at.  Today there was a total of only 19 homes on the market in Stowe, ranging in price from $490,000 to $11.9 million, with only 6 of those under $1 million.  There were a few more condominium choices - 28 in total - many of which are located up at Spruce Peak Resort. 

Despite the winter and holiday season affecting overall activity a little, as it typically does, Seller's are still in an enviable position when it comes to selling now.  Since there are more buyers than there is inventory, it is still an unprecedented time to sell in this market.  One in which the number of days on the market is the lowest, and sales prices are the highest in many cases.

We are ready, willing and able to help any seller who is thinking of selling by walking through the process, and providing an updated evaluation of your property so that you can decide whether it makes sense for you to sell in one of the strongest markets ever seen in our area.  Land is also selling well now as well, as some buyers are turning their interest to building, since inventory choices are so limited.

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New Listings in Stowe, Vermont

Buyer Demand has never been higher; and with the least amount of inventory the market has ever seen, buyers are waiting in the wings for new properties to be listed.  Here are two new listings in Stowe.  One is a 1 bedroom condominium at Spruce Peak, and the other, a commercial condominium on the Mountain Road, both of which are ideally located and affordable.  See below for more information on these new listings, or click on the photographs.

 

 

 

 

 

 

First chair, no problem! Last run, for sure! Sunrise turns your views of Mt. Mansfield and Stowe Mt. Resort pink, sunset turning the sky hues to purple and red, check! Don't want to drive and deal with parking at the base, done!  This luxury studio offers prime views of Stowe Mt. Resort, Mt. Mansfield, the Front Four, and Gondola, check the conditions of the day from your bed by looking out the window. Access to the spa, outdoor pools, hot tubs, restaurants and bars, valet parking, ski valet, and the private club are all options with ownership.  For more on this including photos, you can go here. Price: $299,000

 

 

Located just outside the village, this handicap accessible condominium is modern, bright, and open.  With 4 separate offices or treatment rooms, the entire space was renovated in 2019, including new plumbing, a new heating system, and rewiring.  With lots of parking and hi-speed internet, you won't find nicer commercial space in town to move right in. If you are currently renting office or retail space, this property makes sense to purchase.  For more on this property you can go here.  Price: $220,000.

 

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Market Update Winter 2021

Luxury Studio at Stowe Mountain Resort

 

It’s been a little over a year since our world was rocked by COVID and shutdowns. So much has happened over this time period, including many hardships and pain. As we reported in our year-end report, it was a year like no other, wrapping up as one of the most historic years in real estate sales ever. Although we will have our comprehensive Q1 market report in a few weeks, here is a preview of the data and trends we are seeing so far. 

As this winter has progressed, so have overall sales. We continue to see record-breaking figures, and recurring trends: higher number of sales and prices; and interest rates still at historical lows. Growing demand to invest and live in Vermont remains a significant factor, and as a result, buyers are faced with some of the lowest levels of inventory ever seen in our market area. As they and their agents search for additional options, land has come into focus, resulting in higher numbers of sales in that category too.

In Stowe, there have been 18 home sales, year to date, which is higher than previous norms.  These range in price from $445K to a high of $5.6M for a luxury home in Robinson Springs.  More than half of the sales were over $1 million, which has never been seen before. And with 2 of the homes selling over $5 million, the median sale price is over $1 million. These properties moved through the market faster than usual, with a median number of days on the market being only 17.

Demand for, and number of condominiums sales was the same as for homes, but the prices were much more affordable, with a median sale price of $404K. The number of days on market was historically low with a median of only 29.

The number of home sales north of Stowe was up as well. The 22 closings were distributed almost evenly between Morrisville, Elmore, Hyde Park and Wolcott, with a median sale price of $297K. The large majority of closings were under $450K, offering buyers many more affordable options in this region. The highest sale price was just over $1M for a contemporary post and beam on 4+ acres.

In contrast, Waterbury’s numbers are always much smaller, for instance, there are only 2 homes there that have sold since the beginning of the year. This is due in large part to the dearth of listings available in that area. The median price was $388K, and the median days on market, 33.

Pending sales are higher than usual. In Stowe there are 19 pending home sales, with a median list price of just under $1 million. The number of days that these were on the market was slightly over 17, as seen for sold properties in Stowe. Homes priced over $1M were about 1/3 of the total there that are pending.

There are 12 condominiums pending, ranging up to $2.5M for a 4 bedroom luxe Club Residence at Spruce Peak. These were on the market about 3 times longer than Stowe’s residential homes.

In Waterbury there were only 3 pending home sales, with a median price of $875k, which were only on the market for 17 days; and in Lamoille North, there were 12, with a median price of $369; and only on the market for 8 days!
 

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New to the Market

 

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A rare condominium find at Notchbrook Resort. This charming and well maintained 3 bedroom, 3 bath condo, is ready to move right into.  Ideally located to enjoy Stowe's 4-season lifestyle, you will marvel at the breathtaking mountain views, and all the amenities such as the onsite heated pool, tennis courts; and trails, nearby.  Click here for the full listing details for this exceptional property. 

 

      

 

New construction is the new answer to limited home inventory in this market.  Why not have a new home custom built for you, with the quality you expect, where you can enjoy these stunning mountain views, pond, and open meadows.  This desirable community and setting is just minutes from Stowe village, and offers a number of choices to build.  For more information, click here for the full listing details.