« July 2005 | Main | October 2005 »
August 26, 2005
2nd Quarter Condo Sales
As some of you probably did as well, I recently received the C21 Real Estate Second Quarter 2005 review. It seems like sales are continuing to be strong in the Killington area.
58 Condos sold in Q2 compared to 51 last year. There are 87 condos for sale - the largest inventory since 2002.
At the Woods, here are some actuals
- D7 List: $239K - Sold: $232.5K - Days on Market: 147
- V36 List: $172K - Sold: $170K - Days on Market: 39
- V32 List: $189K - Sold: $189K - Days on Market: 43
- V45 List: $179K - Sold: $175K - Days on Market: 52
- C7 List: $255K - Sold: $250K - Days on Market: 54
- G1 List: $275K - Sold $265K - Days on Market: 54
Posted by Francois at 03:23 PM | Comments (0)
We have a new General Manager
Our top candidate has accepted our offer to become general manager at the Woods. This is great news for a variety of reasons.
He'll be starting on September 12th, and brings with him a wealth of experience in property management.
More on him later...maybe he'll be posting here every now and again!
Posted by Francois at 03:19 PM | Comments (0)
August 20, 2005
Update from the Woods
Here is a general update on the Woods from Jim:
- Village Staining
This project has been going very smooth and on budget. Happy Valley will be finishing VC # 5 on 8-19-05 and will begin VC # 6 next week. This puts us at the half way point for this project and the outlook for finishing this season is very good. - Village Siding
Siding repairs are complete - Village Chimney
The rebuiding part of the project was finished. We are now waiting for the installation of the new metal caps, which is set to begin on 8-18 & 8-19. - Cluster Door Painting
This project will start in 2 weeks, which is good as most summer renters leave around this time. - Cluster Entrance Light Poles
This project is complete. We installed a new post with cap, new sign, three light fixtures per pole and an outlet. At the base of the pole we built a 2 ft. high stone wall that is 5 ft. in diameter and filled with topsoil. Next year we will plant flowers similar to what is on the bridge. - Cluster Power Washing
One building at E cluster still remains (E-1/E-2) to be done and all of D cluster needs to be done. Everything else is finished. Project should be done by the end of this week - Fire Ponds
B Pond i almost done - only needs some final grading and landscaping. The A Pond digging will begin on 8-18 and will be complete by 8-24. - Step and Rail Repair
We will begin more step and rail repair in the D cluster on 8-19. D has had some washouts that are effecting the stability of the steps. After D we will address the B units. After that we will step in on an as needed basis.
Great update - thanks Jim!
Posted by Francois at 05:41 PM | Comments (0)
August 17, 2005
Massive Killington project alive again
That is what the Rutland Herald says about the buildup of the village in a July 24th article (click here for a print friendly version of the article).
As you may have heard, Centex Destination Properties, which would develop the complex, opened up offices in Killington and started speaking with town officials. The complex calls for 1,200 additional hotel rooms, 160 townhouses and 180,000 square foot of new retail space.
Maybe we can have Ed negotiate some pre-construction prices for us...
All kidding aside, I do think that this would be great for the whole area!
Posted by Francois at 11:54 AM | Comments (0)
August 11, 2005
We have started thinking about developing a rental program
There are two ways by which we can reduce our condo fees and increase the value of our properties - reducing cost or increasing revenues. One of the main untapped sources of revenue that could flow to the association are of course rental fees. So we started to seriously consider setting up a rental program.
I will try to capture some of the current thinking in this post - and I would encourage you to give feedback through the comments (click on comments below) or by sending me email.
A rental program would be an integral part of trying to reposition the Woods as a premier luxury destination property. We would actively market our premium brand - which cannot be said of other rental agencies!
Units that would participate in the program would have to meet a minimum quality requirement. Units would also be classified into luxury classes - 2 or 3. So say you have new carpets, updated kitchen, pillow top king size mattresses, etc. - we would market your unit at a higher rate than if you have a unit with fewer luxuries and more "usage". As part of the program we would also ensure consistency of certain basic amenities - such as pots & pans, linens, cutlery, etc.
As part of the program we would staff the front desk longer than is currently the case, we would create luxurious welcome packages, we would have linen service every two days (partly to keep an eye on the units - make sure people do not smoke in non-smoking units, etc.), we would do walkthroughs through the unit post rental and prior to returning people's security deposit to ensure that everything is still there, and possibly offer other services.
On the fee side of things, we are thinking to charge owners that rent through The Woods a fee of 30% for short term rentals (we still need to come up with a number for long term rentals). The thinking here is twofold. First, that would represent a fee reduction for owners that rent through us, in return for what we think would be a much more personalized service. Second, it would flow some money to the association as a whole - which is only fair considering that the association would underwrite the startup costs and some of the associated risks.
So all in all, the program would increase the amount of money in renter's pockets, increase the revenue to the association, improve the image of the Woods in general, and thus improve the value of our properties.
Any other thoughts? Volunteers to help finalize a proposal?
Let us know...
Posted by Francois at 06:16 PM | Comments (1)
Some quick updates
Many of you may know this by now, but here are a few quick updates on other things that happened:
- Earlier this summer we closed the bank loan
- We started replacing and adding safety railings to ensure that we continue to meet the safety code
- We are well on our way to create a new web site for The Woods - trying to better market the property as a whole (more on that later)
- The village staining project is well underway (buildings 3&4 are completed, unit 5 is in prep) and it looks like we are on target to finish the project before the winter
Posted by Francois at 06:10 PM | Comments (1)