Vermont Market Highlights
- Vermont luxury market is improving.
- Appreciation is stifled by excess inventory. This is due to the large demographic of baby boomers downsizing, relative to a smaller Gen X and Y pool of buyers.
- Buyers favor recent renovations, turn-key condition and close proximity to amenities.
- Furnishings and equipment are included as part of the turn-key value.
Vermont Market Overview
The 4th quarter made up 1/3 of the sales in 2016, and the momentum continues in 2017. Sales of $2 million+ and $3 million+ showed the biggest increase at close to pre-recession levels.
2016 Top Estate Sales
- For 2016 there were 7 sales, compared to 10 sales in 2015 and 18 sales in 2014. Year-to-year cycles are in part due to having the right inventory for the buying pool.
- Woodstock represents about ½ the sales in the state over $3 million, averaging about 2 sales per year.
- 5 Out of 7 sales in 2016 were made in the 4th quarter. 2017 is off to a strong start with 5 sales completed in the first month, the most since the peak in 2005/6.
- The buyers for 2 of the 3 sales over $3 million in 2016/17 already owned a 2nd home in Woodstock and traded up.
Woodstock Region Sales
Notable Woodstock Sales
587 Old River Road, Woodstock
In early 2017, LandVest sold Forest Hall on Old River Road for $4.1 million after a marketing period of two months. This is a classic village farm with 1,200 feet of private frontage on the Ottauquechee River and was completely restored by the current owners. The buyer had purchased 56 Cream Pot Road in Hartland just last year. They wanted to be within walking distance to town and have more equestrian amenities.
1316 Peterkin Hill Road, South Woodstock
The $3 million standard for a residence was set by the sale of 1316 Peterkin Hill Road, South Woodstock. The original farmhouse was taken down and a new 5,200 s.f. residence was built by Hank Savelberg in 2011 with high ceilings, exposed beams and an open floor plan. The property retains the original farmstead with the layout of buildings, including a classic barn and large pond. The buyer had renovated a village property on Elm Street in the last 3 years and decided they wanted to be in the country, but close to Woodstock.
1710 Wild Apple Road, Pomfret
Skyline Farm included 250 acres of landscaped farmland with rebuilt stone walls, reclaimed meadow, a c. 1992 farmhouse vernacular residence and post-and-beam barn. The owner had sold the adjacent 324-acre parcel with similar land quality, caretaker house and barns, but no main residence for $3 million. The improvements on Skyline Farm pushed the price up to $3.4 million. The buyer is a subsidiary of Target Stores with an interest in farming as part of a corporate strategy. LandVest represented the buyer.
The luxury market in southern Vermont is concentrated in three regions, with a few transactions in outlying areas:
- Resorts – Stratton, Mt. Snow, Okemo & Haystack (Hermitage Club)
- Manchester & Dorset
- Mountain Towns – Weston, Landgrove, Londonderry and Peru
Southern Vermont Notable Sales
160 Merrill Spring Road, Tinmouth
Black House Farm is a classic Vermont farmstead with 330 acres of mixed farmland and productive timberland, exceptional views and an end-of-the-road location. The farm includes a c. 1860 renovated farmhouse, guest house, stone barn, and an antique cabin retreat at a 2,000 ft. elevation. On the market for 1.5 years and sold for $1,550,000 by LandVest, this is the highest price paid for a property in an outlying town since 2010.
344 Cobble Ridge Road, Londonderry
Impressive 7,300 s.f. Montana Log Home c. 2006 on 84 acres with excellent privacy and views, located just outside of town. The property included open meadows, pond, cabin, and guest house. On the market for 2 years and sold for $1,900,000, this was a record price in the mountain towns for the last 5 years.
5a Freestyle Circle, Dover
Townhome built in 2015 with an open layout and great finishes. This end unit has 3,500 s.f. and 4 bedrooms, 18’ vaulted ceilings, and is located trailside at Mount Snow’s Snow Dance. It was on the market for 3 months and sold for just over $1 million, which was more than the asking price.
LandVest is looking forward to a strong and productive 2017, and is already working on a number of exciting new projects. For more information on our great properties go to www.landvest.com, or if we can be of assistance, please contact:
|Ruth Kennedy Sudduth