Sales of luxury properties in the Woodstock region are on the upswing– here’s what’s been selling and trends in the market.
The Greater Woodstock area* is experiencing more action in the sale of luxury properties than over the last couple of years. 2017 YTD has seen 12 sales over $1 million, which is double the number of transactions in 2015 or 2016, each with 6 sales. In addition, there are currently five properties under contract that will close this year. The 4th quarter is traditionally the busiest three months for closings. In 2016, 75% of the sales happened in the last quarter.
Predictably, the largest number of sales are $1M-$2M properties, but it is significant that there are three sales over $3 million, with one over $4 million.
LandVest is responsible for two of the highest sales for the year, both of which are iconic Woodstock farms with 19th century houses, completely restored, in turn-key condition and prime locations.
Despite the quick pace in 2017, inventory is high with four properties on the market for every one that has sold. Competitive price-value is the factor in all of these sales. We are seeing buyers looking for turn-key properties, close proximity to town and low carry cost. Houses with open floor plans and good light have done well.
Regarding land, the story is very different as the high inventory in the residential market is giving buyers so many good choices. The cost of buying at $150/sf vs building at $300/sf is a deterrent to land sales.
Snapshot of land listings:
26 listed (5 are listed 2 or 3 ways with different acreage)
1 under contract
The Gold Coast Road property (photo below) in Bridgewater, Vermont is currently for sale for $1.5 million with just under 1,000 acres. It is located among some of the most expensive real estate in the region with great potential views of Killington and Pico.
This generational property has been in the same family since 1936 and managed as a sustainable-yield timberland asset. There is a camp with a pond in the middle of the property, and extensive stone walls and trails throughout.
*Greater Woodstock includes the towns of Woodstock, Barnard, Pomfret, Bridgewater, Hartland, Reading and West Windsor.