Killington Real Estate in Review A Publication of Prestige Real Estate of Killington 2922 Killington Road Killington, VT 05751 800-398-3680 toll free 802-422-4874 fax www.prestigekillington.com/news

W hat can you say about a year like 2006? You’ve been listening to the national media tell you

for a year now about the real estate market “correction” and that “the bubble was bound to burst!” Well, we, at Prestige Real Estate, have gained a reputation for telling it “like it is” so we are not going to try to “sugar-coat” the situation. The truth of the matter is that we did see a significant drop in the number of real estate sales in Killington. The number of condo sales was down more than 50% and hit a 10-year low at a total of 62. In addition, the number of home sales was down about 25%. That is the bad news (at least from the perspective of someone trying to sell a property in the last 12 months).

The good news is that although the number of sales has dropped significantly, prices of properties that have sold have continued to rise, bucking the national trend. The average selling price of a Killington condominium rose 23%, primarily due to the continued new construction sales at Topridge. With these Topridge new construction sales factored in, average selling condominium prices hit an all-time high of $311,000. Without the Topridge sales, the average condominium sales prices increased by 5% to $229,000. The average selling price of a Killington home rose 13% to $391,000.

Exciting New Construction Projects

Killington Property Sales

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• KILLINGTON MARKET BUCKS NATIONAL TREND

• EXCITING NEW CONSTRUCTION PROJECTS

• WHY IS KILLINGTON DIFFERENT?

• AMERICAN SKI COMPANY TO SELL STEAMBOAT

• PRESTIGE REAL ESTATE CELEBRATES ONE YEAR IN BUSINESS

VOLUME 2, ISSUE 1

JANUARY 3, 2007

Killington Market Bucks National Trend!

2006 HOME SALES 2

2006 CONDO SALES 3

2006 LAND SALES 4

P restige Real Estate of Killington is pleased to be the exclusive representatives of three exciting new construction projects in Killington.

Topridge is a true ski-in/ski-out town home project in Sunrise Village with new construction townhouses starting at $795,000. One new construction unit is still

available for this season and two new units will be available for the 07/08 ski season!

The Vistas at Sunrise is the final and most spectacular phase of construction in Sunrise Village combining the privacy of single home ownership with the amenities and management benefits of the Sunrise community. The Vistas will consist of only 7 single family homes with pre-construction prices starting at $1,395,000.

The Kings Pines townhomes located in Killington basin offer luxury and space at a great price. Fractional ownership starts at $250,000 and full ownership starts at $695,000.

P I N E S

NEWS HIGHLIGHTS

INSIDE THIS ISSUE

2006 SALES REVIEW

Prestige Real Estate of Killington 2922 Killington Road Killington, VT 05751

Phone: 800-398-3680 Fax: 802-422-4874 E-mail: info@prestigekillington.com Website: www.prestigekillington.com/news

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W e believe that the Killington market variance from the national trend is not an anomaly but rather an indication of one of the key differences between the primary residential market and the vacation resort market.

It is our experience that vacation property owners are generally not motivated to sell their property because of job changes or school preferences. Sales are more often motivated by a shift in lifestyle choices lacking a sense of urgency or panic. Sellers of vacation properties can afford to, more often than not, wait for the right offer rather than the first offer. An indication of this market dynamic is exemplified by the fact that many offers (more so than in previous years) did not result in a sale. These cases can generally be characterized as buyers looking for a “deal”, reacting to media accounts of negative national trends and the fact that the sellers were not in a position to have to sell.

Our message to you is this —

Buyers: There is a large build-up of inventory on the market from which to choose. There may be some “deals” to be had but don’t expect a fire sale. Remember, sellers in this market generally don’t HAVE to sell.

Sellers: You need to be practical. Consult a Prestige Real Estate agent intimately familiar with the current Killington market. Consider your property objectively and try to put yourself in the mind of the buyer. Price your property fairly and don’t be in a hurry.

PAGE 2 VOLUME 2, ISSUE 1

Why is Killington Different?

American Ski Company To Sell Steamboat

A merican Ski Company has agreed to sell Steamboat to an affiliate of Intrawest for $265 million. The proceeds from the sale (expected to close in March) will be used to repay all of American Ski Company’s outstanding debt.

Those of us who have been selling real estate in Killington for many years see this as an exciting and extremely positive event for Killington! We all recognize that Killington has enormous growth potential and this sale may be a

major step towards building the “village”.

For the latest updates in Killington Real Estate news, be sure to check Prestige Real Estate’s

blog regularly

Blog.PrestigeKillington.Com

Or access it from the bottom of our website

home page!

2006 Killington Home Sales In 2006, 23 homes sold in Killington after an average of 244 days on the market and at an average price of $391,443

2006 Killington Condo Sales In 2006, 62 condominium units sold in the Killington area at an average price of $311,103

PAGE 3 VOLUME 2, ISSUE 1

O ne year ago we created our first “Killington Real Estate In Review” newsletter announcing the start of Prestige Real Estate of Killington. We presented our mission: To be regarded as the real estate office in Killington that provides the absolute best customer service and follow up…bar none. We believed that if we lived up to this very basic commitment our business would be successful, even during a time when real estate sales activity might slump.

Killington real estate sales activity did indeed drop. Numbers of transactions plummeted over 50% and revenues fell from over $40 million in 2005 to just over $25 million in 2006. Although the real estate market numbers are disappointing (to say the least), Prestige Real Estate is extremely proud to say that we were responsible for over half of those dollars. We are immensely gratified to know that the two of us could have such a significant impact on Killington real estate activity.

As we reflect upon our successful year we realize that our mission to provide the best customer service possible was a sound one. We also believe that our decision to focus exclusively on Killington real estate and not the surrounding areas was in the best interest of our clients and customers. This focus enabled us to offer prospective sellers and buyers the best and most current Killington property information available. We believe our key to continued success is to know the Killington real estate market better than anyone else and to deliver a service second to none.

We would like to take this opportunity to thank all of you who helped make our year so successful. We look forward to continuing to work with you and your family and friends for many years to come.

PAGE 4 VOLUME 2, ISSUE 1

Prestige Real Estate Celebrates One Year in Business

Ted Crawford

Prestige Real Estate of Killington 2922 Killington Road Killington, VT 05751 Phone: 800-398-3680 Fax: 802-422-4874 E-mail: info@prestigekillington.com Website: www.prestigekillington.com/news

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2006 Killington Land Sales In 2006, 15 parcels of land sold in Killington after an average of 177 days on the market and at an average price of $147, 870

A fter selling resort real estate in the Killington region since 1990, establishing a real estate sales company that places customer

service as its top priority is exciting and challenging. I look forward to sharing my enthusiasm for having ‘a piece of Vermont’ in your life and guarantee you unrivaled service! Heidi Bomengen

M y career in Real Estate is challenging, exciting, and allows me to interact with vacationers on a personal level. Buying or selling real estate tests your

limits of determination, especially when you live a distance away from the area of your interest. My goal is to guide my customers successfully through this process and make it as enjoyable as possible.