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Old 06-24-2007, 09:00 AM
 
Location: on a dirt road in Waitsfield,Vermont
2,186 posts, read 5,992,812 times
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Short article in the paper today about real estate in Vermont
Hot housing market cools in Vermont: Times Argus Online
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Old 06-25-2007, 07:56 AM
 
Location: hinesburg, vt
1,574 posts, read 4,421,191 times
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Looks like the hot hyper price inflation market is cooling off. Been noticing lots and lots of for sale signs. Just yesterday going through Waitsfield/Warren heading south to Granville saw many more than a few weeks ago. Overall, many in the business see it as a cooling off, but here in Vermont it looks like we will not see dropping prices threatening equity. The OFHEO report for the 1st Quarter showed Vt to have more appreciation than the other New England states. As the saying goes, location, location, location!
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Old 06-25-2007, 08:56 PM
 
Location: Burlington VT
1,405 posts, read 4,380,756 times
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I'm packing foir a quick trip and am reminded why I don't travel as much as I'd like to...it's too much work preparing, and then catching up...

But when I get back I'll post some detailed statistics if anybody would like to have them.

David
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Old 06-25-2007, 10:03 PM
 
Location: NY
12,267 posts, read 9,443,017 times
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From the Times article... The super-hot Vermont real estate market of the first half of this decade has cooled, with prices stabilizing or even declining in some areas and properties taking longer to sell.

Why was the VT real estate market so hot? We visit VT once or twice a year, and always look casually at real estate. We missed visiting one year, and the next year real estate had gone through the roof, especially in Burlington.

Why the demand? Who's moving in? Does Burlington have companies moving in? Is UVM growing? I assume Burlington accounts for much of the real estate growth.
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Old 06-25-2007, 10:16 PM
 
Location: Austin
4,102 posts, read 7,364,245 times
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I think a lot of it had to do with the nationwide subprime mortgage industry, which for the past several years had been awarding shuck and jive (adjustable interest, interest only, no income verification) loans to anyone/anything with a pulse that can put a pen to paper and sign for a loan. Everyone "qualified" for a house so everyone wanted one (remember those Ditech commercials?). The demand went through the roof and so did the prices.

Now all of this is coming home to roost. Adustable mortgages are being reset, people are being foreclosed upon left and right and are being shut off from the housing market due to poor credit. The companies that once awarded these mortgages to people are dropping like flies due to their customers defaulting.

Also, CNN reported recently that upwards of 40% of single family homes purchased in 2005 were second homes, for vacation or investment. In 2006, the percentage was 36%. The number of investment-home sales dropped over 28% during the same period of time. These people are now seeing that the homes they purchased will not keep on gaining value indefinitely, that they can't all "flip this house" for an obscene profit and they want to cut their losses. This will cause forced sales, glut the market even more, and precipitate a huge price drop.
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Old 06-26-2007, 11:11 AM
 
Location: Vermont
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Can anyone make any predictions about Brattleboro real estate?

Thanks.
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Old 06-26-2007, 12:41 PM
 
Location: on a dirt road in Waitsfield,Vermont
2,186 posts, read 5,992,812 times
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Burlington is not only the leader in Vermont for growth and real estate prices but is the economic engine that has been driving the Vermont for the last 10 years while the southern part of the state has been slightly depressed by comparison.

According to the HPI OFHEO -- HPI by State (broken link) home prices in Vermont have remained pretty resiliant in comparison to the "hot" markets like CA, MA, FL and NV which have neg numbers for this past quarter.

I'm just going to go with my gut and say the real estate prices for Bratt will go down abit in the next year but a real estate professional would have more solid info for you. Knowing how long houses are the market before they sell vs a year ago would be pretty telling.
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Old 07-08-2007, 04:57 AM
 
576 posts, read 1,752,865 times
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Lots of folks from NY, CT, MA moving up. Lots of people move up and bring their cash with them. The second home market is one...but lots of folks made a lot of loot during the tech.com stock period. VT has the rural-chic thing. Lots of trustafarians in VT too...
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