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Luke Clavelle

South Burlington Development Boom Brings New Units, Challenges

The landscape of South Burlington, Vermont, has changed over several decades from bucolic pastures to row upon row of single family homes. Now, new development trends are reshaping the city once again. Seven Days reports that recent zoning changes and new multi-family development projects are slowly concentrating construction into pockets of denser, downtown-style living.

One of the projects underway is O'Brien Farm, a development by the O'Brien Brothers Agency that will feature hundreds of new units off of Kennedy Drive and will be built out in different phases over five years. Many of the city's proposed units will likewise be built in phases, allowing the rental market to absorb increases in housing stock over time. This hopes to prevent dramatic fluctuations in the vacancy rate that could come if thousands of newly constructed units became available all at once.

Although the many housing units in the works are expected to relieve pressure from the area's tight rental market, most of the new buildings will primarily feature luxury apartments rather than low-income or affordable housing. Seven Days details the complicated consequences of these new construction projects and their impact on residents of Chittenden County across different income levels.Click to read the full story online.

*photo courtesy O'Brien Brothers Agency

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    Burlington College Building Sells for Big Bucks

    BURLINGTON COLLEGE BUILDING SELLS FOR BIG BUCKS

    The main building of what was previously Burlington College was sold in a foreclosure auction July 12. The building measures 29,000 square feet and sold to People's United Bank for $3.1 million. People's United also holds the mortgage for the property, but "legally had to bid on the building under a judgement of foreclosure," reports WCAX News. The bank will likely sell the property to a developer, and local real estate investor Eric Farrell says he all ready has plans in the works to develop the building to a mixed-use property with residential and commercial space. The full story can be read at the WCAX website by clicking here.

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      VPR talks Vermont housing, market conditions

      VPR TALKS VERMONT HOUSING, MARKET CONDITIONS

      Hosts Mitch Wertlieb and Ric Cengeri discuss Vermont's recovery from the Housing Crash of 2007 with two real estate professionals from across the state. Looking to the present market, the hosts and their guests "discuss the Vermont real estate market today, the hottest areas of the state, and effective strategies for those looking to buy or sell a home." Check out the full story and recording by clicking here.

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        South End residents seek calmer crossing at Howard Street

        SOUTH END RESIDENTS SEEK CALMER CROSSING AT HOWARD STREET

        Residents in the South End are pushing to make one of their busiest interections safer for all .The three-way intersection of South Winooski and St. Paul and Howard streets has long been a treacherous one for motorists, but the risk is even greater for pedestrians and bicyclists who have no safe way to cross. The Burlington Free Press reports that "there have been 33 crashes at the intersection in the past five years," according to Burlington-based engineer Corey Mack. To read more about how residents efforts to make the neighborhood safer, click here.

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          Burlington Prices Rise while Inventory Slumps

          “It’s just super stressful that there’s not anything out there to look at. If you say, ‘I want to be in this neighborhood’, then you might wait six months.” Nic Anderson explained to The Nest about the current Real Estate market in Chittenden County. Homes for sale have dropped more than 24% country wide in the last year. In Burlington, the number of single family homes for sale remains low but not far from last year with 41 single-family homes available in April compared to 43 that were available in April of 2016.  While inventory is low in Burlington, the average sale prices are rising high, 37% higher than last year to be exact. The median price was also up 35% from last year. Steve Lipkin stated, “Disparity between high demand and low supply is unusually severe right now, particularly for home buyers looking to spend $200,000-$400,000. “Under half a million [dollars] is as tight as I’ve seen it in the past 20 years.” The recession made people warier of taking on mortgages they couldn’t afford which has caused less buyers to be looking at huge houses with price tags over $1 million. For the luxury market, there are more listings than buyers and the homes that are on market are sitting for longer. Steve points out “buyers who are willing to drive a litter farther from Burlington can often find decent deals in Franklin County and can stay close to interstate 89 for commuting.” The average sale prices in Franklin County decreased almost 5% in the last year.  “You’ve got to think outside of the box in this market, if you’ve got a buyer.” Steve said, which is exactly what he did for his buyers Nic and Amy Anderson who were having trouble finding a home that suited their needs within their price range. There are about 2,000 new homes being proposed and built but most are to be rental properties not condos for sale. The new apartments will help keep renting affordable in the Queen City and hopefully can ease up the market for single family homes but it won’t be in the next year. If you’re hoping to move, you need a Realtor like Steve Lipkin, to think outside the box to get you into your dream home. As always, if you’re wondering about the current market or thinking about buying or selling, visit us at www.lipvt.com

          The Nest- Full Article 

          AirBnB regulations stall in VT Senate

          AIRBNB REGULATIONS STALL IN VT SENATE

          A bill that would have required AirBnB operators in the state to conform to regulations covering similar short-term rentals has stalled in the Vermont Senate, according to the May/June issue of the Vermont Property Owners Report. SB 113, proposed by Ginny Lyons and Michael Sirotkin, would have subjected AirBnB rentals to "other state regulations...including health, safety and sanitation" requirements that currently cover hotels, motels, bed and breakfasts and similar lodging properties. Some groups, including the Vermont Chamber of Commerce, believe AirBnB rentals receive an unfair advantage when they operate outside the regulations that face their competition. Burlington lead Vermont AirBnB rentals in 2016 "with 24,110 guest arrivals accounting for more than $3.1 million" in short-term rental income. 

          The full story can be viewed as a PDF by clicking here.

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            Cottonwood Crossing development to begin Williston build

            COTTONWOOD CROSSING DEVELOPMENT TO BEGIN WILLISTON BUILD

            A new mixed-use development will break ground in Williston this summer, atop 17 vacant acres near the intersection of U.S. Route 2 and Vermont 2A. The site was formerly a golf driving range. The Williston Observer said in a May 25th article that landowner Allen Brook Development will complete the project over five separate building phases, which in total "will consist of roughly 70,000 sq. ft. of commercial space and 200 residences" and include underground parking and a central square of green space. The full story can be read online here.

            Contact Steve Lipkin and the LipVT Team at 802-846-9575 or Steve@LipVT.com for any Chittenden County real estate questions or concerns.

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              The Battle of Great Hosmer Pond

              Great Hosmer Pond has been a significant part of the Craftsbury, VT community since the mid 40’s when lakefront cabin development began. This serene hideaway allowed residents to enjoy the lake all summer on their boats as well as along the shoreline.   

              Fast forward to 1976 when Russell Spring founded the Craftsbury Outdoor Center – primarily focused on sculling (a.k.a. rowing). The outdoor center thrives simply due to the fact that Great Hosmer Pond is “the greatest place on Earth to scull, end of story” according to managing director Troy Howell.

              However, as of late, there’s been some resistance to the COC. Motorboats and scullers simply cannot coexist on a lake as narrow as Hosmer. There isn’t enough room. The lake is only 160 feet wide at its broadest part, which would typically mean motor boats were prohibited on the body of water. However, since the lakefront properties date back to the 40’s and 50’s the use of motorboats has been grandfathered in.

              Managing director Troy Howell again explains, “If there are 40 to 50 scullers on the lake, it’s virtually impossible for anyone to water-ski.” “By the same token, if there are even three motorboats on the lake functioning at high speeds, it’s virtually impossible to scull.”

              The conflict in Craftsbury is at a breaking point, and if a solution isn’t found soon it might boil over.

              Shared access to public facilities hasn’t been particularly troublesome in Vermont up until this point due to our low population density. However, as more and more patrons begin to summer in Vermont and use our lakes it’s a problem we could see arise more frequently.   

              For any of your real estate questions or concerns contact Steve Lipkin and the LipVT team at Steve@LipVT.com or 802-846-9575.

              5 Corners Sheds a Limb

              Photo: Plans for the new Crescent connector beginning at Park St, passing through Maple St, and connecting after the soon to be pedestrian portion of Main St.

              Nobody would be surprised to hear that Five Corners in Essex has an intersection state performance rating of an “F”. In fact, many would be in support of that grade due to the numerous hours we’ve all wasted sitting at one of the lights there over the past years. Planning for how to combat this has been going on for years, and now there is something to show for it: The Crescent Connector Bypass. The bypass would start before Five Corners on Park Street, pass through Maple Street, and connect to Main Street, the end of which is being converted to a walking street. This would ultimately turn Five Corners into “Four Corners” and it would create a pedestrian street (much like Burlington’s Church Street although a bit shorter) in the section of Main Street/Route 15 out front of Martone’s Market & Deli and Fiori Bridal Boutique.

              To read the full article: http://www.burlingtonfreepress.com/story/news/local/2016/06/27/crescent-connector-essex-junction/86241022/

               

              For any real estate questions or concerns contact Steve Lipkin and the LipVT Team at Steve@LipVT.com or 802-846-9575!

               

              Church Street: http://www.churchstmarketplace.com/

              Martone's: http://www.martonesmarket.com/

              Fiori Bridal: http://fioribridal.com/

               

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              Walking on Water

              Photo: Design for the new marina to be built.

              For years the competition to land a boat slip on the Burlington waterfront has been cut throat. Developers Jack Wallace and Chuck DesLauriers decided to do something about it by planning a private 160 slip marina for late 2017 or early 2018. The two developers and the Burlington City Council have just come to an agreement on lease terms. They’ll have to pay the city $27,500 plus 5% of revenues over $565,000 the first year, and $55,000 plus 5% of revenues over $1,130,000 in subsequent years in order to operate the private marina on public land. Included in the marina would be a lengthy floating breakwater that would serve as a public walkway allowing pedestrians to walk a decent distance on to the lake. Many Burlington officials have been “on the fence” about this project for some time. However, everyone is now in agreement that the development will change Burlington for the better.

              To read the full article: http://www.sevendaysvt.com/OffMessage/archives/2016/06/28/burlington-harbor-marina-gets-council-development-approval?utm_source=Seven+Days+Email+Newsletters&utm_campaign=2979e19a28-Daily_7_Tuesday_0628166_24_2016&utm_medium=email&utm_term=0_24eb556688-2979e19a28-296218281

              For any of your real estate questions or concerns contact Steve Lipkin and the LipVT Team at Steve@LipVT.com or 802-846-9575.

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