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Blog :: 2013

New Online Resource for Burlington Landlords & Tenants

BVTenantsBVTenants.com is the newest online resource available for Burlington landlords and tenants.  The website's mission is to provide an open forum for landlords and renters to review one another so that they can make informed decisions about renting in the competitive Burlington market.  Read the full article in the Sunday 12/8 issue of the Burlington Free Press

Spruce Mortgage Makes a Unique Employee Investment

Spruce MortgageYou may have noticed an amazing transformation to the building located at 430 Shelburne Road in South Burlington, the new home of Spruce Mortgage as well as Gadue's Drycleaning.  The story behind this renovation is even more amazing...  In 2012 the Spruce Mortgage staff was interested in developing a comprehensive retirement account for its employees.  To make this happen, Gene Richards, Spruce's CEO, reviewed the budget and determined that a creative solution was possible by addressing the company's largest line item, the rent.  With Gene Richard's guidance and real estate expertise on their side, the employees formed a partnership and invested in the acquisition and renovation of 430 Shelburne Road.  The employees purchased the property in December 2012 and hired  Three Four Builders to do a complete restoration which is nearly complete.  Every aspect of this project has been managed by the Spruce Mortgage Team. Congratulations to Spruce Mortgage for investing in their employees and in Burlington!

Everywhere you look Burlington is growing!

Burlington Town Center MallThe Burlington Town Center Mall has been purchased by an investor with strong Burlington ties.  The Mall will undergo major redevelopment including the addition of new retail stores and restaurants on the Cherry Street side of the mall enhancing the walk from Church Street to the Waterfront.  The closing is currently scheduled for mid-December.  Read the full article "City Excited for New Mall Owners with Local Ties" - Burlington Free Press 11/21/13.

Visons for Burlington's Waterfront

Waterfront VisionIn January 2013 the City of Burlington requested ideas to revamp Burlington's waterfront.  The City received 120 responses and 9 of those are currently under final review - 4 incorporate the Moran site, the other 5 improve lake access.  Which of these concepts would you support as a $5 million investment?  The public will vote on the waterfront proposals in March 2014.  Read the Burlington Free Press article  "Waterfront Visions" for more information. You can also visit CEDO and view any one of the final 9 proposals in full detail and offer your feedback. Let your voice be heard!

Big Plans for Fletcher Allen Hospital

The Fletcher Allen hospital has big plans for the future! From a new $85 million inpatient building to a $15.8 million Maternity Care unit and research lab and more, totaling over $120 million in capital improvements!logo

The biggest project in the works will be the construction of a four-story inpatient building next to the hospital's Emergency Department parking lot. Currently inpatient facilities are located in four separate buildings throughout the Medical center's campus. Fletcher Allen not only plans to consolidate current facilities but to also increase the number of private rooms. The combination of renovating its aging infrastructure along with the goal of privatizing approximately 90%, or 128 of its inpatient rooms, has led to the whopping $85 million in projected capital expenses. Of that bill, about$3.7 million will be used on "detailed planning and design work" and is waiting final approval from the board.

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U.S. News & World Report Names Fletcher Allen a "Best Regional Hospital" for 3rd Consecutive Year

The second project on the hospital's hit-list will be the construction of a new $15.8 million dollar Maternity Care unit. The new facility will not only feature increased square footage and more private rooms but also be located closer to the Birthing Center on the Medical Center's Campus. Breaking new ground of the Maternity building will sometime next year.

For questions please regarding Fletcher Allen's future spending projects visit the hospital's Marketing and Communications Department. As always, remember to stay tuned to our blogs for the latest news and updates happening around Burlington. From future construction projects happening in your neighborhood to the latest initiatives enacted by our City Counsel, Lipkin Investment Properties has what you need to know! Check out the VTDigger article for additional information.

Great things happening in Winooski!

Check out the Burlington Free Press article Move over Burlington, Winooski has Arrived about Winooskis booming restaurant scene.  Winooski is fast becoming the new, cool place to live and work.  There are some fantastic real estate investment opportunities in this market, and nows the time to take advantage of low interest rates and great prices.  Check out the latest Winooski Multi-Family listings.

Burlington Parks Master and Open Space Protection Plan

pmpIn recent news...PlanBTV has published their NEW website for the Burlington Park's and Recreation Department! Seeing the future of Burlington parks, waterfront trails, conservation areas, beaches, community facilities, and more is only a click away: PlanBTV: Parks Master Plan.

Public engagement is critical for the success of future improvements of park amenities and recreational programming. Current outreach programs from the Park and Rec Department will be on July 23 and August 27 at 5 pm in the conference room of the Public Works Building, 645 Pine Street. This is a great opportunity to view current plans, pose personal visions and ask questions. If you can't make it in person to either of those dates, email Parks Planner, Jen Francis (jsfrancis@burlingtonvt.gov) with any questions, ideas, or comments you might have.

Want to stay informed on future outreach events, press releases and more?

Sign up for the Parks and Rec Department Mailing List.

In related news, the Parks and Rec Department has made their Open Space Protection Plan available to the public. An important step in the protection of Champlain shorelines, scenic viewpoints, open spaces, and natural areas. Remember, our actions today can ensure a much brighter and greener tomorrow!Fall Foliage in Vermont

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Like winds and sunsets, wild things were taken for granted until progress began to do away with them. Now we face the question whether a still higher 'standard of living' is worth its cost in things natural, wild and free." -Aldo Leopold

Remember to stay tuned to our site for the latest news and events  happening around Burlington. Interested in buying or selling your single or multi-family home? Get a free consultation and market analysis by contacting Steve Lipkin -"Vermont's #1 Multi-Family Realtor"

Growing Builder Confidence in the Housing Market

The housing market is back and better than ever! It seems all signs are positive: low mortgage rates, sale prices are up, drop in foreclosures, increasing supply of homes for sale, and a growing builder confidence index.

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Construction of new apartments on St. Paul Street, Burlington VT.

According to a recent article published by CNN Money, "builder's say housing is back" and continuing to see upward trends! For the past seven years, the National Association of Builders' index has been below 50, corresponding to low confidence in the housing market. However, this June, builder confidence is at 52, meaning that there is strong assurance for future construction projects to come.

So what does this mean for Burlingtonians?

Simple. The housing market is strong! If you're a seller, homes are selling for more than previous years and taking less time to sell.  If you're a buyer, you can walk down almost any street in Burlington and see new homes  being fixed up and renovated, which is always a strong indication of confidence in the local real estate market.  Whether you're interested in buying or selling, the market is hotter than ever! Even home price sales  across the nation are up 12%,  a five-year record high! Click here to view the 2013 Northwestern Vermont Market Report in Chittenden County.

According to Allen & Brooks 2013 Report, a grand total of 578 apartment units are either planned, pending, approved, or currently under construction in Burlington, 107 additional units in Colchester, 523 in Essex, 175 in South Burlington, 212 in Williston, and 150 in Winooski. In the end, a net total of 1,962 apartment projects will be expected to happen across Chittiden County.

Want to see some examples?

Well here are a  few projects "under construction" in Burlington that you can check out!

  • 189 St. Paul Street, Burlington, VT: Construction of 28 market rate units and 5 affordable units.
  • 1189-1193 North Avenue, Burlington, VT: 33 units already completed in early 2012 (Phase 1). Phase 2 plans on adding an additional 36 units for affordable age-restricted applicants.
  • Thayer Commons 1193 North Avenue, Burlington, VT: 39 market rate units under construction and ready for occupancy this fall.
Construction plans for a 288 unit apartment complex at the former S.D. Ireland site (288 Grove St. Burlington, VT).

Construction plans for a 288 unit apartment complex at the former S.D. Ireland site (288 Grove St. Burlington, VT).

 

The biggest project pending will be the construction of 288 units at the former 32-acre SD Ireland concrete plant at 240 Grove Street, Burlington, VT.

With the final draft of planBTV approved on June 10th by the City Council, Burlington can expect a continuous growth in its housing industry. Whether you are a builder, a painter, an electrician or a homeowner, we can all plan to see 'green trends' in the housing market!

Remember to stay tuned to our blogs for the latest news, trends, and updates happening around Burlington. Want to sell/buy or have a question? Contact the Lipkin Investment Team!

Now is the Time to Sell Your Investment Property!!

But how do you know when it is time to sell? As historically low interest rates start trending upwards, many buyers are hoping to take advantage of their increased buying power!!

2013 Sale of 303 & 307 Colchester Ave, Burlington Vermont. Sold for a combine total of $1,175,000

2013 Sale of 303 & 307 Colchester Ave, Burlington Vermont. Sold for a combine total of $1,175,000

This year, from January to early May, Chittenden County experienced a 43% surge in Multi-Family sales with Coldwell Banker handling 38% of all county transactions. Residential sales in the county rose 5.9% with the highest prices in Shelburne and Charlotte, corresponding  to a 6.7% rise in median sale prices for residential homes (+$248,500).

For Northwest Vermont, sold listings grew 26.9%, however, in Chittenden County, new listings fell -4.2%, correlating to stronger prices for sellers and a more competitive market for those interested in buying. Across the country, listings have grown by as much as 8%, as more people are jumping on the selling bandwagon. Click the following Wall Street Journal article (Why More Sellers Could Test the Market) to learn more about the surging seller momentum happening across the country.

With a strong and vibrant Burlington economy and a growing rental demographic looking for places to live (ages 24-33), which is projected to increase by 9% in the next five years, it is no wonder Chittenden County handled over three-quarters of all Multi-Family sales!

Thinking about selling your property? Well, now is the time!! With more properties soon to be on the market, listing prices may see a drop, as supply could soon outpace demand. Don't hesitate to contact Steve Lipkin or Luke Clavelle at Lipkin Investment Properties. With over fifteen years of experience in the Multi-Family sector and over $95,000,000 sold, it is no surprise Lipkin Investment Properties is Vermont's #1 Multi-Family Agency! Please check out the Summer 2013: Northwest Vermont Market Report published by Coldwell Banker Hickok and Boardman Realty for more information. Or click the following link to see our recently sold Multi and Single-Family homes: LIP Recently Sold Properties!