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Blog :: 06-2013

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!

Market Street Reconstruction Project

sb_ctyctr_logo2-01Currently,  South Burlington is in its planning stage of their estimated $7.2 million dollar Market Street Reconstruction project.  Despite the primary focus of the project involving stormwater treatment, city planners would like to develop the half mile stretch of road into something much more exciting!

This past Winter, the City of South Burlington began soliciting ideas from the public for input on the new Market Street Project. Current reconstruction plans include; landscaping improvements, sidewalks, public green spaces, and other necessary services and utilities.

A sizable portion, $5.5 million dollars, will come from project grants with the rest of the $1.7 million being allocated from City impact fees and reserve funds. Estimated construction date, if everything moves forward, will be in 2015.

The Market Street project is a big step forward in the development of South Burlington! Click the following link to learn more, Market Street Reconstruction Project, or contact us at Lipkin Investment Properties for any further questions.

Market Street Concept Plan

Market Street Concept Plan

Proposed plan of landscaping and side walk improvements.

Proposed plan of landscaping and side walk improvements.

Bob & Holly Miller's Charitable Support to Vermont!

Bob and Holly Miller made the biggest donation in Fletcher Allen history earlier this year!

 For years, the Miller's owned a 15-acre commercial property in Williston, that they leased to Fletcher Allen. Until one morning, when both Bob and Holly Miller, felt it was time to donate their investment to the hospital. A decision that would go down in Fletcher Allen history as the most charitable act ever!

The Miller Information Commons.  http://www.flickr.com/photos/hnulib/ The Miller Information Commons.
http://www.flickr.com/photos/hnulib/

The Miller Information Commons.http://www.flickr.com/photos/hnulib/

Thanks to the Miller's generous $13 million dollar gift, the hospital can now relocate more of it's non-clinical services  and administrative staff to its property in Williston. Click here to view a map of the location of the property.

However, the Miller's philanthropic work does not stop there!

In 2010, they founded the Holly and Robert Miller "Caring for Nurses Initiative" at the UVM College of Nursing and Health Sciences. In 2011, they established the Fletcher Allen's Rural Palliative Care Network and last year created a fellowship for nurses at the Vermont Palliative Care Collaborative.

Not only have they demonstrated a devotion to the sciences but over the past decade they have donated close to $4 million dollars to the Champlain College, including a sizable donation to the newly renovated library on campus. Other generous Bob & Holly Miller contributions have gone to the Flynn Theatre, Discovery Musuem, Trinity College, and the Children's Miracle Network, to name only a few.

From our team at Lipkin Investment Properties, we thank Bob & Holly Miller for their continued generosity and support to Vermont businesses, colleges, and to the numerous charitable organizations across the state!

Watch the Youtube Video of Bob & Holly's comments of their $13 million gift or click the Burlington Free Press article to learn more about their recent donation: Fletcher Allen Receives $13 Million Property as Gift.

City Hall Meeting for Burlington's Downtown & Waterfront Plans

Here is a quick update on Burlington's plan for its downtown and waterfront area!

On Tuesday, March 12 the Burlington Planning Commission, in charge of the downtown and waterfront development initiative, has approved planBTV's master-plan!

Downtown Church Street, Burlington VT.

Downtown Church Street, Burlington VT.

Burlington Waterfront

Burlington Waterfront, VT.

The next step will be final approval from the Burlington City Council. Two public hearings will be held on June 3rd and June 10th, to field any comments or questions.

Change is happening much faster than anyone expected so remember to stay tuned to our blog for the latest updates happening around town! Check out the Burlington Planning and Zoning website for more information on PlanBTV's master-plan.

Meeting Time/Location

June 3rd: Contois Auditorium, City Hall, 149 Church Street, Burlington Time: 7:00 PM - 8:00 PM

June 10th: Contois Auditorium, City Hall, 149 Church Street, Burlington Time: 7:00 PM - 8:00 PM

I hope you found this helpful and informative, as always, please go to lipvt.com to stay informed and involved in Burlington's future!