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Blog :: 2015

Burlington YMCA still searching for a buyer for College St. Property

 

Despite having been listed for sale in August, the Burlington YMCA has not yet found a buyer. Seven Days contributor Molly Walsh, in her 12/2, reports that the property is listed for $3.75 Million.

The YMCA recently paid $2.5 million for the former Ethan Allen Club just up the hill at 298 College Street. The Y has undertaken a capital campaign to raise funds to convert the space to a modern recreational facility.

Time will tell how the corner of College and South Union Streets will develop but it's a fair bet that significant change is on the way.

Read the full article from Seven Days here and reach out to the team at www.lipvt.com with any real estate questions. 

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    Slow and Steady Progress on Champlain Parkway!


     

    After nearly 50 years of planning and numerous fits and starts, city planners say construction on the Champlain Parkway will begin anew in 2018.

    Burlington Free Press staffer Zach Despart reported in his 12/5 article that Mayor Miro Weinberger's administration, "have pledged to complete a number of projects that have languished for years in planning stages."

    Despart reports generally favorable response from City Councilor Joan Shannon, Local Motion Director Jason Van Driesche, and Kelly Devine of the Burlington Business Association.

    Read the full story here and reach out to the LipVT.com team for all your real estate needs!

     

     

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      Tentative Agreement reached on Burlington College Development Deal

      The proposal to develop the former Burlington Diocese land along North Avenue took a step forward last Thursday. Vermont Public Radio's Taylor Dobbs filed a December 3rd report detailing the tentative proposal. Under the plan, a well-used foot path would be preserved providing continued access to the bike path from North Avenue. This path is included in an approximately 12 acre parcel that spans lakefront portion of the property recently sold to Developer Eric Farrell.

      The city of Burlington and Champlain Housing Trust will pay $2 million for the land.

      According to Dobbs, "The agreement also allows Farrell's company, BC Community Housing, to build up to 770 residential units on the property. Of those units, the agreement guarantees the Champlain Housing Trust 160 low-income housing units on the former Burlington College property. A concept rendering of the final development released with the agreement outlines 570 housing units, including 17 town houses for sale and dozens of condos."

      Read the full story here and reach out to the Steve Lipkin Team at www.lipvt.com with any real estate questions.

       

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        VHFA 1st Time Home Buyer Down Payment Assistance Program!

        Vermont Real Estate VHFA First Time Home Buyer Down Payment Assistance ProgramVHFA Vermont Housing Finance Agency

        Governor Shumlin recently joined leaders from VHFA, the Vermont Legislature and the business community to launch a bold new effort to help the state's first-time home buyers. Each qualified buyer will receive up to $5,000 for down payment and closing costs. There is mounting evidence that the escalation of these costs in recent years, combined with other economic hardships lingering from the recession, are preventing many young Vermonters from buying their first home.

        The new program will provide first-time home buyers who use a VHFA mortgage with up to $5,000 that needs repayment only if the home is sold or refinanced. "Because our typical customer is buying their first home and is eight years younger than the average home buyer statewide, VHFA is a great vehicle for reaching those households struggling most to save for a home," explained Sarah Carpenter, VHFA's Executive Director. Nationally the recession reduced homeownership rates by 15% among young people (aged 35-44) - far more than among older age groups, according to the Census.

        View the full article here: http://www.vhfa.org/news/blog/governor-kicks-off-new-down-payment-assistance-program

        This is an amazing opportunity for 1st time home buyers! For more info about the new down payment assistance program (called the "ASSIST loan"), please visit www.vhfa.org. There you will also find a list of participating lenders such as Vermont Federal Credit Union, Northfield Savings Bank and Union Bank.

        This is also a great time for SELLERS if you have a home you think might make a good "Starter Home" for these lucky buyers! Contact us for a FREE Market Analysis to help determine the value of your home!

        We at LipVT are your local experts when it comes to home buyers making their very 1st investment in real estate! Please visit us at www.lipvt.com or give us a call at 802-846-9575 to learn more about this dynamic marketplace and the terrific opportunities for buyers and sellers.

         

        Free Press Covers Burlington Rental Market

         

        Burlington's increasingly tight rental market was front page news for readers of the Burlington Free Press this Monday, August 31st. The story by Free Press staffer Zach Despart coincides with the return of students to Burlington (did you notice they were back this weekend?)

        Despart cites the biannual Allen and Brooks report, demonstrating continued pressure on the local rental market which features low vacancy and high relative rents.

        We at LipVT are your local experts when it comes to multi-family and investment real estate. Please visit us at www.lipvt.com or give us a call at 802-846-9575 to learn more about this dynamic marketplace and the opportunities for buyers and sellers it affords.

        Read the full free press story here.

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          Summer Update: Burlington Minimum Housing Inspections

           

          Burlington's minimum housing inspection rating system was the feature of a front-page story in Saturday August 15th's edition of the Burlington Free Press. As we blogged about back in January, the city has adopted a new rating system for rental properties in the city.

          Properties can receive a certificate good for between 1 to 5 years of occupancy without requiring an additional inspection. A property with no violations receives a five year certificate. The cover story, authored by Zach Despart, serves to update the original story and offer some data in support of the new policy:

          ·         The city has performed 342 Inspections since January

          ·         40% received a five-year certificate

          ·         21% received a four-year certificate

          ·         7% received a three-year certificate

          ·         One property received a two-year certificate

          ·         111 Properties "had yet to address violations

          Read the full story from the Burlington Free Press here

           

          As always, please reach out to the LipVT team for all your real estate needs!

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            Possible Public Service Sharing in South Burlington

            The city of South Burlington is considering the formation of a shared system for public services with surrounding communities.  Officials are seeking to create a new municipality, the Central Chittenden County Public Services Authority.  This shared entity would consisting of many regional service providers including the Champlain Water District, the Chittenden Solid Waste District, the Chittenden County Transportation Authority, alongside combined fire departments and shared stormwater management equipment.  Economies of scale and pooled resources would allow both the quality of public services and the value provided to taxpayers to increase.  One major appeal to partnering communities would be the opportunity to utilize South Burlington's robust stormwater management system.

            South Burlington is currently pursuing the communities of Shelburne, Williston, and Colchester as potential members of the Central Chittenden County Public Services Authorty.  City Manager Kevin Dorn believes all four communities are ideal candidates for the new shared system.  "All of us in municpal government are confronted with the same challenges of making public services sustainable over time. ... It's incumbent upon city managers, town managers, Selectboards, and City Councils to look at how they can most efficiently provide the best value to taxpayers."

            To read Haley Dover's full report on this developing story, visit the Burlington Free Press HERE.

            For updates on this and other local real estate news, alongside the latest real estate listings in Burlington, visit LipVT.com HERE.

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              Important Changes to Fannie Mae

              In a recent release of the Selling Guide, the Federal Mortgage Association updated a number of important policies ranging from unreimbursed employee business expenses to custodian tracking of Fannie Mae loan numbers.  One very important regulation, which changed in the announcement, will make the buying process much more fluid for potential multi-family investors.

              Fannie Mae expanded the use of vested stock, bonds, and mutual funds toward down payments, closing costs, and required reserves for purchases.  This is a change to the previous policy which did not allow these less-liquid forms of assets to be used toward purchase requirements.  Under the current statutes, “one hundred percent of the value of the asset is allowed when determining available reserves.”  Furthermore, if the asset in use is over 20% in excess of the total necessary funding, no documentation of liquidation must be presented; if not meeting the excess requirement, the borrower must either present actual receipt of funds acquired in the sale or documentation of liquidation.

              To find more information on these updated policies, and more of the updates, see the Fannie Mae Selling Guide here.

              For more information on how to build your real estate investment portfolio, along with the latest listings in the Burlington area, visit LipVT.com today!

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                UPDATE: Burlington CEDO Releases Moran Plant Plan Details

                New details regarding the redevelopment of the Moran Power Plant have been released by The Burlington Community and Economic Development Office.  This version of plan details is more detailed than the previously released progress report by New Moran, Inc., providing key information about scheduling, cost estimates, funding, and market analysis.

                Included in this report is a complrehensive line-item budget of redevelopment costs.  In addition to the previously released total project cost estimate of $33.7 million, the budget breaks down as follows:

                $23.0 million Construction
                $1.9 million Design
                $3.1 million Soft Costs (e.g. marketing and permitting)
                $4.1 million Loan Interest and Insurance
                $1.3 million Contingency Costs

                 

                Additionally, the line-item budget outlines tarket amounts to be raised from the five sources of funding for the project:

                $14.4 million Federal Tax Credits
                $11.0 million Charitable Donations
                $6.3 million Tax Increment Financing
                $1.1 million Low Interest Loans
                $540,000 Tenant Fit-Up Capital

                 

                $14.4 million of funding, 43% of the total estimated project cost, will be sourced from the Federal Historic Tax Credit and the New Markets Tax Credit.

                New Moran, Inc. remains on schedule to complete the redevelopment project by fall 2017, and hopes to reach negotiation agreements with the City Council of Burlington by September of this year.

                Read LipVT.com's previous coverage of this story HERE.

                Stay tuned to Zach Despart's as he reports the ongoing developments of the New Moran Plant HERE.

                Visit LipVT.com HERE for more informtion on this and other pertinant news, alongside the latest real estate listings in the Burlington area.

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                  UPDATE: New Moran, Inc. Releases Progress Report

                  New Moran, Inc. released a progress report last week detailing the efforts to redevelop the former waterfront power plant.  The plan outlines a new marketplace along with a 1,500-capacity conference venue and additional office space.  The new development, operating as a year-round public amenity and economic driver, will bring an economic and commercial hub to Burlington’s beloved waterfront.

                  The non-profit, headed by co-founder Tad Cooke, estimates the entire 68,000 square foot project to cost $33.7 million, with a construction cost of $25.6 million calculated by Boston firm Vermuleans.  According to the plan, New Moran, Inc. will secure funding from five sources:  tax credits (43%), charitable donations (33%), tax increment financing (19%), low interest loans (3%), and tenant fit-up capital (2%).

                  As of the time the report was released, $1.85 million in donations or pledges had been raised of the $11 million fundraising goal.  A fundraising campaign is expected to begin this summer until June of next year.  New Moran expects to commence construction once the campaign is concluded in anticipation of a grand opening in fall 2017.

                  Read Zach Despart’s full article in The Burlington Free Press HERE for more information on the recent progress release.

                  For continuing updates on the project, visit New Moran’s website HERE at moranplant.org.

                  Be sure to visit LipVT.com HERE for more updates on this story, along with the latest Burlington real estate listings.

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