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OUR REAL ESTATE MARKET

The real estate market in the DeerfieldValley and the resort area of MountSnow has definitely been a challenge over the last twelve months. Although both selling prices and mortgage interest rates are the lowest in many years, the pace of closings for single-family homes, condominiums/townhouses, and raw land are certainly down from the all-time highs of four or five years ago. Condos and townhouses are off by more than 25%-30% in some cases while, single-family homes have dropped between 10% and 15% depending upon the price range of the individual property. Those in excess of $500,000 have slid close to 40% making them a very attractive buy. Continued erosion in prices could continue for another six to twelve months but most of the "heavy" discounting has probably already taken place making it a great time to look and ultimately purchase a home or condo. One encouraging bright spot for the local real estate market is the continued interest in commercial properties especially those on Route 9 in Wilmington and Route 100 in West Dover next to MountSnow. Tropical Storm Irene dealt a crushing blow to many buildings and businesses in our area and in particular, downtown Wilmington. That said, many are being rebuilt and reopened with an emphasis on a "new-beginning" rather than a return to the past where the old ways of doing business just wont "cut it" anymore. With an eye on the future, the real estate market in Southern Vermont should start to shine again although, probably not with the irrational exuberance that created the "sub-prime" mess of earlier days. Coupled with the extreme volatility of the stock market, the "rock-bottom" selling prices for real estate right now can offer a fairly "safe haven" for the savvy investor whether it be in either residential or commercial property. Shouldnt you consider another look at real estate in Vermont?

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