Addison County Market Update

2009 proved to be a year of ups and downs. The Vermont real estate market struggled during the 1st half of the year, posting declines in sales of nearly 30%. With the passage in Congress of the Economic Stimulus Package in February 2009, qualifying first time buyers were provided an incentive to purchase and receive up to an $8000 tax credit, activity picked up and our local market began to turn around. Sales increased during the 2nd half of the year -
with first time buyers comprising nearly 50% of all real estate sales up from 35% in previous years. In spite of the surge in sales between August and November, total sales
in Addison County were down over 11% for the year by units sales with the average sale price dropping 12.5% across the board. In addition sluggishness in the market was reflected in an increase in days on the market of over 34%.

In November, Congress voted to extend and expand the tax credit in an effort to sustain the recovery of the housing market and therefore the economy. As a result of this extension, we expect an early and strong Spring Real Estate Market. Properties must be under contract by April 30th and meet a June 30th closing deadline. Now is the time for buyers to look for homes and for sellers to put their homes on the market. After April 30th - there may be fewer buyers motivated to purchase. In addition, economists are predicting a slight increase in mortgage rates for the second half of 2010. Those two conditions may exclude some buyers from the market as it will, at a minimum, reduce their buying power. The expansion of the tax credit to existing homeowners is an opportunity that many should take advantage of. If you have owned your primary residence for 5 consecutive years of the last 8 years - and you purchase a new primary residence by April 30th (with a closing date on or before June 30th) - you may qualify for up to a $6500 credit on your 2009 or 2010 tax return; individuals with incomes as high as $145,000 or couples with income as high as $245,000 may qualify.

Understanding the market and choosing a Real Estate Company and Agent with proven results in a difficult market is crucial. Coldwell Banker Hickok & Boardman Realty worked with more sellers and buyers in 2009 than any other real estate office in the entire state of Vermont, according to the Vermont Real Estate Information Network (VREIN). If you have any questions about this data or the tax credits - or would like to talk about your specific neighborhood - please don't hesitate to contact me - Chris

Addison County Lakeshore Homes on Lake Champlain

So now that you are ready, let me give you some key towns to explore and what you can expect to find there. The Lake to the south has one major landmark that is often used as a point of reference, the Crown Point Bridge. Located in Addison Town, Addison County Vermont, it links the central part of that county to New York State, Ticonderoga and provides the quickest access south by virtue of NY Rt #87 or the Northway. Lake Champlain to the south of the bridge, while still very wide by most standards, starts to behave more like a river with a defined channel for navigation and broad expanses of shallower bays and natural marshland. North of "the Bridge" the Lake is totally navigable from bank to bank and one of the most unused parts as far north as Basin Harbor on the Vt shore and Westport on the New York side. The homes you will find both south and north of the bridge will be either seasonal and very rustic in nature, with some old style summer cottage communities , to full fledged year round homes but mostly modest in size and price. The towns you want to include in any search of this area would be Shoreham, Bridport, Addison, Panton and Ferrisburgh.
Located in Ferrisburgh, you will find Basin Harbor Club, named after the small protected harbor by the same name. It is the center of summer activity and a real attraction for year round and seasonal homeowners alike. Though it’s name makes the place sound exclusive and closed to the public, it is actually a very open resort offering reasonable family social memberships for complete us of their water front , pool, and tennis courts. For an additional fee you can also play their 18 hole golf course complete with cart. For the few members of the flying public there is a well maintained and often used grass air strip for quick day trips in and out or extended stays. Boaters can also reserve dock space by the day, week or season and North Harbor has a mooring field for transients and seasonal users alike. As you might imagine, all residences within a few miles of this great resort carry a higher value when offered for sale and the extra premium for this location is well worth it for the added summer fun and activities. Many families purchase multiple properties along this part of the lake to create an informal family compound kind of situation for all generations to enjoy. Assisting buyers in this quest during the summer is truly one of my favorite things.
As you leave the Basin Harbor area, the natural and expansive marshland formed by the confluence of Otter Creek as it empties into Lake Champlain forces you inland and through the City of Vergennes. One of the most historic cities in Addison County, it was instrumental in the US victory during the War of 1812 and the birthplace of the small armada of ships built by Admiral McDonough to take on the British. Once through Vergennes, the next significant lakeshore communities you come to is Long Point. Originally settled as a seasonal lakeshore community for the local Vermonters at the turn of the century, this area is populated by over 70 camps and cottages from rustic to completely updated all nestled in a mostly wooded enclave. While 12 of these homes are permitted for year round use, the majority are strictly for summer use only and offer a quiet lazy summertime spot at an affordable price.