Photo Credit: Glenn Russell / VTDigger

UPDATE:  It has been since 2017 that any work has been done at the CityPlace construction site in Downtown Burlington, but all that could change this coming Spring according to the latest update from developer Don Sinex.

During a recent Zoom Meeting with Burlington’s Ward 6 residents, Sinex outlined the project’s current timeline including a critical property appraisal later this month which would greenlight a $130 million loan necessary for construction to begin in late April or early May.

Additionally scheduled for this Spring, developers are planning to file the necessary zoning permits to initiate phase two of the project which entails redesigning the former Burlington mall from the entrance on Church Street back towards the current home of L.L. Bean. 

For more on this story, check out the article “Burlington’s pit could see construction this spring” on the VTDigger website. 

** For the most up-to-date news & trends on development, real estate and investment properties in Burlington and the surrounding communities email us at Team@LipkinAudette.com or give us a call at (802) 846-8800.

 

 

 

 

Many historians credit the name “Vermont” as well as the state nickname “the Green Mountain State” to the French Explorer Samuel de Champlain who, in the early 1600’s, referred to the area on his exploration maps as Vert Mont, which when translated from French to English, means Green Mountain. 

In modern times, Vermont is known not only for the year-round picturesque beauty created by the stretch of the Appalachian Mountains that intersects the state from North to South, but also maple syrup, exceptional skiing & snowboarding, striking fall foliage, Ben & Jerry’s ice cream and locally sourced artisan food, cheese, and craft beverages.

This, combined with the state's rich heritage and abundant historic locations offers its residents a high-quality of life.  Vermont also provides a multitude of educational opportunities at the many reputable higher-learning institutions including the University of Vermont, Champlain College, Middlebury College and Norwich University.

For these and many other reasons, The Lipkin Audette Team in Burlington have assisted in helping hundreds of clients successfully relocate to Vermont.  In fact, a recent study published by United Van Lines currently ranks the state as number one in the nation for percentage of inbound moves.  For those considering making a move, here are some additional aspects to take into account.

Safety First

Despite current economic, political, and other factors creating turmoil across the country, recent reports indicate that Vermont remains one of the safest states in the nation. Ranking in the top 5 for key metrics such as violent crime rate, assaults per capita and percentage of uninsured people, Vermont receives high marks for both personal & residential safety.      

Small Town Atmosphere

Even with modest population growth over the past decade, Vermont's entire population sits just below 650,000 people. The state's largest city, Burlington has a population of approximately 45,000 residents and is also home to many students attending one of the local universities. When combined with neighboring towns like South Burlington, Colchester, Essex, Shelburne and others, the Burlington Metropolitan area consists of about 215,000 people. Thus, cities, towns, and villages alike offer residents the chance to live in close-knit communities that exude a charming small-town atmosphere, even though many provide access to big-city amenities and culture.

Abundant Outdoor Activity Opportunities

The Green Mountains run approximately 250 miles from the southern border with Massachusetts to the northern border with Quebec, Canada. With five peaks stretching over 4,000 feet above sea level, they offer a variety of seasonal attractions including skiing, snowboarding, hiking, camping, mountain biking and more. 

Vermont is also home to a number of substantial lakes including Lake Champlain, Lake Bomoseen, Lake Dunmore and Lake Willoughby. Champlain, in particular, is the eighth largest body of freshwater in the nation. Boating, camping, fishing, and hiking are popular recreational activities that are enjoyed throughout the year. Many also hope to get a glimpse of the legendary aquatic creature known locally as “Champ”.

A Wealth of U.S. History

Indigenous peoples, including the legendary Abenaki tribe, made the region their home for thousands of years before the French arrived and established settlements during the 17th century. During the past 300 years, the French and Indian War, the American Revolutionary War, and the Civil War all had battles that took place inside Vermont’s borders.

The state also boasts a number of famous former inhabitants and iconic properties.  One popular destination is the stately Hildene manor, once home to Abraham Lincoln's son Robert and his family. Just south of Burlington lies another gem, Shelburne Farms, founded by railroad magnate William Henry Vanderbilt. The homes of former well-known residents like Calvin Coolidge, Rudyard Kipling, and Robert Frost are also popular sites for those with an interest in history.

Find Your Dream Home

When contemplating a move to the state of Vermont, let The Lipkin Audette Team be your guide to finding a home and property that suits your wants, needs and desires. Since 1985, we’ve helped thousands of clients buy and sell real estate in Northwest Vermont.  Our goal is to provide you with the local insight, information and resources necessary to make your purchase a comfortable and enjoyable experience.  Contact us today to begin to make your Vermont dreams a reality!

Since the beginning of the COVID-19 pandemic, very few economic predictions have played out as expected. Offices, restaurants, and real estate were hit hard; the stock market was affected, and many people lost their jobs. Most people were afraid there would be a long term economic downturn- fortunately, that didn’t happen. The economy and real estate industry bounced back quickly and even went on to reach unprecedented heights.

As we head into 2022 we can expect:

1. Millennial Buyers Will Dominate

Millennials possess a lot of potential and a large percentage of them are poised to become first-time homebuyers in the up-coming year.

Many Millennials have opted to work remotely and are eager to take advantage of low interest rates, appreciating values and home ownership. Millennials make up one of the fastest growing segments of the economy and are purchasing homes in large numbers. The millennial market has brought about a high demand for technology in new and existing homes. Currently, people are searching for homes to purchase using their mobile devices. Some prospective buyers are taking advantage of real estate mobile apps since they make the process of searching for a home easier. As proactive real estate agents we are able to target millennial homebuyers using social media and digital marketing tools.

2. Rising Mortgage Rates

The Federal Reserve has tapered the mortgage-backed securities purchases due to rising inflation, which means mortgage rates likely will also rise. Economists expect the rise in mortgage rates will be steady and will begin as we head into the second quarter of 2022.

3. Increase in Homes for Sale?

During the pandemic, locally and nationally, the inventory of homes for sale has been at an all-time low- forcing many municipalities to take a closer look at their permitting and zoning rules. Many towns and cities are struggling with balancing the need to maintain open space vs. provide housing for their residents. We expect to see more thoughtful changes to Zoning and land use regulations that will diminish the impact of development on the climate crisis while providing much needed housing.

Final Thoughts

One of the most important lessons from the past year is that no one can predict the future. Buyers and Sellers should continue to live their lives and make decisions on what is best for them and their families and not try to predict or time the real estate market.

If you are considering making the move to Vermont our experienced agents would be happy to speak with you about the housing market and options available to you.  Since 1998, we’ve helped thousands of local clients build wealth through real estate. The Lipkin Audette Team understands that a successful real estate transaction needs to be designed to fit each individual’s unique set of needs and goals.

To learn more about our demonstrated, client-focused strategies & services or to speak with an agent about buying or selling real estate in Northwest Vermont, give us a call at (802) 846-8800 or email us at Team@LipkinAudette.com.   

 

We are on the verge of a major shift in housing affordability with the "Build Back Better" plan, and perhaps other prosperity measures to enable a more thriving middle-class thanks to it. However, what does all this talk about measures mean for those looking to diversify their portfolios?

In this article, we will talk about what the “Build Back Better Framework” looks like, and how it will affect real estate investors.

How the “Build Back Better Framework” Could Affect Real Estate Investors

What is the “Build Back Better Framework”?

Using this framework, the United States hopes to meet its climate goals, create millions of good-paying jobs, enable more Americans to participate in and remain in the workforce, and grow the economy from the bottom up and middle out. This will be accomplished by:

• Investments in transforming caregiving support and services for children;
• Creating America's largest effort in history to fight climate change;
• Expanding affordable health care to millions of Americans;
• Being the largest effort ever made to reduce costs and strengthen the middle class.

While the framework talks in-depth about average citizens, it also discusses affordable housing initiatives, taxes, and other key factors that could impact your bottom line.

What the Framework Means for Real Estate Investors

The “Build Back Better Framework” includes historic levels of investment in new and affordable housing while sparing real estate investments the worst taxes.

It includes hard-fought NAR priorities such as down-payment assistance and affordable housing investments while sparing the most feared taxes from the real estate industry.

Though support for the framework and the bipartisan bill's passage is far from guaranteed, the President's announcement of this framework shows that momentum is building for getting the bill signed into law.

Investors should look towards preparing for this influx of homebuyers, and eager renters who will soon be entering the market for single-family homes, condos, and apartments.

Making Affordable Housing History

This framework calls for a $150 billion investment in affordable housing, a priority of NAR's advocacy efforts over the past year.

Funding for public housing and rental assistance would increase under the agreement. More than one million new affordable single-family homes would also be built under the plan, as well as down-payment assistance.

According to the White House, the down-payment assistance under the plan would allow "hundreds of thousands of first-time homebuyers to build wealth." The benefits will be especially great for lower-income households, millennials, and households of color.

For millions of Americans to experience prosperity, affordable housing is critical. Closing the racial homeownership gap and addressing income inequality truly require this investment. These initiatives make homeownership finally attainable for first-generation citizens and first-time home buyers.

As part of the housing section of the framework agreement, funding will be provided for the following programs:

• Affordable public housing
• The Housing Trust Fund
• HOME
• The down-payment assistance program
• Accommodation vouchers
• MDA (Minority Business Development Agency)

Investments in Real Estate Will Be Spared by Tax Provisions

A new tax will be imposed on high-income individuals and businesses to pay for the plan, but the most feared taxes on real estate investments have been exempted.

Some of the earlier tax proposals floated could have devastated the real estate sector, which makes up nearly one-fifth of the entire economy.

This framework has none of the following imposed upon it:

• No 1031 like-kind exchange limits
• No capital gains tax increases
• No change in step-up basis
• No tax on unrealized capital gains
• No increased estate tax
• No carried-interest provisions
• No 199A limits

This means that tax provisions put forward in this current framework are favorable for consumers, property owners, and the real estate economy as a whole.

Tax deductions for state and local taxes (SALT) are not mentioned in the plan. Congress, however, still supports a SALT cap increase, and a group of bipartisan House members continues to push for a solution.

However, according to the NAR, Congressional leadership can address SALT through an amendment once a bill is under formal debate, and the house will not let down its guard when it comes to SALT and is hoping for a quick resolution.

Key Takeaways

While a raging tide of change is on the horizon, the real estate market is, for the most part, spared from any big waves. In fact, if the “Build Back Better Framework” goes through, we could potentially see an even more thriving market for investors in the coming years.

A stronger middle-class is the backbone of a thriving economy. When they can make enough to participate in the economy rather than simply survive, this offers opportunities for market growth, more stability in uncertain times, less risk of mortgage defaults, missed rental payments or condo association fees, and a more competitive market with a lower vacancy rate.

Should I Invest In Multi-Family Properties in Burlington, Vermont?

From the first-time duplex buyer to the seasoned investor with a large portfolio of rental properties, our team will work closely with you to optimize the process of buying or selling investment properties. Our unique understanding of the local city and state ordinances combined with a network of experienced lenders, attorneys, local contractors, and professional trades puts our clients in the best possible position to reach their real estate goals.     

Since 1998, we’ve helped thousands of local clients build wealth through real estate investing. The Lipkin Audette Team understands that a successful investment strategy needs to be designed to fit each individual’s unique set of needs and goals.

If you’d like to speak with our team about how to get started or what the current market value of your property/portfolio might be, please contact us today!

 

Owners of multifamily properties have a really big job on their hands. In each building, they are responsible for paying the bills and making sure that the tenants are comfortable and safe. They must also look after everything that is on the property. In this blog, we will focus on the building’s appliances including kitchen ranges, dishwashers, refrigerators, washers and dryers, and why it’s critical to ensure they are working smoothly and fulfilling their purposes.

These items can often be overlooked by property owners, even though they play a significant role in residents' lives. An owner's bottom line can be negatively affected if he or she fails to upgrade aging appliances. This will make it difficult to attract new tenants and keep the existing ones.

At Lipkin Audette, we understand the ins and outs of multi-family property ownership, including how upgrades can improve your bottom line. Here are a few reasons why upgrading appliances in your properties can benefit you.

Upgraded Appliances Create a Good Impression

Prospective residents have many options to choose from when searching for a new home. Even if everything else is equal, upgraded appliances can be one thing that convinces a great tenant to select your property over their other options.

Energy-Efficient Appliances Can Help You Save Money

As you prepare to upgrade the appliances in your properties, one of your goals should be to upgrade to energy-efficient units. Appliances manufactured today are usually much more energy-efficient than those made years ago.

You can also find several options that come with the Energy Star label, which means they are designed with energy efficiency and durability in mind. The Energy Star program certifies dishwashers, refrigerators, and freezers, as well as clothes washers and dryers.

By using less energy, these appliances save you and your residents’ money on energy bills. Furthermore, they reduce your environmental impact. People today are concerned about the environment, and demonstrating that you care about energy use can paint a very positive picture of you as a property owner, and it’s the right thing to do!

Investing in New Appliances Can Help You Make More Money

Of course, upgrading any items in your properties comes with an initial investment. Making upgrades may not seem worth the money, but statistics show that they can actually improve your bottom line.

For instance, adding a washer and dryer to a unit that currently doesn't have these appliances can increase rental revenue by as much as 15%. Rent income can be increased by 16% when energy-efficient appliances are included in interior updates.

Looking to Invest In Properties in Burlington, Vermont?

Since 1998, we’ve helped thousands of local clients build wealth through real estate investing. The Lipkin Audette Team understands that a successful investment strategy needs to be designed to fit each individual’s unique set of needs and goals.

If you’d like to speak with our team about how to get started or what the current market value of your property/portfolio might be, please contact us today!

 

About one year ago, a report published by NPR included Burlington VT as one of the top 5 small cities in the country with an increase in population as a result of workers relocating from major metropolitan areas.  Fast forward to the present, thanks to forward-thinking entrepreneurs like Russ Scully of HULA, Burlington continues to see a steady increase of both hi-tech jobs and remote workers relocating to the Queen City.

Not surprisingly, the influx of new residents has presented our region with challenges in terms of both housing options and infrastructure.  The issue with housing has been well documented, we continue to see market conditions with high buyer demand and very low available inventory.

However, not to be overlooked are the downstream effects that this population increase will have on infrastructure.  Fortunately, there are many historical examples and case studies on how growing cities helped manage the trends that Burlington is faced with.  One hot topic that has already been discussed at length is parking requirements, specifically with regards to new multi family housing development and Accessory Dwelling Units (ADU).

In this informative article posted by the American Planning Association, the author highlights actions taken by communities across America to make changes to out dated parking policies and the impacts those policies made on affordability and growth.  Click the link below to read the full article…

People Over Parking | American Planning Association | Planning.org      

Interested in getting started investing in real estate or wondering how this may affect your rental property or portfolio? Give us a call at (802) 846-8800 or email us at Team@LipkinAudette.com

 

In an email sent on August 24^th, 2021 from Burlington’s Director of Permitting & Inspections, Bill Ward, owners of Burlington rental properties were informed about a new weatherization requirement added to the existing Minimum Housing Code (MHC) that was approved by the Burlington City Council on May 10, 2021. 

The first stage of updated MHC code is set to begin on January 1^st, 2022 and is ready to replace the existing Time of Sale Energy Efficiency Ordinance (TSEEO) that had required all rental buildings in which tenants pay their own heat to be tested and brought up to compliance during the process of being sold.

Vermont Gas officials are helping Burlington identify the city’s draftiest multi family and rental homes.  The change to the Minimum Housing Code only applies to high energy use rental buildings where the total space heating usage is above 50,000 BTU/SF/Year. 

The upcoming January 1 Stage 1 deadline will first be addressing buildings identified at or above a 90,000 BTU/SF/Year threshold. The City Council, understanding weatherization can get expensive, has instituted a $2,500 cap per unit for what landlords would have to pay to address deficiencies.  The compliance timeline for Stage 2 (properties using between 50,000 – 89,999 BTU/SF/Year) has yet to be established and according to Ward’s email is likely to be subject to a “four-year compliance implementation schedule” after the most inefficient buildings have been addressed.

WCAX is continuing to cover the story, check it out to learn more... Weatherization deadline for Burlington landlords approaching | WCAX.com 

Wondering how this might impact your multi family rental property? Give us a call at (802) 846-8800 or email us at Team@LipkinAudette.com

 

Are you considering investing in multi-family real estate in Burlington, Vermont? If not, maybe you should be! Burlington’s rental housing market is tight. Homebuyers and investors from outside of Vermont moved to the state searching for more affordable housing compared to their bigger city counterparts.

Everywhere you look, new people are moving in, and many Vermont locals are searching for affordable rentals. That means there are renters in Burlington looking for rentals in their budget and with low vacancy rates, it’s the perfect time to start investing in multi-family properties.

Continue reading to learn why you should invest in Burlington’s multi-family real estate market.

Reasons You Should Invest in Multi-family Properties

Investing in real estate is a great way to diversify your investment portfolio. If you want to get into real estate, there are a lot of great ways to get started. Multi-family real estate can offer investors a lot of benefits, including reduced risk and scalability. But some of you may be wondering why you’d want to invest in multi-family properties in Burlington.

1. Your Real Estate Portfolio Will Grow Faster

Multi-family homes are the way to go if you want to grow your real estate portfolio. It's much easier to buy a ten-unit apartment building than it is to buy ten single-family homes. In addition to working with only one seller instead of 10, you only need one loan instead of ten separate loans for each single-family home.

Moreover, the cost of a multi-family home and single-family home is near the same median sale price. From January to June 2021, single-family homes had a median sale price of $360K and multifamily homes were around $415.5K. Now, remember, a single-family home means one passive income, whereas a multifamily home offers multiple unit incomes to pay down the property mortgage.

2. Less Risk

If you own a single-family home, and it sits vacant for a couple of months, you're still responsible for the mortgage payment. If you invest in multifamily property and one of the units is vacant, the other units will cover your expenses and hopefully still generate cash flow. Multi-family properties protect investors from many of the risks associated with being a real estate investor.

3. Easier To Finance, But At A Higher Price

As we mentioned above, multi-family homes do cost more to purchase than single-family homes. However, the individual cost per unit might be way less. For example, a single-family home in your neighborhood may sell for $120,000, while a four-unit building may sell for $250,000. Even though the multi-family home is more than twice as expensive, each unit is only about $62,500, nearly half the price of the single-family home. A multi-family building tends to be much easier to finance due to its overall cash flow and the lower amount of risk the lender takes on.

Should I Invest In Multi-family Properties in Burlington, Vermont?

You can easily reap the benefits of these beautiful multi-family homes, whether they are small, two-unit duplexes or large, multi-family buildings. Rent out the units or move in with extended family, so everyone can have their own space while still being together. In Burlington, you'll be close to the best features Vermont has to offer: Lake Champlain, Church Street Marketplace, nearby mountains, and more!

Since 1998, Steve Lipkin has helped investors purchase property in the Burlington area. Please contact us to learn more about what our team can offer you in your next purchasing decision.

 

Due to Burlington’s low inventory of housing the city is considering a crackdown on short-term rentals. WCAX is continuing to cover the story, check it HERE to out to learn more. 

Wondering if this might impact your investment property? Give us a call at (802) 846-8800 or email us at Team@LipkinAudette.com

 

 

Vermont is more than just an ideal vacation location – it is the perfect place to call home! From the Green Mountains to Lake Champlain, Vermont’s quintessential small and large towns offer something for everyone in search of the ideal area to prioritize their work/life balance.

The state has a small business based economy that creates the dynamic of small-town life, but with all the amenities of a larger city. With highways, multiple airports, Amtrak rail services and easy access to Boston, New York City and Montreal Vermont businesses have the necessary speed and access to their supply chains.

To help with the jump to move to Vermont there is up to $7,500 available through the New Relocating Worker Grant for new residents taking a qualifying job with a Vermont employer. The initiative is to encourage workers to make the move to Vermont to work for Vermont employers.

Along with our knowledgeable agents, ThinkVermont is a great resource to begin your research on Vermont’s relocation tools.

If you are considering making the move to Vermont our experienced agents would be happy to speak with you about the housing market and options available to you.

To learn more about our demonstrated, client-focused strategies and services, give us a call at (802) 846-8800 or email us at Team@LipkinAudette.com.