Here’s a great article about a topic we know a lot about! Investing in real estate near college campuses! For parents looking to support their collage-aged kids it’s a smart financial strategy. By purchasing a property near their child's university, parents can provide a stable and convenient living arrangement, often saving money compared to dormitory or rental costs. Additionally, the demand for housing in college towns tends to be robust, offering a potential for steady rental income and strong appreciation in property value. My favorite college town, Burlington VT, has a thriving academic community, vibrant downtown and consistently ranks as a top 10 small city in the United States making it a great place to invest in real estate! If you're considering a similar strategy in Burlington's college market, we can help you navigate the process and find the right investment property tailored to your needs and financial goals.

 

For more information on this story check out the article “Why College Kids are Bypassing Dorms and Living in Investment Properties – Courtesy of Mom and Dad” on the realtor.com website. The Lipkin Audette Team has helped thousands of clients buy, sell, and invest in Northwest Vermont real estate. As the top selling Team in Vermont, our goal is to provide you with deep local insight, up-to-the-minute information, and all of the relevant resources necessary to make your purchase or sale an informed, profitable and rewarding experience.

 

At the last city council meeting Burlington city officials proposed transformative zoning changes. The goal is to overhaul the long-standing residential zoning by allowing for denser housing development. Mayor Miro Weinberger sees it as a significant action to address the housing crisis, urging prompt action before the election of a new mayor and city councilors.

 

For more information on this story check out the article “With citywide rezoning plan, Burlington considers how to grow” on the VT Digger website. The Lipkin Audette Team has helped thousands of clients buy, sell, and invest in Northwest Vermont real estate. As the top selling Team in Vermont, our goal is to provide you with deep local insight, up-to-the-minute information, and all of the relevant resources necessary to make your purchase or sale an informed, profitable and rewarding experience.

At a press conference last week, Vermont Treasurer Mike Pieciak announced a new $55 million initiative designed to provide low-interest loans to support investments in housing.  Directly addressing the longstanding housing crisis our state is faced with, Pieciak highlighted the importance of creating housing to support the healthy growth of Vermont businesses and communities.

The majority of the funds, $50 Million in total, will be administered by the VHFA (Vermont Housing Finance Agency) to support affordable housing, economic / workforce housing, underserved communities, flood resilience, and manufactured home communities.  The loans are estimated to come with attractive interest rates in the 3-4% range, well below the rates developers are up against using more traditional financing options.

The $55M in cash comes as part of the “10% in Vermont” investment program, which was first established by lawmakers back in 2014.  Simply put, the program gives authority to the Treasurer’s office to use up to 10% of the state’s daily cash on hand to be used for “projects designed to grow the economy”.  Thanks in part to an influx of federal Covid-19 dollars, the state currently is sitting on over $2.1 Billion in cash meaning the program is taking up just over ¼ of the 10% threshold.

For more information on this story check out the article “Treasurer announces more than $55 million in low-interest loans to support housing development” on the VTdigger.org website. Since 1985, the Lipkin Audette Team has helped thousands of clients buy, sell, and invest in Northwest Vermont real estate. As the top selling Team in Vermont, our goal is to provide you with deep local insight, up-to-the-minute information, and relevant resources necessary to make your purchase or sale an informed, profitable and rewarding experience.

Although construction has yet to begin, progress continues to be made by the local development group now in charge of the long-stalled CityPlace Burlington project.  As part of a request to use $275,000 in federal HOME Investment grant money, the group unveiled new plans for an eight-story affordable housing building to be located at 130 Bank Street.

In partnership with Champlain Housing Trust, this stand-alone building is a departure from the earlier concept that called for affordable housing units to be included in the two 10-story towers that will flank each end of proposed project.  Brian Pine, director of the city’s Community & Economic Development Office (CEDO), spoke positively about the modified plans saying, “This is very positive, this is certainly greater progress in at least this part of the project coming to fruition, and I think that bodes well for the whole project.”

With an important construction deadline looming on September 30^th, the city is actively exploring the possibility of extending the deadline to allow the project team additional time to finalize their plans.  The city’s optimism towards reaching a mutually agreeable path forward was also echoed by Mayor Miro Weinberger who was quoted as saying “While this project, like any major development, still faces challenges, the new ownership team has made more progress in the last four months than in the prior four years.” 

It is likely that another major announcement will be made before the looming deadline at the end of the month.  For more information, check out the full article on Seven Days Magazine…

CityPlace Developers Move Toward Building Affordable Housing on Vacant Site | SevenDaysVT.com

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 and/or sale a comfortable, informed and enjoyable experience.  We will continue to update this ongoing story as new information is released…

Buoyed by low mortgage rates and unprecedented buyer demand, home values across the United States increased at double-digit rates over the past 2 years.  As a result, most homeowners saw the equity in their homes increase as well, producing a positive impact on their overall financial situation.  Encouragingly, Vermont was no exception to this trend. According to a report published by the real estate research company ATTOM, Vermont has the second-highest equity-rich housing in the United States, just behind Idaho.

A 2021 U.S Home Equity & Underwater Report showed that in the fourth quarter of 2021, 41.9% of mortgaged residential properties in the U.S. were considered equity-rich. Even better, only one in thirty-two mortgaged homes were seriously believed to be underwater in the fourth quarter of last year!  Strong equity gains can serve as a built-in buffer against unexpected financial hardships or can be proactively used to improve one’s home or investment portfolio. 

Interested in learning more?  Here are four proven strategies that you can use to benefit from this recent surge in home equity values…

How Can a Surge in Home Equity Benefit Homeowners?

Cash-Out Refinance

If you’re not really considering selling your home, you can use the rising property values to your advantage in many ways—one of which is a cash-out refinance. This allows you to refinance into a new mortgage for more than what you owe and receive the difference back in cash.  From there, you can use the money in any way you want such as paying off your student loans or credit card debts to save hundreds or thousands of dollars in financed interest.

Fund Home Renovations

Another smart option is to invest in home improvement projects to make it more comfortable for you and your family and at the same time, increase your home’s value. Whether you want to renovate your kitchen and bathrooms, repaint your house, or upgrade your home appliances, you can always borrow from yourself by taking out a home equity loan to finance additions, improvements and renovations.

Add to Your Retirement Income

If you’re 63 or older, you can tap into your home equity by applying for a reverse mortgage. This type of loan will provide you with access to tax-free income that you can use to cover expenses during your retirement years.  Unlike a traditional mortgage, a reverse mortgage does not require the borrower to make regular monthly payments and all interest costs are simply added to the loan balance which is then paid off when you sell the home, move out or pass away.       

Invest in a New Home

Though mortgage rates are going up, they are still considerably lower than historical averages. This, along with a red-hot real estate industry, means that your property is more likely to sell for a higher price.  Now is a great time to consider leveraging your new-found equity by selling your property with an experienced Realtor.  Increased equity can enable sellers to have money left over after paying off their existing mortgages, which can then be used as the down payment on a new, more expensive property.

Is Now the Time to Cash Out or Invest in More Real Estate?

The answer to this question depends on your priorities and financial situation.  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 and/or sale a comfortable, informed and enjoyable experience.  Contact us today to receive a complimentary market analysis on your property or to discuss how you can partner with the Lipkin Audette Team to help achieve all of your real estate goals.

 

On the heels of a record-breaking year for many in the real estate industry, there is a lot of speculation on what buyers and sellers should expect for the Spring market and beyond.  As is usually the case, numerous analysts are looking no further than interest rates when predicting how the market will behave in the coming months.  While interest rates may seem like a simple way to forecast future market conditions, the many factors currently shaping those rates are seemingly more complex than they have ever been.

In a recent article published by Inman News, Windermere Chief Economist Matthew Gardner examines the effect current events such as the Russian invasion of Ukraine and inflation in the United States could have on interest rates throughout the rest of 2022.  Click HERE to read the full article (subscription required).

In summary, Mr. Gardner projects interest rates to continue to rise but not to a point that would create significant problems for those looking to buy or sell this year.  While it’s unrealistic to think that the record-low rates of late 2020 / early 2021 will return, it’s important to remember that even modest increases from the high 2%’s will yield rates that from a historical context, are still appealing to buyers taking into account the recent rapid rise in property values. 

Interested in buying / selling real estate in Northwest Vermont or wondering how this may affect your investment property or portfolio?  For the most up-to-date information on current market trends, advanced analytics and in-depth local insight give us a call at (802) 846-8800 or email us at Team@LipkinAudette.com.   

Selling your home is rarely an easy decision. However, once you have decided it’s time to move, it’s only natural to have a lot on your mind. From our experience, here are a few crucial questions you should ask when considering whether to sell your home.

Can I Afford to Sell?

When you’re selling your home, it requires spending money to earn money. It is common to incur fees such as a commission for the realtor, hiring an attorney and various other expenses known collectively as closing costs. Sellers may also choose to spend money on landscaping, deferred maintenance and other projects that can make their property more appealing to prospective buyers.

The “bottom-line” of your proceeds will also be reduced by the amount of debt you owe on your mortgage, balance on home equity loans, and any applicable liens. Finally, if your sales proceeds aren't going directly into purchasing another home, you may owe capital gains taxes. It is strongly recommended to consult with a tax professional and REALTOR® to best understand what the total amount you can expect to walk away with.

What Do I Need to Tell Buyers?

Another key aspect to consider is what to disclose to prospective buyers interested in your home. It’s essential to show your home in the best light, but at the same time, you should reveal the flaws it has as well. To better understand what kinds of issues should be revealed, consult with your REALTOR or research and follow your local real estate disclosure laws.

From a practical standpoint, it’s important to include any details that you feel could play a role in a person’s overall decision whether or not to buy the house. Although it may feel strange providing buyers with the issues that may exist with your home, not being open and honest about known potential hazards can have far worse consequences. For example, if you knowingly hide or fail to disclose such information, a buyer could end up filing a costly lawsuit against you after the sale has closed.

Should I Hire a Home Inspector?

If you are unsure or concerned about the condition of major components of your home such as the roof, electrical and heating/cooling systems, it might be worthwhile to hire a Home Inspector to conduct what is known as a pre-inspection. 

This type of inspection takes place before your home is listed for sale. This strategy is an effective way to receive a professional and honest answer about the condition of your home. When you learn more about your home's particular issues, you can either choose to fix them before listing or perhaps address the cost of repairing the problem when arriving at the original list price.

Which Areas of the Home Get the Most Attention?

Knowing which parts of your home are most attractive to buyers is important when considering possible presale repairs or upgrades. Based on our experience and research, potential buyers tend to focus on areas like the kitchen, primary bedroom & bathroom, and living/family rooms. As a result, those particular rooms should be showcased, possibly with the assistance of an accredited staging professional.

To generate the best possible first impression, it’s advisable to remove unnecessary clutter from the entryway, mudroom or hallway. If you have a habit of clutter in that area, you might want to consider placing attractive containers to contain your belongings or moving them to less impactful areas like closets or rooms with lots of storage.

Why Are You Selling Your Home?

Another question to ask is why you’re selling your home in the first place. It could be to get something bigger, something smaller or simply because you want or need to move to a different place. Whatever your reason, it’s important to personally acknowledge why you’re selling to avoid second-guessing or regretting when the time comes to accept a prospective buyer’s offer.

If you are considering selling your home in or around Burlington, Chittenden Country or Northwest Vermont, we invite you to contact our Team at your earliest convenience.

Our seller services are customized to fit each client’s specific needs, expectations and goals. We provide an above and beyond full-service experience that includes staging, interior & exterior photography, virtual tours, digital marketing, copywriting and in some cases enhanced video content. We are dedicated to using technology to streamline the process from listing to closing while keeping you informed every step of the way.

The City Assessor has just published the new Assessed values for all Burlington properties. Click HERE to search the Burlington.gov property database for the updated Assessed value for your property.  Please note that updated property tax bills using the new assessed values will be mailed out to homeowners starting on July 2nd, 2021.   

As your local experts for Burlington real estate, please feel free to contact us to learn more how the updated taxes will impact your property's current market value. 

For additional information about the reappraisal process, check out the link below...  

https://www.burlingtonvt.gov/assessor/REAPPRAISAL

(Image Courtesy of Freeman French Freeman)

UPDATE:  It has been six years since developer Don Sinex first introduced his plans for the CityPlace Burlington project in the former site of the Burlington Square Mall.  Having overcome many obstacles along the way, the project hit its most serious roadblock this past summer when business partner and multinational company, Brookfield Asset Management, pulled out of the deal and sold their 50% share of the development back to Sinex.

According to Sinex, Brookfield’s decision to withdraw from the project did not come as a big surprise to either him or the city of Burlington.  In fact, it was during this past January when, in anticipation of the moment, Sinex had initiated a conversation with a trio of local businessmen about taking over the project for if / when Brookfield officially pulled out.

The trio turned out to be a natural fit as they are all well respected local Vermonters with years of experience with construction and development in our area.  Stepping up in place of Brookfield came Dave Farrington (President, Farrington Construction), Al Senecal (Owner, Omega Electric Construction) and Scott Ireland (President, S.D. Ireland).  With all three having previously consulted on the project, their familiarity with the development plans enabled the new local partnership to quickly file zoning permits and release their revised proposal to the city and community.

Taking into account feedback from the local community as well as the side effects that the pandemic has had the downtown business landscape, the new plans no longer include the once-proposed 196-room hotel, additional office space and two 14-story towers.  Instead, the plan calls for an increase in the number of housing units to a total of 426, including 84 that fit the criteria of “affordable housing”.  The two towers remain prominent design elements but are downsized to one 10-story tower and one 9-story tower, with the southern tower to also include a rooftop restaurant and observation deck.

While there remain many more hurdles that need to be jumped before construction can begin again, there is growing optimism that the new CityPlace concept could be the jumpstart that downtown Burlington needs after being hit hard by the global pandemic.  For more details check out the Seven Days article “A New Developer Team Wants a Shot at Building CityPlace Burlington”.

** If you are interested in learning more about the development / housing in Burlington and the surrounding communities please give Steve a call at [802] 846-9575 or email us at Team@LipkinAudette.com

Investing in real estate, like every other kind of investment strategy, is most effective when it’s uniquely personalized to an individual’s (or groups) risk tolerance, capacity and goals. 

While a lot of attention is paid to multi family properties that offer several units within the same building and/or property, purchasing a single family home as an investment property can offer certain advantages such as long-term renter stability, non-HOA property maintenance and lower management costs.

In a recent article published by RIS Media, author Meghan Belnap highlights four major qualities to look for when selecting a single family home as an investment property.  Click on the link below to read the entire article…

What to Look for in a Single Family Investment Property | RIS Media Housecall

If you are interested in getting started with investing in real estate or would like more information on the local investment property market, please give Steve Lipkin a call at (802) 846-9575 or email Team@LipkinAudette.com.