Real estate sales still going crazy at Okemo

I think this is crazy money to spend for property that CAN NOT be a primary residence. What is even more unfair is that their taxes are higher than residents...and they can't even use the schools. Vermont has been sticking it to the second home owner (especially out of staters) for a long time. One more thing - by prohibiting residency that also stops the owners from being able to legally vote in that jurisdiction. Much easier to tax folks who can't vote, eh?
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Buyers commit to $38.5M in Okemo housing

April 14, 2006

Rutland Herald Staff

LUDLOW — Potential stakeholders in Okemo's latest growth were given their first taste of Jackson Gore II real estate last weekend.About 100 people paid a $5,000 deposit to participate in Saturday's real estate selection event hosted by Okemo Mountain Resort owners Tim and Diane Mueller at the Jackson Gore Inn's Coleman Brook Tavern.Four hours later, the Muellers walked away with a $38.5 million commitment to the purchase of 65 new, whole-ownership residences at Jackson Gore II.This is the first time in more than a decade whole-ownership residences are being offered by Okemo.The Jackson Gore Phase II project consists of three residential buildings — the Adams, Coolidge and Bixby Houses.The Adams Building is a fraction-ownership property and offers a quarter share for one week a month, but Okemo public relations director Bonnie MacPherson said the resort wanted to offer an alternative. "We wanted to open up the market to a different clientele based on demand and what the market would bear," she said.In terms of construction, single ownership requires less need for locker and storage spaces.However, single owners will not be allowed to occupy the residence on a full-time, year-round basis as the Act 250 permit for Jackson Gore II stipulates.This was put in place so the Jackson Gore II facility did not place a burden on the area's municipal or educational services — a concern expressed during the Act 250 hearings by watchdog group Mount Holly Mountain Watch."It can't be someone's primary residence. That's very much intact," MacPherson said.A giant floor plan of the Coolidge House, with 35 units, and the Bixby House, with 30 units, was presented, and interested buyers were able to select residences at pre-construction prices.

The residences vary in size from studio to three-bedroom condominiums, and commitments ranged in price from $378,000 to $2.2 million.MacPherson said the Jackson Gore II residences feature high-quality craftsmanship that demand a higher price.The selection process was a first for Okemo, and followed the success of a similar event at the Mueller's Crested Butte Mountain Resort in Crested Butte, Colo. Formerly, residences were offered through real estate listings and other traditional means.A 120-person capacity fitness center and a 500-person capacity conference center also are being built as part of the development.Construction on the Adams House and the fitness center is under way. Construction on the Bixby House is scheduled to start in early August.