In an article recently written by Seven Days, it has been reported that Sugarbush Resort has applied for permits to build a four-story apartment building and three single family homes for employees. It would include 16 studio apartments and 176 bedrooms with shared living, dining, bathroom and laundry facilities. Right now, employees are currently being put up in local inns, dormatories and hotels. However, the demand for housing continues to increase as inventory continues to decrease. According to a local realtor in the Mad River Valley, there are only 5 homes for sale in the area he covers. In addition, land is expensive and building is coming in at roughly $400/sqft.
My take on the whole situation is pretty straight forward. We’re at a crossroads in Vermont right now with the state of housing. We don’t currently have enough housing for our population, yet we struggle to build and develop more for a variety of reasons. As a native Vermonter, I understand and appreciate the value we put on preserving our state. We take great pride in the fact that we have no billboards, that we conserve land and make Vermont a peaceful oasis to live in. However, there is a balance between that and simply not enough homes available for people to live in, especially first-time homebuyers. There has to be a middle ground that allows new housing to be built, while also understanding that most of us want to maintain what makes Vermont unique.
Read more about this article and reach out if you have any questions about the housing market today.