CIDER (Champlain Islands Developing Essential Resources) has partnered with Cathedral Square (a leading creator of affordable housing with services for older adults and people with special needs) to bring this multi million dollar project to the Champlain Islands and it is now officially underway! 

Over the last 15 years CIDER and Cathedral Square have been working hard to come up with an affordable senior housing solution for the Grand Isle County community. The new senior living facility will be known as Bayview Crossing and the nonprofit CIDER will have a new office at this location as well. It will house 30 apartments for older adults, a variety of amenities and services for residents, and an office space for CIDER. It is planned to be a mixed-income community, with apartments at both market-rate and subsidized rents. 

The groundbreaking ceremony of Bayview Crossing took place on September 22th behind Community Lane. The town of South Hero welcomed community members onto the site and provided information as well as acknowledgements. The program also included many brief remarks from members of the Vermont Government such as Governor Phil Scott, Grand Isle’s Senator, Dick Mazza as well as C.I.D.E.R’s Executive Director, Robin Way and Cathedral Square’s CEO Kim Fitzgerald. 

Watch the video below to learn more or call Cathedral Square at 802-863-2224 to get rental information!

The Northwestern Vermont Board of REALTORS® (NVBR) has released its market statistics for August 2021. The information is derived from data contained in the New England Real Estate Network and covers Chittenden, Franklin and Grand Isle Counties.

The booming U.S. housing market has spilled over to the rental market, which has seen demand for apartment and single-family rentals skyrocket this year, as high sales prices and an inadequate supply of available housing have forced many prospective buyers to rent for the foreseeable future. Increased demand for housing, along with an improving economy, has competition for rental units soaring, and landlords are taking note, with the national median rent increasing 11.4% in 2021 so far, according to Apartment List.

New Listings decreased 21.7 percent for single-family homes and 15.2 percent for townhouse-condo properties. Pending Sales decreased 4.5 percent for single-family homes and 16.1 percent for townhouse-condo properties. Inventory decreased 37.3 percent for single-family homes and 36.5 percent for townhouse-condo properties.

The Median Sales Price was up 23.4 percent to $412,000 for single-family homes and 1.6 percent to $249,000 for townhouse-condo properties. Days on Market decreased 57.1 percent for single-family homes and 31.4 percent for townhouse-condo properties. Months Supply of Inventory decreased 42.3 percent for single-family homes and 38.5 percent for townhouse-condo properties.

In new construction, home builders continue to struggle to meet buyer demand, as housing starts nationwide dropped 7% last month, according to the Commerce Department. Single-family home construction declined 4.5%, and multi-family home construction, which includes condos and apartment buildings, was also down, falling by 13%. Labor shortages, rising material costs, and supply-chain setbacks continue to challenge builders, with some projects temporarily paused due to availability and cost of materials.

If you have questions about the real estate market please contact us at (802) 372-5777.

As we head into September we’re savoring the last of the Summer moments. While we will miss Summer, Autumn is one of our favorite times of year in the Champlain Islands. Cool mornings, warm days, and the smell of Fall in the air.

During this time of transition while kids head back to school there is a temporary pause for some families searching for their next home. Continuing into Fall, new listings will come on the market as sellers prepare to list and sell their home before the end of the year. Despite being in a tight market, we have helped buyers and sellers navigate this fast paced market to get the best terms possible. Coldwell Banker Islands Realty remains busy as ever helping guide our clients into their next home.

Throughout the country businesses are struggling to find workers and this is being felt in our community. Are you or someone you know searching for a job opportunity? Read to see who is hiring in Grand Isle County. Let's get back to work, Vermont!