Vermont Median Real Estate Prices Slipped In Early WinterMONTPELIER Median prices of single-family homes in Vermont fell a bit in late fall and early winter compared to a year earlier, though the decreases were much less than were seen in many other states, according to the April – May issue of Vermont Property Owners Report. The slight dip came after several years of declining sales volume in Vermont.The median price of single-family primary homes processed by the Vermont Tax Department in the November 2007 through February 2008 period $204,400 was 2.6% lower than in the same time period a year earlier, and 6.6% lower than in the May to August period last summer, the newsletter said.The median price was particularly low in December, then rose above $200,000 again in January and February. Data for sales processed in March indicates the median price has remained level, though this is a time of year when there are relatively few sales processed by the state.The early winter decline in the Vermont median sales price was not as large as occurred elsewhere, partly because Vermont has had less subprime mortgage lending and foreclosure activity than other states. According to the Case-Schiller index of existing-home prices in 20 large cities nationwide, home values in January 2008 were 10.7% lower than in January 2007. In Miami, FL, housing values dropped 19.3% over the same time period.Median prices for single-family homes in Vermont have been rising for many years, but the rate of increase slowed in recent years as sales volume dropped off. In 2004, there were 8,388 single-family primary home sales processed by the state; by 2007, that number dropped to 5,586, a 33% decline.The overall real estate sales volume continued to fall in recent months. In the November 2007 to February 2008 period, the number of property transfer tax returns submitted to the state fell 21.4% from the same time a year earlier. Property transfer tax revenues were off 26.5%.Heavy snows and a falling stock market may have aggravated the late fall and early winter slowdown in real estate activity here. Vermont real estate brokers are optimistic that sales will pick up this spring and summer, since the inventory of properties for sale has grown, sellers are more realistic about asking prices, and there may be some pent-up demand for housing. But increasing talk of a national recession, along with tighter mortgage lending standards, could pose obstacles for real estate sales in the near term.(Vermont Property Owners Report is a Montpelier-based subscription newsletter, founded in 1986, about Vermont and Vermont real estate. For more information, go to www.vermontrealestatetoday.com(link is external), or call 802-229-2433.)###
Sign up for our COVID-19 newsletter to stay up-to-date on the latest coronavirus news throughout New York A body was found in the Atlantic Ocean off Montauk Point a day after the family of a 27-year-old Ronkonkoma man reported him missing over the holiday weekend, authorities said.New York State Parks Police said they found the man’s vehicle at Montauk State Park after the victim’s family filed a missing person’s report with Suffolk County police on Saturday. A half dozen law enforcement agencies joined the search.Boaters aboard a private vessel reported finding a body at 3:30 p.m. Sunday in the water. The U.S. Coast Guard recovered the body, which was taken to the Suffolk County Medical Examiner’s office to determine the identity and cause of death.The case marks the second time this summer that someone was found dead in the water off Montauk Point. In a third case, a fisherman who fell overboard from a boat was found alive after 12 hours.
A total of 61,761 barrels of propane gas have been shipped to Italy from Libya’s Zueitina Port, the country’s National Oil Corporation (NOC) said on May 20.As informed, the shipment is the first of its kind to Italy since the Zueitina gas plant in eastern Libya ceased operation four years ago.The cargo was transported on board the Gaz Concord, according to NOC. The 9,102 cbm LPG tanker, operated by Greek Naftomar Shipping and Trading, departed Zueitina on May 17, VesselsValue’s data shows.The gas plant at Zueitina Port resumed operation in January this year. It had been closed due to a shortage of gas supplies and blockades in the region.World Maritime News Staff