The contest for the 2017 DIY Network Ultimate Retreat in Burlington, Vermont opened on Monday (August 7, 2017) and will run until Wednesday (September 27, 2017). You can enter to win twice a day so what are you waiting for!
The home sits perched above Lake Champlain with its own dock and is worth a cool $1,114,508.54 (amazingly they do estimate the value down to the penny) when you factor in the $50,000 in cold, hard cash. The address is 21 Point Red Rock in Colchester, Vermont as shown in Google Map below (it’s not actually in Burlington proper).
Unfortunately, there is a rather large downside to winning this contest–income taxes! For tax purposes winning this home is treated like cash. We found this excellent tax analysis titled–Winning the 2017 DIY Network Ultimate Retreat in Burlington, Vermont Will Cost You in Income Taxes–that goes into all the details.
Long story short, the federal government and Vermont will send you an income tax bill of approximately $465,958! It varies somewhat by state depending on if the income tax is larger than in Vermont (you pay the difference to your home state), but it can never be lower than $465,958.
This is very disappointing since it is definitely a once-in-a-lifetime opportunity to win a home with such spectacular views. Most people will very likely have to take a mortgage on the home, but at least you will still have tremendous equity in it.
However, we simply are not to keen on the modern style of the home. We would have preferred something that adds to the historical architectural heritage of the area . . . why not a cute Victorian lakeside cottage?
Overall, this is great publicity for Northern New England and will hopefully encourage more folks “from away” to come check out our historic towns and villages.
Yet, we have to wonder when is New Hampshire going to get in on the action. Over the last few years, Maine was featured in the 2012 DIY Network Blog Cabin in Waldoboro, Maine, and Vermont was also featured in the 2011 HGTV Dream Home in Stowe, Vermont (which is the biggest contest of them all). Come on HGTV / DIY Network, share the love!
Unfortunately, we can’t seem to find a way to embed their videos, but if you want to see more of the house (inside and outside) you can find them here. Happy day dreaming!