HGTC Dream Home Contest Underway @ hgtv.com/dreamhome (Video)

The newest HGTV Dream Home 2011 has been announced and it’s a luxury filled mountain home in Stowe, Vermont.

The announcement came during the HGTV special on New Year’s Day.

The spectacular home, nestled beneath the magnificent Mt. Mansfield, is part of a $2 million grand-prize package that includes a 2011 GMC® Acadia® Denali® and $500,000 cash. The prize will be awarded to one lucky viewer in March, 2011. Until then, online users can see a photo gallery and a 360-degree virtual tour of the custom-designed home at HGTV.com/dreamhome.

The HGTV Dream Home Giveaway 2011 will be open for entries beginning Saturday, January 1 at 9 a.m. ET through Friday, February 18 at 5 p.m. ET. Entrants may enter once per day on HGTV.com as well as once per day on HGTV’s Frontdoor.com or as often as they wish by regular mail.

Time lapsed video of the HGTV Dream Home 2011: