The Vail Town Council has approved the purchase of two units used to increase inventory of community employee housing.
The town plans to acquire a two-bedroom, two-bath unit in Eastvale’s Pitkin Creek Condominium for $ 975,000 and a Westvale three-bed, three-bath chamonics veil town home unit for $ 634,940. The property at Pitkin Creek will be closed on June 16th and Chamony will be closed on June 21st.
This is part of the city council’s greater impetus and goal to increase housing supply to residents all year round. It also Buying another Pitkin Creek Condo For the same purpose in early May.
The council’s goal is to obtain an additional 1,000 certificate limit by 2027, according to the Vail Housing Strategy Plan adopted in 2017. Following the recent acquisition, the town’s certificate-restricted home inventory will increase to approximately 950 units.
Pitkin Creek Condo
Certificates will be restricted as part of the town’s acquisition program, which was established in 1999 after the Pitkin Creek Condo was purchased in the town.
Or, as Council member Jen Mason said on Tuesday, “We are a proud owner, selling it to someone else who will be a proud owner, and limiting the certificate. I hope. “
The unit was listed for $ 1.2 million, but the town has a $ 975,000 contract with the seller. City council packet notes..
Under the restrictions of this certificate, real estate may be sold to a local Vail resident employed by a Vail City employee town or Eagle County business. According to the memo, the unit “subjects to the terms of the certificate limit at a price of $ 625,000.”
The memo also stipulates that if a town official does not purchase a unit, it will be provided to qualified residents through the lottery sales process.
Condominiums have a long history of worker housing. According to the town, it was built in the 1980s and the house was sold at a low price of $ 82,000 with limited certificates. However, seven years later, the certificate restrictions were lifted and the condominiums in the complex began selling at market-level prices. Recently, a two-bed, two-bath in the complex sold for $ 1.1 million, according to staff notes.
Chamony Town Home
The second property approved by the council on Tuesday is in the Chamony Vail Town Homes area. The neighborhood of this 32 units was completed in 2018 to provide the town with a labor force housing with limited certificates. As part of these behavioral restrictions, the town is given the first option to buy a unit for sale in the neighborhood.
The certificate limit condition also limits the maximum resale price of the unit in question to $ 634,940.
According to town lawyer Matt Maia at a meeting on Tuesday, after the unit is closed, the town will “fine-tune certificate limits and play lottery tickets for resale” at its price.
A City council packet notes The tweaks will specifically require that “at least 75% of the income of qualified residents come from businesses in Eagle County.”
The memo further states, “The lottery selection process is scheduled to take place in mid-July and will be temporarily closed in late August or early September, depending on the conditions.”
This story used information from a press release in the town of Vail.
Reporter Ali Longwell can contact [email protected]