Vail approves purchase of two residential properties for deed restriction

The second property cleared for purchase by the Council is the Chamonix Vail Townhomes property. This 32-unit neighborhood was completed in 2018 to provide restricted-act labor housing in the city.
Vail Daily Archive

The Vail City Council has approved the purchase of two units that it will use to increase its inventory of employee housing in the community.

The city is set to acquire a two-bedroom, two-bathroom unit at Pitkin Creek Condominiums in East Vail for $975,000 as well as a three-bedroom, three-bathroom unit Chamonix Vail Townhome in West Vail for $634,940. The Pitkin Creek property is scheduled to close on June 16 and Chamonix on June 21.

This is part of a larger push and the city council’s goal to increase its housing supply for year-round residents. It is also closely following the purchase of another Pitkin Creek Condominium for the same purpose in early May.

The board’s goal is to acquire an additional 1,000 deeds of restraint by 2027, according to Vail’s strategic housing plan, which was adopted in 2017. Following the most recent acquisitions, deed housing inventory limited in the city will increase to nearly 950 units.

Pitkin Creek Apartment

After the city purchases the Pitkin Creek Condominium, it will be subject to deed restrictions under the city’s buyout program, which was established in 1999.

Or as Council Member Jen Mason said on Tuesday, “We’re the proud owners and we’re going to hopefully sell it to someone else who will be the proud owner of it and it’ll be deeded. restricted.”

While the unit was listed for $1.2 million, the city is under contract with the seller for $975,000, according to a note in the file of the Town hall.

Under this deed restriction, the property may be sold to either a City of Vail municipal employee or a local Vail resident employed in an Eagle County business. According to the memo, the unit will be “subject to the terms of a deed restriction at a price of $625,000.”

The memo also states that if the unit is not purchased by a municipal city employee, it will be offered through a lottery sale process to a qualified resident.

The condominium complex has a long history of workforce housing. According to the city, it was built in the 1980s, with homes under deed restrictions and selling for as little as $82,000. However, after seven years, the deed restrictions expired and condominiums in the resort began selling at market prices. Most recently, a two-bed, two-bath at the resort sold for $1.1 million, according to the staff memo.

Townhouse in Chamonix

The second property cleared for purchase by the Council on Tuesday is the Chamonix Vail Townhomes property. This 32-unit neighborhood was completed in 2018 to provide restricted-act labor housing in the city. Under these deed restrictions, the city has the first option to purchase units for sale in the neighborhood.

The terms of the deed restriction also cap the maximum resale price at $634,940 for the unit in question.

After that unit closes, the city intends to “modify the deed restriction and run a resale lottery” at that price, according to City Attorney Matt Mire at Tuesday’s meeting.

A note in the file of the Town hall says the amendment will be to specifically require that “at least 75% of a qualified resident’s income be from a business located in Eagle County.”

The memo further states that “the lottery selection process is expected to take place in mid-July with a tentative close in late August or early September, subject to conditions.”

This story used information from a City of Vail press release.

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