Affordable home seekers offered refund in Edwards
Edwards, CO Colorado
EDWARDS, Colorado ” The developer of The West End in Edwards, Colorado is refunding the deposits of more than 70 people that wanted to buy work-force and market-rate condominiums.
The West End ” a combination of homes, shops and offices planned for the northwest corner of the main Edwards intersection ” was supposed to break ground in April, but stalled because the developer has had trouble getting financing for the project.
“It wasn’t surprising,” said Don Marcotte of Midtown Group, the project’s developer. “We’re hoping to lock in the financing by the first quarter of next year.”
With the project stalled, it made sense to offer a refund to anyone that put a deposit on a home, Marcotte said.
Midtown Group had 55 people under contract for deed-restricted work force homes and 22 for market-rate condos, said Michelle Horack of Gateway Development, who is handling the applications for the homes. The deposits were $2,500 for a work force spot and between $15,000-$40,000 for the market-rate product.
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In addition to a refund, the buyers were offered a chance to pay to reserve a condo for when the developer gets financing for the project. Reservations are $500 for work force homes and $5,000 for market rate condos.
There has been a lot of interest in the reservations, Horack said.
“We’re still in the process of going through (the refunds), but there is strong interest,” Horack said. “In the last week-and-a-half we’ve had quite a bit of interest over the Internet and walk-ins. There seems to be even new people coming in.”
Interest in the condos was so high the day Gateway started accepting applications in January, area residents camped overnight in the hallway outside the Edwards office for a chance to get one.
Avon resident Heather Somerville stayed in line for hours to apply for a home. She got her refund last month, but hasn’t put down a new deposit to reserve a condo.
“It’s frustrating,” Somerville said. “I’m scared I won’t get a loan anyway.”
Somerville said she got a letter in the mail notifying her she was eligible for the refund.
Despite the project being delayed, Marcotte said they’ve still had a lot of interest in the development.
“We’re still excited about it ” we’ve still got some great interest in it,” Marcotte said. “We just have to get through these rough financial times.”
Once the developer has the financing, the project should move quicker, he said.
“After our construction dollars are finalized we could probably get a grading permit within three weeks,” Marcotte said. “The project will be built.”
Staff Writer Chris Outcalt can be reached at 970-748-2931 or email@example.com.