Vail to purchase residential property in East Vail area
Pitkin Creek condo sold for $610,000
The town of Vail is set to acquire an existing home in the East Vail neighborhood as part of its continuing buy-down program for employees working at a business in Eagle County or the Vail town government.
The home is located at 3931 Bighorn Road, Unit L-5 within the Pitkin Creek Condominiums. Increasing the supply and availability of homes for year-round residents is a critical goal of the Vail Town Council. The purchase price of $610,000 for the recently remodeled one-bedroom, one-bath home is a demonstration of the council’s commitment to the goal. The closing is scheduled for May 31.
Once acquired, the property will be deed-restricted as part of the town’s buy-down program established in 1999. The home will then be either sold to a town of Vail municipal employee or sold to a Vail resident employed at a business within Eagle County. The town is the fourth largest employer in the community.
The Pitkin Creek Condominiums were one of the town’s earliest developments aimed at addressing the need for housing for local residents. Developed in the early 1980s, the homes were deed-restricted and sold for as low as $82,000 for a one-bedroom, one-bath home. The deed restriction recorded on the properties expired after seven years and home prices have increased dramatically. A two-bedroom, two-bath home in the complex recently sold for more than $1.1 million.
The town budgets annually for such purchases and has made previously acquired homes available in separate actions to employees throughout the community as well as municipal employees.
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Following the East Vail acquisition, the deed-restricted housing inventory within the town of Vail will increase to nearly 950 homes with an added 72 new homes coming soon at The Residences at Main Vail. The Council in 2017 renewed its focus on addressing the housing challenges facing the Vail community through the adoption of the Vail Housing 2027 Strategic Plan. The plan set forth the goal of acquiring 1,000 additional deed restrictions by the year 2027 and the importance of maintaining and sustaining community through the creation and support of resident homes in Vail.
For more information, contact Vail Housing Director George Ruther at 970-376-2675 or gruther@vailgov.com.