Homes still available at Timber Ridge as presales prepare to close

As the town of Vail and Triumph Development prepare for construction to begin on the new Timber Ridge development, the entities announced on Monday that there is a limited time left for individuals to purchase a unit pre-lottery sales.

Since sales for both businesses and individuals opened earlier this spring, nearly all of the 75 one-bedrooms have sold, with more than $102 million of homes reserved. In total, 135 homes have been reserved. Additionally, once presales close, the town of Vail will select $25.1 million of units to purchase.

As of Tuesday, Aug. 6, there are still 44 studios, 10 one-bedrooms, 47 two-bedrooms, 45 three-bedrooms and 14 four-bedrooms still available.

---

---

The project team reported this is a “last chance” for presales, with sales expected to shut down sometime this fall. After that date, any homes that remain unsold will be sold through a community housing lottery in the first half of 2025.

Once complete, the new Timber Ridge development will bring 294 deed-restricted units — and 555 bedrooms — of housing across seven buildings. A minimum of 87 homes have been reserved for individuals to purchase. 

---

---

The following home types will be available at the future Timber Ridge:

• Studio: Starting at $367,100 
• One-bedroom: Starting at $423,800
• Two-bedroom: Starting at $612,100 
• Three-bedroom: Starting at $869,300 
• Four-bedroom: Starting at $1,018,100  

With no price appreciation caps, the deed-restricted units only require that each home be occupied by at least one full-time employee of an Eagle County business as their primary residence, either owner-occupied or leased.

New homes were first made available for business owner buyers to reserve in March 2023. For the opportunity to secure a home and a preferred parking space, an initial $10,000 reservation deposit per unit was collected. Next, business buyers were to post a 10% earnest money deposit when they signed the purchase contract.

In May of this year, sales were opened to individual buyers. A contract for individual buyers requires a phased 5% earnest money deposit; 2.5% at signing, and then 2.5% when construction on their home begins. In purchasing a Timber Ridge Village home, there are no limits on household income or owning other residential real estate. Short-term rentals will not be allowed. HOA fees are projected to be between $470 and $660 per month depending on home size.

“In this ongoing housing crisis, the town of Vail continues to think outside the box,” said Vail Mayor Travis Coggin. “Our local business owners need homes for their employees, and with Triumph Development, we are offering new condominiums that are currently priced between 15% to 24% below comparable condo sales in Vail over the past two years.”

In addition to unit sales, Habitat for Humanity Vail Valley is planning on self-financing 10, three-bedroom homes at Timber Ridge for purchase by qualified buyers. Both the town of Vail and Eagle County will act as buy-down partners — each committing $2 million to the purchase. Habitat has committed to raising the remaining funding required. This will allow Habitat to issue zero-interest mortgages affordable to qualified buyers earning under 80% of the area median income.

With the development agreement recently finalized between Vail and Triumph, demolition of the current buildings and preparation of the site for the new modular homes will begin immediately. There will be one continuous phase of construction for the 294 homes with the first building complete before the 2025-26 ski season. The final buildings are expected to be complete by August 2026.

Triumph’s Michael O’Connor, who previously partnered with the Town of Vail to develop Chamonix Vail and Residences at Main Vail, said sales to individual locals have been very strong.

“Demand has been impressive because of the wonderful opportunity to own a new home, with modern finishes and parking, in the heart of Vail and on the bus line,” he said.

To learn more about Timber Ridge Village or to discuss purchase options, visit the project website at TimberRidgeVail.com/Contact or email TimberRidge@triumphdev.com.