New affordable housing in Gypsum ready soon | VailDaily.com
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New affordable housing in Gypsum ready soon

Katie Drucker
kdrucker@eaglevalleyenterprise.com
Gypsum, CO Colorado
Special to the Vail DailySawatch View Condominiums, located west of Costco in Gypsum, is a new affordable housing project. Condos will be ready in November and will range in price from $168,000 to $287,735.
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GYPSUM, Colorado –Locals looking to take advantage of the $8,000 federal housing tax credit for first-time home buyers have a new affordable option in Eagle County – Sawatch View Condominiums in Gypsum.

But prospective buyers better act fast. The tax credit is applicable only through November.

Sawatch View Condominiums, located on 3.5 acres north of Quail Run and Mountain Glen and west of the Western Eagle County Ambulance District building, is a new affordable housing project. The condominiums range in price from $168,000 to $287,735. The first phase of the project includes 18 one-to-two bedroom condominiums. Half of those units are free market and half are deed restricted.



However, unlike most deed-restricted housing, there is no re-sale price cap. Instead, to qualify for this housing the buyer must:

• Occupy the unit.



• Be a full-time resident in Eagle County.

• Own no other real estate.

• Earn 65 percent of income from within Eagle County.



• Prove residency and/or employment.

• Pre-qualify for a home purchase with a bank or qualified lending institution.

• Agree to resell housing only to another qualified purchaser.

“We are targeting young professionals with steady incomes, like teachers and public servants,” said Rick Beveridge, developer of Sawatch View Condominiums.

The gross annual income to qualify for these units is $34,000 to $49,144, with no other debt.

“If you qualify you can essentially walk in the door with no money down,” said Beveridge.

There is 100 percent financing available to purchase a condo and for five early purchasers, the developers will rebate 5 percent of the closing cost.

“They are good quality but still affordable,” said Beveridge.

The new project is energy efficient and has its own bus stop. Owners have the the option to purchase units with 19 x 24 garages. All units have low maintenance stucco siding, a washer and dryer and more amenities.

“You can spend time playing rather then spend time taking care of your house,” said Beveridge.

For more information of Sawatch View Condominiums call 970-328-7444 or visit http://www.bevrealestate.com.


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