Vail housing coordinator Nina Timm is clueless when she says, “You couldn’t buy a unit in Eagle or Gypsum for that price” ($225,544.11) in your story entitled “Values creating Vail homeowners,” by Vail Daily Staff Writer Scott N. Miller.
A quick, non-exhaustive search of the MLS listings showed several comparable properties to the one under discussion purchased by Melissa Law which were LESS than Law’s purchase price. Sure, these homes are located in Eagle, but there are many others in the valley, including Eagle-Vail, which offer comparable value.
Given the fact that the appreciation and resale values of market rate properties are not capped – unlike the property Law purchased, which does have caps – Law would have been much better from an investment and equity-building standpoint to purchase a market rate home. As it is, she’s locked her cash into a property that can’t be resold at a premium. In other words, she’s made a poor investment choice when it comes to home ownership.
I’ve listed the details of the two properties in Eagle that I’m talking about below, but you can find these and many others at http://www.vailmountainproperties.com. As a disclaimer, I’m not involved with that Web site or with the real estate business in any way shape or form, and I have no interest in any aspect of the real estate business from a financial standpoint.
Finally, as an individual, I think that affordable housing should be a part of any community, and I support the efforts of Vail to create additional affordable housing inside the town limits, especially for year-round residents.
The point I’m trying to make, though, is that contrary to popular belief, there are still some good values to be had in the Vail Valley when it comes to real estate. And if you’re really interested in building equity that you can cash in on at a later date (like when Law sends her children off to college and needs less space), you should make every effort to purchase a market rate unit.
The properties: MLS# V228057; $219,000; 3 Bedrooms; 2.5 Full Baths; 1 Half Baths; 1725 Sq.Ft.; 3 Stories. Area: Eagle Built in 1998.
MLS# V301603; $223,900; 3 Bedrooms; 3 Full Baths; 1729 Sq.Ft.; 3 Stories. Area: Eagle Eagle County. Built in 1999.