Second Miller Ranch lottery next month
The release of 30 more homes is set to start on April 4.
“The process is really quite simple,” says LuAnn Welch, vice president of sales and marketing for ASW Realty Partners, developer of the project. “We’re hosting the March fair to make certain interested people get all the help they need.”
This lottery comes just over a month after ASW sold the first release of more than 40 Miller Ranch homes. As in the first sale, loft condominiums, row houses, duplexes and single-family, detached homes – homes ranging in size from 820 to 1,511 square feet – will be offered at prices ranging from $120,000 to $260,000. Potential homeowners who wish to participate in the second lottery must submit an application by March 30.
“The hopes and dreams of Miller Ranch is that true community building will be created by people who live and work and make Eagle County strong,” says County Commissioner Arn Menconi.
Applicants are given priority in the lottery based on the length of time they have lived and worked in Eagle County, but short-term residents are welcome to apply.
“Some buyers in the first sales release have worked in the county for as few as three months,” Welch says. “Simply working in Vail or Eagle County and having 75 percent of your income come from an Eagle County business is all it takes to qualify. There are no income restrictions, and 50 percent of the homes are intended for current Vail residents who otherwise may not have the opportunity to own a home in the area.”
Although the town of Vail accepted a $1 million offer from Eagle County to step out of the Miller Ranch project, the agreement says half of the homes will remain available for employees within the town of Vail. The deal left Eagle County and ASW Realty Partners as the developers of the project.
The homes at Miller Ranch will appreciate as much as annual wages grow in Eagle County. Last month, commissioners approved a floating deed-restriction cap of between 3 and 6 percent that will change according to the average wage increase in the county.
“The first lottery was so heart-warming, seeing the number of children that showed up as their parents selected their homes,” Menconi says. “This community will have a lot of young families and children will have access to public parks and recreation and public schools.”
Miller Ranch is a project within the larger Berry Creek development. The public-private development joins privately held ASW Realty Partners with Eagle County, the Town of Vail, Eagle County School District and Colorado Mountain College in building a community that provides affordable housing, education and recreation facilities and open space in a neighborhood setting. County commissioners also have agreed to advance money to build a community center and a day-care facility at the project.
“We were looking for the community life,” says homebuyer Judy Regrut, who with her husband and their 18-month-old twins purchased a single-family home in the February sale. The Regruts were one of 77 interested parties to attend the first sales release.
Construction of the first 97 Miller Ranch homes started earlier this month, with the first move-in dates set for September, less than a year after the inaugural ground-breaking and about three and a half years after the master-planned community was conceived by Eagle County commissioners.
Home Buyer’s Fair
What – ASW Realty Partners is hosting a Home Buyer’s Fair to help interested buyers with the application and home buying process.
When – From 11 a.m. to 2 p.m. today.
Where – Miller Ranch Sales Center, 0770 Miller Ranch Rd., Edwards.
How – To apply for the sales lottery, potential buyers must:
– Submit an application by March 30. Applications are available on the Miller Ranch Web site – http://www.millerranchhomes.com – and from the Miller Ranch Sales Office at 0770 Miller Ranch Rd, 926-8578.
– Provide documentation of current employment and residency, including the number of years they have lived and worked in Eagle County.
– Provide a pre-qualification letter from a lender. ASW’s preferred lender is Wells Fargo Home Mortgage. Wells Fargo is very experienced with town of Vail and Eagle County affordable-housing and buying-assistance programs, including the county’s Mortgage Credit Certificate program and the bank’s Zero Down program.
– Submit the application to ASW Realty Partners at the Miller Ranch Sales office. The office is open seven days a week, 10 a.m. to 5 p.m. In addition to helping buyers at the Home Buyers Fair in March, ASW sales associates are available by appointment to help with the application process.
Additional information about Miller Ranch, the upcoming sales lottery and Home Buyers Fair are available by calling 926-8578 or visiting http://www.millerranchhomes.com.
Veronica Whitney can be reached at 949-0555, ext. 454, or at email@example.com.
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