Town to acquire residential property in West Vail neighborhood
The town of Vail is set to acquire an existing home in the West Vail neighborhood as part of its ongoing buy-down program for employees working at a business in Eagle County or the Vail town government. The home is located at 2059 Chamonix Lane, Unit 11, within the Vail Heights 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 $548,000 plus closing costs for the one-bedroom, one-bath home is a demonstration of the Town Council’s commitment to the goal. The closing is scheduled for July 20.
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 rented to an employee of the town of Vail municipal government. The town is the fourth largest employer in the community.
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.
This is the fourth home to be acquired through the buy-down program within the past three months. Potential or future sellers of homes should consider contacting the town of Vail Housing Department about their desire to sell their homes.
Following this latest closing, 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. In 2017 the Vail Town Council 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 the community through the creation and support of resident homes in Vail.
For additional details, contact George Ruther, town of Vail housing director, at 970-376-2675 or email@example.com.