Vail Chamonix townhome is now up for lottery, then sale
Prospective buyers must meet basic eligibility requirements
Lottery applications for the resale of a home at Chamonix Vail are due to the town of Vail Housing Department, 75 South Frontage Road, by 10 a.m. Monday, May 18. The 1,581 square-foot, three-bedroom, three-bath, two-car garage home is located at 2387 Lower Traverse Way Unit B, in West Vail.
The lottery is open to any qualifying individual interested in purchasing the deed-restricted unit for $619,364. Due to the COVID-19 pandemic, a virtual tour of the home is offered and can be viewed at http://www.valleyhomestore.org. The prospective buyer will have an opportunity to tour the home in person shortly after the lottery selection is completed.
Applicants must meet the following basic eligibility requirements:
- Completed and signed Resale Lottery Application Form and necessary attachments.
- A pre-qualification letter from a mortgage lender demonstrating financial ability to purchase the employee housing unit, if selected.
- Verification of successful completion of a town of Vail-approved homebuyer education class or signed acknowledgment of intent to do so within six months of the resale lottery drawing date.
The lottery drawing will take place virtually at 10 a.m. Wednesday, May 20 via an open Zoom meeting and will be based on a weighted lottery system. Up to five lottery tickets will be issued to applicants based on the following:
- Meet minimum lottery participation criteria: one ticket.
- Vail resident: one ticket.
- Vail resident for equal to or greater than five years: one ticket.
- Employed in Vail: one ticket.
- Employed in Vail for equal to or greater than five years: one ticket.
- Maximum total: five lottery tickets.
Chamonix Vail homes have a resale price appreciation cap of 1.5 percent per annum plus any approved capital improvements.
Additional information including applications and the deed restriction are located on the town’s website at http://www.vailgov.com/departments/housing/housing-lottery-information.
For more information, contact George Ruther, the town’s housing director, at 970-376-2675 or email@example.com.