Vail Commons deed-restricted home is for sale
Whoever wins the lottery will be able to buy a two-bedroom unit in Vail for about $211,000
Lottery applications for the resale of a home at Vail Commons are due to the town of Vail by 3 p.m. Monday, Aug. 18. Upload applications to https://vail.sharefile.com/r-radbb0bae3ae414f9 or schedule an appointment to drop off Monday through Friday between 9 a.m. and 3 p.m. at 75 South Frontage Rd. West, West building.
The 927 square foot, two-bedroom, two-bath home is located at 2090 Zermatt Lane, Unit A, in West Vail.
The lottery is open to any qualifying individual interested in purchasing the deed-restricted home for $211,820. To accommodate public health protocols, The Valley Home Store will conduct private showings at the property from 11 a.m. to 1 p.m. Wednesday, Aug. 12 and 1 to 3 p.m. Thursday, Aug. 13. Please schedule a 15-minute time slot during either of the two dates offered. Showings are limited to decision-makers only; please leave kids and friends at home. Sign up at https://calendly.com/valley-home-store/vail-commons-private-showing.
All attendees shall:
- Be eligible buyers as defined by Town of Vail deed restriction.
- Be pre-qualified for the purchase amount prior to scheduling a showing
- Wear their own mask.
- Refrain from touching surfaces.
- Follow social distancing and public health guidelines.
Applicants must meet the following basic eligibility requirements to qualify:
- Completed and signed Resale Lottery Application Form.
- 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.
A virtual lottery drawing will take place at 10 a.m. on Tuesday, Aug. 25. The applicant’s presence is not required. Up to five tickets will be issued to applicants based on the following:
- Meet minimum lottery participation criteria: one lottery ticket.
- Vail resident: one lottery ticket.
- Vail resident for equal to or greater than five years: one lottery ticket.
- Employed in Vail: one lottery ticket.
- Employed in Vail for equal to or greater than five years: one lottery ticket.
Maximum total: five lottery tickets.
Vail Commons homes have a resale price appreciation cap of 3% per annum plus any approved capital improvements. See the Employee Housing Guidelines, July 3, 2018, Vail Commons Master Deed-Restriction and Resolution No 21, Series of 2002 for additional information.
Additional information including applications and the deed restriction are located on the town’s website at https://www.vailgov.com/departments/housing/current-listings.
For more information, call Vail Housing Coordinator Lynne Campbell, 970-479-2150 or email firstname.lastname@example.org.