Vail Daily’s View: Eagle County all too eager to dump Lake Creek Village
Vail, CO, Colorado
We wish Eagle County would quit flirting with selling Lake Creek Village, an affordable-housing apartment complex.
As the property managers who recently took their $53 million offer to buy the complex off the table said, the property is worth a lot less now than it was six months ago.
Yes, so are lots of properties in Eagle County and across the nation.
Lake Creek is also worth a lot less than it will be in time. How long a time remains guesswork: Six months, six years? The smart money is much closer to the former than the latter, we believe. But that’s not the point.
The point is that now is right in there for the worst time for the county to sell if the people who manage the public’s money are prudent.
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The county’s goal to reinvest the gain from selling Lake Creek to a company that contractually would keep the complex as affordable housing is laudable enough.
We’re not opposed to using the profit to add to the county’s affordable-housing stock.
Now is just not the time.
The county opened the field of bidders for the property beyond Corum. Maybe someone among the half-dozen new bidders will do a good job with it. Who knows?
The county’s logic is interesting: Now’s a good time to sell because prices are low.
Smack your forehead. The experts in real estate are not selling unless they absolutely must in these times.
But the county, which, of course, is made up people much smarter than you, we or the professionals in the field, has deemed this a great time to sell.
They sell low and pluck properties off the market that also are selling for less than otherwise.
Maybe that would work, and if the county commissioners were running a hedge fund, running counter to the conventional thinking about this might be a great, great move.
The problem is they plan to gamble with public money in a strange time to sell.
Why not go with prudence and get the most out of the investment instead of the least?
That makes more sense, at least to us.