Vail holding lottery for two deed-restricted homes
New owners of two deed-restricted homes will be chosen July 22
The town of Vail is preparing to accept applications from qualified applicants for the sale of two homes in separate housing lotteries on the same day.
The homes, a townhome in West Vail and a condominium in East Vail, are deed-restricted with sales prices of $635,000 each, well below market value. Applications for both lotteries are available from the town of Vail and are due by 3 p.m. July 14.
The West Vail home is a Chamonix Vail Townhome located at 2347 Upper Traverse Way Unit B. This is a 1,581 square-foot, three-bedroom, three-bath, two-car garage townhome. The Chamonix Vail townhomes were built in 2018.
The East Vail home is a Pitkin Creek Park Condominium located at 4061 Bighorn Road, #12L. This is a 1,146 square-foot, two-bedroom, two-bath condominium with loft space, bonus room and one designated parking space. Amenities include an on-site grocery and liquor store, pool, hot tub and a nearby bus stop.
Both homes have a 1.5% annual appreciation cap.
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The Valley Home Store will host open houses of the two residences from 4-6 p.m. Thursday, July 7 and 12-2 p.m. Wednesday, July 13.
Applications for the two housing lotteries are due to the Town of Vail by 3 p.m. Thursday, July 14. Only one application is needed for the two drawings, but applicants will need to complete a bid sheet per property to accompany the application. Lotteries are scheduled to begin at 10 a.m. Friday, July 22 in the Vail Town Council Chambers and applicants are welcome to attend though are not required to be present. All tickets will be drawn to determine the winners of each home and reserve lists should the winners be unable to complete the process.
Each qualified applicant will receive a minimum of one lottery ticket for entry into the drawings. Additional tickets will be awarded, up to a maximum of five, based upon the following criteria:
- Meet minimum lottery participation criteria = 1 lottery ticket.
- Vail resident = 1 lottery ticket.
- Vail resident for equal to or greater than five years = 1 lottery ticket.
- Employed in Vail = 1 lottery ticket.
- Employed in Vail for equal to or greater than 5 years = 1 lottery ticket.
Lottery applicants must meet basic eligibility requirements to qualify:
- The residence must be used as an owner-occupied primary home.
- Applicants must be employed at a legitimate Eagle County business and must work a minimum of 30 hours per week on an annualized basis and continue working that same amount until the sale of the property or retirement.
- A total of 75% of the applicant’s total income must be earned by working at an Eagle County business.
- Applicants must agree to an annual maximum price appreciation cap percentage as stated in the deed restriction.
- Neither the applicant nor any member of the applicant’s immediate family may own improved residential real estate in Eagle County at the time of closing, except where that real estate is deed-restricted as a town of Vail employee housing unit, subject to the terms of the deed restriction.
Applicants must reapply for each new lottery in the future.
For more information, contact Vail Housing Coordinator Martha Anderson at 970-471-9503 or Missy Johnson at 970-479-2150 or email email@example.com.