Vail talks Chamonix housing details
Vail, CO Colorado
Who they talked to: Andy Knudtsen, of Economic Systems and Planning.
What they talked about: Vail should build two- and three-bedroom condos and townhomes in the $250,000 to $400,000 price range at Chamonix, a 5.5-acre site where the town plans to build a work-force neighborhood.
Knudtsen, a Denver land-use researcher, did a study on other affordable homes in the area to find out what buyers wanted and how much they were willing to pay.
Top amenities listed by potential Vail buyers were nearness to ski and recreation opportunities, garages, yards and basements.
The top factor for buyers was price, Knudtsen said.
“There’s just been no product in Vail that’s been affordably priced,” he said. “Many buyers are just completely not interested in Vail. They see it as a place to ski, but it’s congested and expensive. Many people start in Avon and never make an attachment to Vail.”
He advised the town to apply for Federal Housing Administration financing for the project, start talking to developers and to watch the economic market.
“The market is not moving right now, and it’s not realistic to expect to break ground any time soon,” he said.
What’s next? The town will need to decide how much it will subsidize the homes to keep them affordable. Vail will get a more specific description of the project to send out to developers in hopes of getting the project going in 2010, said Councilman Andy Daly.
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