Vail Town Council purchases one-bedroom, one-bath condo unit for workforce housing
VAIL — The Vail Town Council is taking another step forward toward achieving the Vail 2027 Housing Plan goal of acquiring 1,000 new deed restrictions by 2027. At its Tuesday, Dec. 4, evening meeting, the Council unanimously approved a resolution to purchase a one-bedroom, one-bath, 644-square-foot condominium at Vail East Lodging, located at 4133 Spruce Way in East Vail. The purchase price is $309,500.
The Town Council approved the use of the town’s housing funds to purchase the home. The current owner approached the town’s housing staff to inquire whether the town had an interest in purchasing the home. The current owner, a long-time resident, is interested in purchasing another home in Vail to meet the needs of a growing family. In the end, it is most likely the town will use the property to provide a home for a town of Vail employee and his or her family.
The town will take possession of the home after the first of the year. According to Steve Lindstrom, chairman of the Vail Local Housing Authority, “The purchase of this home further preserves and protects an existing home in Vail for a local resident to live.”
Preserving and protecting existing homes for local residents has been identified as a way for the town to meet its housing goal without having to build new homes elsewhere in town or increase density in existing neighborhoods.
For more information, contact George Ruther, housing director, at 970-376-2675.
The valley’s commercial and residential property markets are similar in some ways — availability is tight and nothing is what you’d call “cheap.”