The city of Vail is about to accumulate an present residence within the East Vail neighborhood as a part of its persevering with buy-down program for workers working at a enterprise in Eagle County or the Vail city authorities.
The house is situated at 3931 Bighorn Highway, Unit L-5 inside the Pitkin Creek Condominiums. Rising the provision and availability of properties for year-’spherical residents is a vital purpose of the Vail City Council. The acquisition value of $610,000 for the just lately transformed one-bedroom, one-bath house is an indication of the council’s dedication to the purpose. The closing is scheduled for Might 31.
As soon as acquired, the property shall be deed-restricted as a part of the city’s buy-down program established in 1999. The house will then be both offered to a city of Vail municipal worker or offered to a Vail resident employed at a enterprise inside Eagle County. The city is the fourth largest employer in the neighborhood.
The Pitkin Creek Condominiums have been one of many city’s earliest developments aimed toward addressing the necessity for housing for native residents. Developed within the early Nineteen Eighties, the properties have been deed-restricted and offered for as little as $82,000 for a one-bedroom, one-bath residence. The deed restriction recorded on the properties expired after seven years and residential costs have elevated dramatically. A two-bedroom, two-bath residence within the advanced just lately offered for greater than $1.1 million.
The city budgets yearly for such purchases and has made beforehand acquired properties obtainable in separate actions to staff all through the group in addition to municipal staff.
Following the East Vail acquisition, the deed-restricted housing stock inside the city of Vail will enhance to just about 950 properties with an added 72 new properties coming quickly at The Residences at Fundamental Vail. The Council in 2017 renewed its concentrate on addressing the housing challenges going through the Vail group by the adoption of the Vail Housing 2027 Strategic Plan. The plan set forth the purpose of buying 1,000 extra deed restrictions by the 12 months 2027 and the significance of sustaining and sustaining group by the creation and assist of resident properties in Vail.
For extra data, contact Vail Housing Director George Ruther at 970-376-2675 or gruther@vailgov.com.
