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HomeMy WebLinkAbout02. Housing PROGRESS TOWARD THE GOALPROGRESS TOWARD THE GOAL A Housing Update Vail Economic Advisory Council Town of Vail Housing Department August 13, 2019 Housing Update •Vail InDEED Deed Restriction Purchase Program •Timber Ridge Village Apartments Redevelopment •Chamonix Vail Parcel •CDOT Parcel •Long-term Rental Incentives •Eagle-Vail State Land Board Parcel •GRFA Bank •Vail Board of Realtors •Eagle County School District Progress Toward the Goal “….1,000 net new deed restrictions by the year 2027” Vail Housing 2027 1,700 698 879 M e a s u r e d R e s u l t s “Not Your Typical Deed Restriction Program” Total Number of Deed Restrictions (Homes) Acquired to Date - 121 Total Number of Bedrooms by Type Studio: (33) 33 One Bedroom: (50) 50 Two Bedroom: (17) 34 Three Bedroom: (18) 54 Four Bedroom: (3) 12 Total (121) 183 15 % to 20% discounted value Sellers Home Buyers Long Term Investors Home Owners Business Owners “Never in our wildest dreams would we imagine buying a home in this wonderful place and we are so thankful to continue living our best life here in the Vail Valley…. thanks to Vail InDEED!” Size, Location, Type & Price M e a s u r e d R e s u l t s “Not Your Typical Deed Restriction Program” Program Numbers Since Vail InDEED Inception Total Number of Transactions Closed: 35 Total Number of Homes Deed-Restricted: 121 Total GRFA Deed-Restricted: 98,922 square feet Total Deed-Restriction Expenditures: $7,987,075 Average Cost per Square Foot: $80.74 per square foot Average Cost per Deed- Restriction: $66,009 per deed- restriction Total Number of Vail Residents Provided Housing: 241 Vail residents (288 Vail residents at Timber Ridge) 50%/50% Rental/Owner Moving Forward •Vail InDEED 2020 $2.5M Funding •Regional Collaboration and Partnerships •Break Down the Barriers •Start saying “YES” to Housing VAIL HOUSING 2027 “A Strategic Plan for Maintaining and Sustaining Community through the Creation and Support of Resident Housing in Vail”