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
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“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
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“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”