Existing and new Chamonix Vail homebuyers will have the potential to trade or purchase available townhomes during a two-part selection process that will take place in January. The two events are being coordinated by the Vail Local Housing Authority on behalf of the Town of Vail.
Six of the 32 new townhomes in the Chamonix Vail development have recently become available after buyers opted out of a final earnest payment due to town. The deed-restricted homes are being built in stages with completion of the first three townhomes available for move-in during mid-January with all homes completed by early April 2018.
The current available homes include two, 2-bedroom/2-bathroom/2-car garage townhomes for $499,000 and four, 3-bedroom/3-bathroom/2-car garage townhomes priced at $599,000 each. View a site map of the available homes - #5, #10, #12, #13, #25 and #30.
The first selection round will take place at 6 p.m. Monday, Jan. 15 in the Vail Town Council Chambers. During this selection, only current homebuyers and those who participated in the original Chamonix Vail lottery drawing held last May will have an opportunity to trade their townhome for any available home on the site or to purchase an available home. The order of the first selection round drawing will be based upon the order of the original lottery drawing held on May 3 in which 88 names were drawn at random.
If any homes remain available after the first selection round on Jan. 15, a second lottery offering will take place at 6 p.m. Monday, Jan. 22 in the Vail Town Council Chambers. This lottery will be available for new qualified buyers with the names drawn at random, giving buyers an equal chance of being selected. These lottery participants will be required to provide a copy of a pre-qualification letter acknowledging the ability to qualify for a mortgage for the home type(s) they intend to purchase, if selected. More detailed information on participating in the second offering lottery and required application materials are available online at www.chamonixvail.com.
Two informational sessions are planned in advance of the lottery selections to explain the two-part process. Hosted by the Vail Local Housing Authority, the first session will take place at 6 p.m. Monday, Jan. 8 in the Vail Town Council Chambers. The information will be repeated during a second meeting at 9 a.m. Wednesday, Jan. 10 at the Grand View on the third level of the Lionshead Welcome Center with free 90-minute parking available. Representatives from the development team, Housing Authority, town staff and title company will be on hand to answer questions during the sessions.
Homebuyer packets are available for pick up at the Town of Vail Community Development Department, 75 S. Frontage Road, or online at chamonixvail.com. Official lottery selection procedures and guidelines will be posted online by the close of business on Friday, Jan. 5.
Participants are asked to review the homebuyer packets in advance of the lottery to complete their due diligence prior to selecting a home. The availability of the home types is subject to change. Anyone interested in purchasing any home type at Chamonix Vail should plan to participate.
The Chamonix Vail development is a public-private project in which the town has invested $22.1 million. Once the home sales are complete, the town will be refunded $17.7 million. The remaining funding has been used for infrastructure, utility and other site work as a town subsidy, in addition to the land.
For more information, contact George Ruther, Community Development Director, at 970-376-2675 or email@example.com.