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Lottery applications for the resale of a home at Chamonix Vail are due to the Valley Home Store office, 25 Mill Loft Street, Suite 200, Edwards, by 5 p.m. Friday, Oct. 12. The 1,113 sq. ft. two-bedroom, two-bath home is located at 2345 Lower Traverse Way, Unit C, in West Vail.
The lottery is open to any qualifying individual interested in purchasing the deed-restricted unit for $407,301. The Valley Home Store will conduct open houses at the property from 4:30 to 6:30 p.m. on Oct. 9 and from noon to 2 p.m. on Oct. 11.
Applicants must meet the following basic eligibility requirements to qualify:
- Completed and signed Resale Lottery Application Form
- A pre-qualification letter from a mortgage lender demonstrating financial ability to purchase the employee housing unit, if selected
- Verification of successful completion of a Town of Vail approved homebuyer education class or signed acknowledgment of intend to do so within six months of the resale lottery drawing date
The lottery drawing will take place at 5 p.m. on Tuesday, Oct. 23 in the Town of Vail West Building large conference room and will be based on a true weighted lottery system. Up to five tickets will be issued to applicants based on the following:
- Meet minimum lottery participation criteria = 1 lottery ticket
- Vail resident = 1 lottery ticket
- Vail resident for equal to or greater than 5 years = 1 lottery ticket
- Employed in Vail = 1 lottery ticket
- Employed in Vail for equal to or greater than 5 years = 1 lottery ticket
Maximum Total: 5 lottery tickets
The townhome is the first unit to be resold at the development following completion in February 2018. Chamonix Vail units have a resale price appreciation cap of 1.5 percent per annum plus any approved capital improvements. See the Chamonix Vail Employee Housing Guidelines for additional information.
Additional information including applications and the deed restriction are located on the town’s website at www.vailgov.com/departments/housing/current-listings.
For additional details, contact Lynne Campbell, the town’s housing coordinator, at 970-479-2150 or email lcampbell.