Vail - Beautiful Town Home in Edwards

Homestead - $635,000

Creamery Creek Town Home

Located in one of Vail's premiere residential communities, this easy-living town home is just steps to the Homestead Court Club, athletic facility and numerous hiking trails. Check it out at: http://investinvail.com/listing_detail.php?property_id=21 This is a great value for lots of space in a superb location!

Vail Real Estate Affordable Housing Update

On April 22, 2008, Eagle County Commissioners unanimously approved new housing guidelines which will require developers to build affordable housing units at the time of construction. According to The Vail Daily article April 23, 2008, the new housing guidelines wrap up are as follows:

For residential projects of more than 5 homes, developers must do one of the following:
* 35 % of the total square footage of the project must be work-force housing
* 30% of the project must be work-force housing, and another 10% owned by local residents which can be sold at market rate.
*30% of the project must be affordable housing, and all market-rate homes would be sold with an added 1.5% transfer fee which would go toward the county's affordable-housing funds.
*25% of the project must be affordable housing, 10% locally owned but sold at market rate, and the 1.5% transfer fee applies to all sales.

For commercial projects, developers must build enough work-force housing to provide for all of the jobs generated earning less than 140% of the average median income which equates to about 715sf of affordable housing for every 1,000sf of commercial space.

For mixed use projects, developers must choose between residential or commercial projects, whichever option produces more housing.