Reservations strong for new homes at Timber Ridge Village in Vail

Proponents of the Timber Ridge Village deed-restricting housing redevelopment in Vail recently issued the following press release on the project:

VAIL, Colo. – Aug. 5, 2024 – With nearly all of the 75 one-bedrooms sold, and with more than $102 million of total homes reserved, the development team of Timber Ridge Village, located just east of the Vail Post Office, announces that this is the last chance to secure a brand new home on a first-come, first-served basis, prior to a lottery. 

Home types range from studios to four bedrooms. With no price appreciation caps, the deed-restricted condominiums only require that each home be occupied by at least one full-time employee of an Eagle County business as their primary residence, either owner-occupied or leased.

“In order to continue to serve locals and our guests with world-class service – from hospitality, to teachers, to emergency response – we must all play a part in bringing on new, incremental housing for our workforce,” says Johannes Faessler, owner of Sonnenalp Hotel, and a Timber Ridge Village buyer. “As a local business owner, I see Timber Ridge Village as a great opportunity for business owners to invest not only in the success of their businesses, but also in the future of Vail.” 

With the development agreement recently finalized with the Vail Town Council, demolition of the current buildings and preparation of the site for the new modular homes will begin immediately. There will be one continuous phase of construction for the 294 homes with the first building complete by the end of 2025 and the final buildings complete by the end of 2026.

Timber Ridge Village is an example of the Town of Vail once again being very bullish on community housing; this unique redevelopment has the town investing up front more than $50 million in land and infrastructure costs for the project and partnering with the business community to create opportunities for them to participate. 

“In this ongoing housing crisis, the Town of Vail continues to think outside the box,” says Vail Mayor Travis Coggin. “Our local business owners need homes for their employees, and with Triumph Development, we are offering new condominiums that are currently priced between 15% to 24% below comparable condo sales in Vail over the past two years.”

Triumph’s Michael O’Connor, who previously partnered with the Town of Vail to develop Chamonix Vail and Residences at Main Vail, says sales to individual locals are also very strong. 

“Demand has been impressive because of the wonderful opportunity to own a new home, with modern finishes and parking, in the heart of Vail and on the bus line,” he said.

James Wilkins is one of those buyers, saying, “As a longtime local and a longtime volunteer housing advocate, I am excited to be able to seize on this opportunity for homeownership in Vail. I love this community and Timber Ridge Village is ensuring I can live, work and play here for decades to come!”

New homes were first made available for business owner buyers to reserve in March of 2023. For the opportunity to secure a home and a preferred parking space, an initial $10,000 reservation deposit per unit was collected. Next, business buyers were to post a 10% earnest money deposit when they signed the purchase contract.

In May of this year, sales were opened to individual buyers. A contract for individual buyers requires a phased 5% earnest money deposit; 2.5% at signing, and then 2.5% when construction on their home begins. In purchasing a Timber Ridge Village home, there are no limits on household income or owning other residential real estate. Short-term rentals will not be allowed.

In an ongoing effort  to be creative with attainable housing solutions with the goal of retaining community, the non-profit Habitat for Humanity Vail Valley is planning on self-financing 10, three-bedroom homes at Timber Ridge Village for purchase by qualified buyers, with the Town of Vail and Eagle County Government, who will act as buy-down partners, helping fill the funding gap between the actual cost to build the homes and affordability.

The $2 million investment each by both the town and county will allow Habitat to issue zero-interest mortgages affordable to qualified buyers earning under 80 percent of the area median income.

“Homes will be deed-restricted, ensuring they remain affordable in perpetuity, so families can be sure to have a place to call home for decades to come,” explains Habitat’s Elyse Howard. 

HOA fees are projected to be between $470 and $660 per month depending upon home size, helping to build strong reserves and ensure special assessments in the future will not be necessary. 

To learn more about Timber Ridge Village and sign up to discuss purchase options, go to the project website at TimberRidgeVail.com/Contact, or email TimberRidge@triumphdev.com.