Burlingame price caps will stand
September 20, 2005
The 11 lots in the first phase of Burlingame Ranch could be sold through a lottery as early as this fall. The Aspen City Council reconfirmed the price caps for the Burlingame homes Tuesday night.Despite fears that some single-family homes at the worker housing project will creep too quickly toward the $1 million mark, even with the limited appreciation allowed, the council agreed Tuesday to focus on bringing down the price of other units in the project. Prices the council set earlier this year for the single-family lots/homes will stand.The first phase of Burlingame will include two lots priced at $119,400; three lots at $122,600 and six lots priced at $150,000.
Buyers will arrange for the construction of their own homes on the parcels. The value of the lots and houses will be capped – the starting price from which they’ll appreciate – at $428,100 for the least expensive lots, $467,000 for the mid-priced lots and $640,000 for the six most expensive lots. The priciest lots are categorized as Resident Occupied, or RO – the most expensive category of worker housing.”I’m willing to let these stand and move forward, knowing that we’re only talking about six RO lots,” Councilwoman Rachel Richards said.RO buyers can build up to a 2,200-square-foot home, plus a 500-square-foot garage, at Burlingame, but that doesn’t mean they will, Mayor Helen Klanderud noted.Some may choose to build less than they’re allowed and spend less than the maximum.
On the other hand, home builders could choose to spend more on a residence than they can recoup under the established appreciation caps if they sell it.”There’s nothing that stops how much you spend – it’s merely a stop on how much you can recover,” said Ed Sadler, assistant city manager.Along with the lots, the first phase of Burlingame will include 86 townhome-style units that will be built and sold to qualified workers who will be chosen through lotteries.Richards, who had pressed the council to revisit the prices of the single-family homes, said Tuesday she’d rather see the city put more into subsidizing the other units to drop the price of some of those residences.
“My gut instinct is there’s going to be greater need in some of the lower categories,” Richards said.Worker housing is priced in categories 1-7, plus RO. Each category correlates to a buyer’s income and assets; Category 1 is the least expensive.The first townhome buildings at Burlingame could be ready to sell by late this year, with occupants moving in early in 2006, according to Sadler. The price categories for those units need to be finalized at some point this fall, he told the council.Janet Urquhart’s e-mail address is email@example.com