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North 40 owner gets more time to sell her Aspen properties

Janet Urquhart
The Aspen Times
Aspen, CO Colorado

ASPEN – A homeowner in the North 40 subdivision near Aspen has been granted an additional six months to sell two other area properties – a condition of her ability to own deed-restricted housing designated for local workers.

The Aspen/Pitkin County Housing Board approved the extension Wednesday, after Tami Solondz was unable to sell the other properties within 180 days of purchasing her employee residence at North 40.

The rules don’t allow individuals who buy employee housing to own other free-market homes in the Roaring Fork drainage, and Solondz owns two in the Aspen area. However, she provided the board with documents indicating the properties were appropriately priced and that efforts had been made to sell them, according to Cindy Christensen, housing operations manager.

Her Timber Ridge condo in Aspen is priced at $1.15 million and a Twining Flats property is listed for $995,000 – both prices are lower than the appraised value assigned by the county assessor, according to a memo provided to the board.

If the properties don’t sell within six months, Solondz will have to sell the North 40 home, which she purchased in September for $1.3 million.

It’s possible, however, she’d have difficulty selling that residence, too, in today’s sluggish real estate market, Christensen conceded.

Another North 40 home, listed for $1.3 million, has been on the market for a year, she said.

Homes at North 40 are categorized as RO, or resident-occupied, the most expensive category of housing within the local employee-housing program. The subdivision was privately developed, and lots were sold to buyers who built their own homes.

Homeowners there must qualify under housing authority guidelines; essentially, they must live and work full-time in Pitkin County, as defined by the rules – but there are no caps on a buyer’s assets or income at North 40.

More recently developed RO units come with an asset cap of $900,000, but no income cap, Christensen said.

North 40 home prices first made news in 2003, when a home there became the first deed-restricted “affordable housing” to go on the market for more than $1 million.

janet@aspentimes.com


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