Pitco ups price caps for North 40 resales | AspenTimes.com

Pitco ups price caps for North 40 resales

Aspen Times Staff Report

Pitkin County has raised the resale price caps on houses to be built on the cheapest lots in the North 40 affordable housing subdivision next to the Aspen-Airport Business Center.

Prospective homeowners complained to the county that, due to building costs, the resale cap of $275,000 would actually result in them losing money on the sale of a modest home at North 40. The county commissioners, after considering this problem, agreed Wednesday to raise the resale price cap to $325,000, but only on the 12 lots to be sold for $75,000.

One family of four received a $251,000 estimate to build a 1,750-square-foot house with a detached garage, not including school-impact fees or the cost of a building permit. With a lot price of $75,000, the home would cost $326,000.

In a letter to commissioners, the prospective homeowners said they couldn’t afford to take a loss of $30,000 to $50,000 that they would not be allowed to recover in the resale of their houses.

Lance Clarke, deputy director of Community Development, asked the board to also approve a clause making it clear that the houses built in the development would be allowed to appreciate as specified in the housing guidelines that apply to units in the resident-occupied (RO) category.

Support Local Journalism

Support Local Journalism

Readers around Aspen and Snowmass Village make the Aspen Times’ work possible. Your financial contribution supports our efforts to deliver quality, locally relevant journalism.

Now more than ever, your support is critical to help us keep our community informed about the evolving coronavirus pandemic and the impact it is having locally. Every contribution, however large or small, will make a difference.

Each donation will be used exclusively for the development and creation of increased news coverage.

For tax deductible donations, click here.

Start a dialogue, stay on topic and be civil.
If you don't follow the rules, your comment may be deleted.

User Legend: iconModerator iconTrusted User


See more