Snowmass Town Council makes exception to purchase its own deed-restricted unit

Snowmass Town Council on Monday approved a unique purchase of one of its own deed-restricted units.

The current owner, according to Housing Director Kevin Rayes, has been diagnosed with a terminal illness and moved away. Rayes confirmed the owner themselves told town it would be helpful to have them purchase the unit.

“The town doesn’t typically buy deed restricted units … this one is a little bit different,” Rayes said. “They said it would be helpful if the town purchased the unit.”

Rayes noted it would be possible to purchase the unit — listed at $224,000 — using the town’s Excise Tax Fund. He added that town staff are requesting $250,000 to buffer the additional closing costs.

The town could then turn around and put the unit into the housing lottery.

“I’ve been to the unit myself and it’s in pretty good condition,” Rayes said, adding there are new carpets and it’s been freshly painted.

Any issues found by the inspector will be deducted from the sale price.

“How long does it take to sell it, (to) put it back out there for someone else to be living in it?” Mayor Alyssa Shenk asked.

Rayes said closing will be 14 days or less since the purchase will be made in cash. There will then be a 30-day window for interested applicants to sign up for the lottery, and the lottery will be held right after those 30 days close.

He estimated from now until the lottery is held could be an estimated 45 days.