FAQ's

Topic: 

What are the latest Chamonix Vail drawings and finish specifications?
Please see a copy of the Chamonix Vail Drawings at the attached link.  These are not the final buiding permit drawings but provide many details about general room dimensions and kitchen and bathroom details.

Also attached is a copy of the Interior Finish and Appliance Specifications.
Where can I find a copy of the key Chamonix Vail legal documents including the HOA Documents, Deed Restriction, and Purchase Agreement?
Attached is copy of each of the key legal documents for Chamonix Vail including:
What is the latest update on Chamonix Vail construction?
Please see the attached link for an Update on the Chamonix Vail Construction.  
What are the key terms of the Chamonix Vail Deed Restriction that will be permanently recorded in the Eagle County land records for each home?
  • At least one home owner must work a minimum of 30 hours per week at a licensed business within Eagle County and the home shall be that owner’s primary and permanent place of residence
  • Rental of a room to other qualified Eagle County residents is permitted
  • There is no minimum family size requirement
  • Maximum price appreciation cap on the resale of homes of 1.5% annually
  • Town of Vail will have the first option to purchase the home upon resale  
  • Owner shall not own other residential real estate in Eagle County at the time of closing unless that other property includes a deed restriction for local housing
  • A business entity or corporation is not eligible for ownership of each home. 

  • The details of Deed Restrictions will be posted to this website when they are finalized.
How will the Chamonix Vail lottery be conducted?
The Chamonix Vail Lottery will be conducted on the evening of May 3, 2017.  Prior to the lottery, the Town will verify that participants have submitted the required paperwork and send an email confirmation to each participant.  We also ask that each participant confirm which unit types (i.e. 2-1, 2-2, 3-1, 3-2, and 3L-2) they will be interested in purchasing.  We will use this preferred home information during and after the lottery as properties become available to the Chamonix Vail wait list.

On the evening of the lottery, each lottery participant will receive one entry into the lottery pool.  Winners will then be chosen at random with priority given to those selected first.  Upon selection, each lottery winner will be asked to come forward to select the unit they wish to reserve and sign a Reservation Agreement for that unit.  To keep the lottery moving, each participant will have 3 minutes to make a selection or pass on making a selection and go to the wait list.  If all the units for which you are prequalified to purchase have already been reserved, you will have the option of going directly to the wait list.  We recommend everyone come prepared that night with a list of preferred units.

We will also use the lottery selection sequence to create a prioritized wait list.  Wait list members will be asked to identify which home types they will reserve and purchase should a home become available.  Wait List members will be contacted sequentially if a home becomes available.  After an email and phone contact from the Town, you will have 24 hours to confirm if you would like to reserve that unit.  If we have not received confirmation after 24 hours, you will be passed on the wait list.   Once a person has been passed on the wait list, they will not be offered another chance in the lottery.
What is the development and construction schedule for Chamonix Vail?
  • Town of Vail Entitlement – January and February 2017
  • Lottery Information Due from Participants – March 17, 2017
  • Chamonix Vail Lottery – May 3, 2017
  • Sign Purchase and Sale Agreements with Lottery Winners – September 2017
  • Begin Construction – June 2017
  • Home Buyers Close on Their New Home – 4th Quarter 2017 through 1st Quarter of 2018
Does the Town of Vail provide resources to help first time home buyers understand the home buying process?
  • There are many benefits and some tradeoffs to owning versus renting a home.  Additionally, the home-buying process can be intimidating for those not familiar with the process. The Town of Vail has partnered with the Valley Home Store to assist home buyers in understanding the process and implications of buying a home.  Feel free to contact Kim Bell Williams at 970.328.8776 or go to www.valleyhomestore.org for more information and resources such as a mortgage calculator.
  • The Town of Vail, in conjunction with Valley Home Story, is hosting several Home Buyer Education classes for lottery participants.  Each lottery participant is required to attend one of these classes and receive a Certificate at the end of the class.  The classes will be held as outlined above in the "Participating in the Lottery" section of this website.
Please email Lynne Campbell, Housing Coordinator, to register for one of these classes at lcampbell@vailgov.com - provide first and last name (both names for couples), email address, phone number, and the class you wish to attend.
Where do I get a Loan Prequalification Letter to participate in the lottery?
  • One of the requirements to participate in the Chamonix Vail lottery is a Loan Prequalification Letter from a recognized bank or mortgage broker that details the maximum home purchase price for which you intend to qualify.  By going through the Loan Prequalification process, each buyer will come to understand their unique borrowing capacity and individual financial position.
  • While you are not required to use one of these lenders, each of these banks is familiar with the project, the terms of the local housing Deed Restriction, and would be happy to assist you with applying for a mortgage:
    • Alpine Bank - Mike Glass - 970.748.5740 - michaelglass@alpinebank.com
    • FirstBank - Lori Pohl - 970.479.3337 - lori.pohl@efirstbank.com; or Joel Barndt - 970.479.3330 - joel.barndt@efirstbank.com
    • USBank - Joel Cervantes - 970.476.4600 - joel.cervantes@usbank.com
    • Macro Financial Group - Chris Neuswanger - 970.748.0342 - mtnmortgageguy@gmail.com
    • Wells Fargo Home Mortgage - Scott B. Prince – 970-748-4928 - scott.b.prince@wellsfargo.com
    • EverBank - Drew Wachter - 970.926.0635 - drew.wachter@everbank.com
    • Guaranteed Rate Mortgage - Cris Nelson - 970-926-5289 ext 1 - cris@rate.com
    • Academy Bank - Jeff Koch - 970.926.2456 - jkoch@vail.net
    • Paragon Mortgage Services - Dan McNutt - 970-390-2213 - danmcnutt@gmail.com
Will the homes in Chamonix Vail Qualify for conventional financing?
  • The new homes in Chamonix Vail will contain a Deed Restriction that limits ownership to residents of Eagle County, establishes a price appreciation cap on resale, and grants the Town of Vail a right-of-first-refusal upon resale.  These homes will also be sold at a price that is substantially below the value of a comparable market rate homes.
  • We plan to structure the Chamonix Vail Deed Restriction to accommodate the requirements of most local mortgage lenders.  All lottery participants should review the terms of the Deed Restriction with their mortgage lender to confirm that this information is taken into account in their mortgage underwriting.
Will Chamonix Vail incorporate sustainable design?
  • Each home at Chamonix Vail will be designed to the latest Town of Vail building code which incorporates many best-practices for sustainable design – e.g. upgraded insulation, durable finish materials, and energy efficient appliances and system.  Given the above plus the infill location of this project, these homes would easily qualify for most green-building certification programs.  Taken together, these design standards reduce the annual cost of home ownership.
  • In addition to these factors, several homes have roofs suitable for solar power which can be installed after owners take title to their home.  Please see the attached site plan that shows units that are best suitable for solar panels.  Also included are several documents outlining solar options for Chamonix Vail - Document 1, Document 2, and Document 3.
Can I participate in the lottery as an individual and as a couple?
No.  Any qualifying home buyer can participate in the lottery at Chamonix, provided that the applicant meets the terms of the Deed Restriction and requirements of the Lottery.  But each applicant is only allowed to submit for the lottery once – either as an individual or as a joint application.  For some applicants, they may qualify to purchase a home individually without any financial support from another person such as a spouse.  For other applicants, they may need the income of their spouse or a partner to qualify for a mortgage.  Each of the above examples is permitted to apply for the lottery, but your Loan Prequalification Letter needs to specify whether you are qualifying as an individual or a couple.
What is the planned form of ownership for Chamonix Vail and will there be a Homeowners Association?
  • Chamonix Vail will be a town home community with individual platted ownership of each home.
  • There will be a Home Owners Association for Chamonix Vail to oversee the common elements and community expenses such as insurance, plowing, landscaping and reserves.  Please see a draft of the HOA documents included in the "Participating in the Lottery" section of this webpage.
  • One of the fundamental goals of Chamonix Vail is to keep these community-level expenses reasonably low.   As part of the development, the development team will suggest an HOA fee structure for the community and monthly HOA fee assessment for each unit based on a reserve study by a 3rd party.
Who do I contact for more information?
Please email the Town of Vail Housing Coordinatorat lcampbell@vailgov.com with any additional questions about Chamonix Vail.
Will the homes have a warranty?
All homes will carry a 1 year warranty from the local contractor RA Nelson.
Why do I need to attend a Home Buyer Education Class?
All participants in the Chamonix Vail lottery shall demonstrate attendance at a homebuyer class within six months prior to the lottery (i.e. on or after December 3, 2016).  With the substantial investment that the Town of Vail is making in Chamonix Vail, we want to ensure all future homeowners have the opportunity to understand the details of living in Chamonix Vail.  The success of the development and wise use of taxpayer monies obligates us to ensure that the future owners are well informed on the costs of home ownership and implications of living in a community with a Home Owners Association.  We want everyone to live happily ever after!
Can I customize my unit?
Each unit at Chamonix Vail will include the same tastefully designed interior design package.  Each home owner can modify this interior design after taking possession of the home.
I currently own another home. Can I still participate in the Chamonix Vail Lottery?
Yes - you can still participate in the lottery and reserve your future home even if you own another home today.  The Chamonix Vail deed restriction will only require you to sell your current home prior to closing on your new Chamonix Vail home many months from now.  Alternately, you could place a locals-housing deed restriction on your current home and rent it to other Eagle County residents.
What is the planned sequence of construction of the homes?
Construction at Chamonix Vail is began April 2017.  The first units will be ready for occupancy by the January 2018 and the last units ready for occupancy by April 2018.  Landscaping will be completed in the early summer of 2018 as soon as the weather permits.  Please see the attached site plan that shows the planned sequence of construction and delivery of units.
What will the Home Owners Association dues be at Chamonix Vail?
The development team has commissioned a Reserve Study and prepared an inititial HOA Budget for the Chamonix Vail Home Owners Association.  We currently estimate HOA fees as follows [Amounts were udpated 9.20.17 to include additional Insurance expense to cover the buildings]:  
Unit 2-1 - $222 per month
Unit 2-2 - $244 per month
Unit 3-1 - $301 per month
Unit 3-2 -$308 per month
Unit 3L-2 - $388 per month

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