Eagle County Begins Marketing and Sales of New Condominium Units at Eagle’s Hay Meadow Project

The Eagle County Commission approved a $26.4 million contract in 2023 to purchase 43 units at Eagle’s Haymeadow project. Now is the time to get most of that money back.

The Eagle County Housing Development Authority released information on how these units, all with two bedrooms and two bathrooms, will be sold.

All 76 units in the first phase of the project will be subject to deed restrictions. In addition to Eagle County’s 43 units, the Town of Eagle manages a total of 33 units, administered through two separate programs.

Potential buyers of county-managed units will be selected in a public lottery, but potential buyers already living in deed-restricted units will be entered into the lottery again.

There are variations in unit size and price, and you can choose from four floor plans. A limited number of garages are available and there is an additional charge of $30,000 per vehicle. According to an April agreement with the developer, the units will be sold to people who earn, on average, 120% of the area median income, or about $118,000 a year for a four-person household. The average price of units is $470,000. Unit sizes range from 892 to 1,081 square feet.

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The county will pay $600,000 for each unit, and condominiums managed by the county will range in price from $400,000 to $558,600. Considering these prices, the total county grant is expected to be $6.88 million.

Housing Authority Director Kim Bell Williams said in a Jan. 9 presentation to commissioners that the minimum down payment will be 3 percent of the purchase price.

In total, buyers will pay between $3,318 and $4,457 per month, including loan principal and interest, property taxes, insurance, and homeowners association dues.

Commissioner Kathy Chandler Henry noted that the price of association dues appeared to be “very high,” adding that was “something we were concerned about.”

Bell-Williams said association fees are based on square footage and the estimated numbers are not yet final.

Tori Franks, the county’s director of resiliency, said county officials have imposed “pretty harsh” association costs on developers. But by the time officials started talking with the project’s owners, the association and its costs were “pretty entrenched,” she added.

Megan Scallen from the Housing Authority said there were already 200 applicants on the drawing board. She added that there are several drawings, the first of which will be released on March 7, with subsequent drawings scheduled for June and July.

Potential buyers should work with a local lender to pre-qualify.

Scallen added that retirees are eligible for the lottery if they have worked in the county for the past five years.

Bell-Williams said once the first building opens, new buildings will be operational every five to seven weeks.

“We’re confident in our schedule,” Bell Williams said. “We hope to sell everything by the end of the year.”