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The Daly Peak

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Jul 05

Employee Housing Numbers Show Supply Matches Demand

Posted on July 5, 2013 at 9:51 AM by Kelly Vaughn

During the July 1 Council meeting, housing director Joe Coffey presented a recap of 2012 housing statistics, and gave his recommendation on the adequacy of current sales and rental stock in meeting demand.

Deed-Restricted Sales
175 deed-restricted units that are sold to qualified employees. The majority of units go to employees working in Snowmass Village, but are available to employees in Pitkin County if no eligible Snowmass apply for the unit. A full list of eligibility criteria is available on this website.

Sales Activity in 2012
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  • 17 units sold, including nine homes and duplexes in the final phase of Rodeo Place
  • Snowmass Village employees purchased 16 of the 17 units. One unit was sold to a Pitkin County employee.
  • In 2012, all units were under contract within the first 30 days of advertising. In 2013 only two units have sold, and potentially two more within the next few weeks
Rental Housing
The housing department currently owns and rents 247 apartments located in six complexes. They also administer the rental of 30 other long-term rental units in the Timbers and Club Common Complexes. Coffeey pointed out that affordability and accessibility of rental housing downvalley has had an impact on demand for rental housing in Snowmass, however the Town's units continue to be some of the most affordable apartments in the valley.

Rental Activity in 2012
There were 74 apartment turnovers within the rental program, or 30 percent of the inventory. Reasons for turnover included

  • 33 percent left the area or the state
  • 22 percent moved down valley
  • 16 percent transferred to a different Snowmass employee housing apartment
  • 12 percent moved to Aspen
  • 9 percent purchased Snowmass employee housing
  • 5 percent vacated for miscellaneous reasons

Staff Observations on Housing Demand
Coffey and staff observed a few trends impacting the current demand for employee housing. First, fewer Snowmass Village applicants are participating in sales lotteries. This is most likely attributed to the recent surge of deed restricted housing constructed in the Town over the last few years, and availability of units offered by the Aspen Pitkin County Housing Authority. Another factor is the increased affordability of free market units down valley. Renting apartments is taking considerable more effort than in years past, requiring many phone calls and showings as department staff has to go deeper into the waiting list to fill apartments.

Overall, staff found there is sufficient inventory to match the demand for both rental and sales units in Snowmass Village at this time. 

Do you feel there is adequate affordable housing demand in Snowmass Village? Join our online discussion.

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