Summit County is home to multiple ski areas, fantastic lakes, hundreds of acres of National Forest land, high altitude golf courses, amazing scenery, so many mountain summits – a few that are 14ers, and so much more. It is a resort area that appeals to a variety of people. As a result, it is in demand. That demand pushes property values up. It’s expensive to live here. In an effort to ensure there are homes available to the local workforce, some properties have deed restrictions. Deed restricted properties requires the occupant to work at least 30 hours a week locally. There are other requirements that vary by property but without a doubt, local employment is a requirement.
Qualifying for deed restricted properties
As just mentioned, local employment of at least 30 hours a week is always required. Generally, a remote job for a company not in Summit County does not count as local employment. Other requirements will be spelled out on the deed restriction. Some other requirements might require employment in a specific area or town, there might be income restrictions and there might be a cap on the amount the property can appreciate. Some deed restricted properties require the owner to be the occupant, others will allow anyone to own as long a the occupant works in the county. Generally, after so many years of local employment, if the owner chooses to retire, they can and still own a deed restricted property. We can generally look at the deed restriction on a property for sale to give you specifics on the requirements.
Basecamp Condo in Frisco
We have a deed restricted, Basecamp Condo listed for sale. These are modern condos near the transportation center in Frisco. This fantastic location is very central to the county. It’s just a short trek to Whole Foods, Outer Range Brewery, and many more retail and dining options. From the transportation center, the Summit Stage will easily take you nearly anywhere in the county.
This Basecamp Condo has a lofted bedroom, amazing windows that look over the deck to the mountains beyond. It’s everything an individual or couple will need to enjoy all Summit County has to offer. There are even 3 large storage closets so you can store all your recreational gear no matter what you like to do. The deed restriction for this condo allows for an individual or business in Summit County to own the condo. In addition, there is no appreciation cap or income restriction.
Summit Housing Authority
The Summit County Housing Authority is the go between between the employees and the government jurisdictions. They don’t make the decisions but are the people we need to talk with to find out if someone meets the qualifications. If they aren’t sure, they can contact the town or county the property is in. They can get busy so if no one answers the phone, I recommend sending an email to info@summithousing.us
Just like most things, there are pros and cons to owning a deed restricted property. Know and understand before buying.
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