TC Council Packet 01-09-2007TOWN OF "ON, COLORADO
REGULAR COUNCIL MEETING FOR TUESDAY, JANUARY 9, 2007
AVON MUNICIPAL BUILDING, 400 BENCHMARK ROAD
PRESIDING OFFICIALS
MAYOR RON WOLFE
MAYOR PRO TEM BRIAN SIPES
COUNCILORS RICHARD CARROLL
DAVE DANTAS
KRISTi FERRARO
Amy PHILLIPS
TAMRA NOTTINGHAM UNDERWOOD
TOWN STAFF
TOWN ATTORNEY: JOHN DUNN
TOWN MANAGER: LARRY BROOKS
TOWN CLERK: PATTY McKENNY
THIS MEETING IS OPEN TO THE PUBLIC-, COMMENTS FROM THE PUBLIC ARE WELCOME
ESTIMATED TIMES ARE SHOWN FOR INFORMATIONAL PURPOSES ONLY, SUBJECT TO CHANGE WITHOUT NOTICE
PLEASE VIEW AVON'S WEBSITE, HTTP://WWW.AVON.ORG, FOR MEETING AGENDAS AND COUNCIL MEETING MATERIALS
AGENDAS ARE POSTED AT AVON MUNICIPAL BUILDING AND RECREATION CENTER, ALPINE BANK, AND CITY MARKET
THE AVON TOWN COUNCIL MEETS ON THE SECOND AND FOURTH TUESDAYS OF EVERY MONTH
WORK SESSION AGENDA
MEETING BEGINS AT 2 PM
2:00 PM — 3:00 PM 1. EXECUTIVE SESSION (John Dunn, Town Attorney) Pursuant to CRS 24-6-402
(4)(b) conference with town attorney for the local public body for the purposes
of receiving legal advice on specific legal questions related to Riverfront
Subdivision and The Village (at Avon)
3:00 PM — 3:15 PM 2. APPROVAL OF WORK SESSION AGENDA & COUNCIL ASSIGNMENT UPDATES
a. NWCCOG & VVCTB & Beaver Creek Marketing Updates (Amy Phillips,
Councilor) Memo only
b. Eagle County Housing Committee Update (Ron Wolfe, Mayor)
3:15 PM — 3:45 PM 4. ECO 2030 VISION (Harry Taylor, ECO Transit Manager, David Johnson, ECO
Transit Planner) A 25-year transit vision will be presented by ECO
representatives
3:45 PM — 5:00 PM 5. Housing Needs Assessment Presentation (Eric Heidemann, Community
Development Director, and RRC and Associates) Review of the recently
completed housing study which looks at the factors that are affecting the
housing supply and demand in Avon, and conditions under which local
housing demand is or is not being met. RRC Associates, the Town's
consulting firm, will be presenting the findings from the report
6. STAFF UPDATES
a. Project Summary Report / Memo Only
b. Business Registration Update / Memo only
5:00 PM 7. ADJOURNMENT
Avon Council Meeting. 07.01.09
Page 1 of 4
Committee Report
Submitted by: Councilor Amy Phillips
January 3, 2007
Beaver Creek Marketing Committee
• Rich Carroll will be representing Avon in the future on this committee
• Press trip is planned to NYC and are in the process of submitting the
following Press Releases & Story Ideas
• Historical Designation of the Nottingham Electric Plant/Water Wheel
• White Water Rodeo
• Opening of the White Water Park - includes improved fly fishing and river
access
• Opening of Leeds certified Traer Creek Plaza
• 4th of July Fireworks - largest on western slope
• Beaver Creek Rodeo at Traer Creek - we all know & love
VVCTB
• The board has re-organized and updated by-laws
o No Elected Government Officials will be on the Board of Governors
o VVCTB plans to increase Statewide Political representation for the Resort
& Business Community
• VVCTB is moving into Traer Creek Plaza
o They will be operating an information booth in the Lobby
NWCOG
• January Meeting will be at the Avon Library 9:30am— 12:00pm on Thursday
January 25
• Eagle County Contributed 500K to Gypsum Rec Center
• We as a council need to understand how Tabor & Bruce amendments affect our
ability to change the RETT uses & Waivers
Chanel 5
• 2007 Budget approved
o Organization is in better shape than the last 2 years
• New Equipment is providing better programming
J� M Le
1111
To: Honorable Mayor and Town Council
Thru: Larry Brooks, Town Manager
From: Bob Reed, Director of Public Works and Transportation
Date: 1/3/07
Re: ECO 2030 Vision
Summary: Harry Taylor, ECO Transit Manager, and David Johnson, ECO Transit
Planner will be here to present their 25 year vision for Transit.
Background: Using information from various sources, (some of which Council has
seen previously), ECO has come up with this 25 year Transit plan they hope to use as a guide
to be proactive in the long term planning process.
Discussion: Harry Taylor and David Johnson will have a powerpoint presentation that
should generate discussion in these matters, and will be able to answer any questions we might
have of their thought process. The Town of Avon Transportation Dept. can in turn use this
information in our own long range planning.
Financial Implications: There are no immediate financial implications
regarding this presentation, although in the future, this information could be used in the budget
process.
Recommendation: Staff has no recommendations at this time, however we do
plan to use this information as a tool in our long range planning process.
AM71M
To:
Honorable Mayor and Town Council
Thru:
Larry Brooks, Town Manager
From:
Matt Gennett, AICP, Senior Planner
Date:
January 9, 2007
Re:
Discussion of the Town of Avon Housinq Needs Assessment 2006
Background:
In June of 2006, the Town of Avon commissioned a study to be completed by RRC
Associates to determine Avon's housing stock and the availability of various types of housing
in Avon and the labor force that is employed within the town's boundaries. The product of
this effort is attached to this staff memorandum as Exhibit B and is titled the Town of Avon
Housing Needs Assessment 2006, Final Draft. The goal of the this exercise is to fully
understand the housing needs in the town and explore policy options in order to better house
it's citizens and in- commuting labor force as Eagle County and its neighboring counties
continue to grow over time.
Summary:
The attached final draft of the Town of Avon Housing Needs Assessment 2006 represents an
analysis of current and future housing needs based upon current demographic data including
AMI (Average Median Income) indices, and interviews conducted with various large
employers located within the town's municipal boundaries. The report identifies the current
gap in the Town of Avon's present housing stock in terms of what types of housing are most
lacking in comparison with what is considered "affordable" to local families and the existing
labor force, and forecasts how this gap will expand over time given the current trends in
housing demand identified in the available data. Pages 14 and 15 of the attached report
outline Program Opportunities and Recommendations derived from this study, and a
Summary of Housing Program Options follows on pages 16 through 19 in the form of a
matrix.
Staff is asking the Town Council to review the attached document and a presentation by
RRC Associates and then provide direction to staff on a policy goal for the implementation of
an "affordable" housing program that establishes regulated requirements to be met by
developers for the creation of "affordable" housing products in Avon. The policy and
regulatory language requiring new housing should be crafted in a manner which is
commensurate with the anticipated development impacts upon employment and housing.
The following sections of this memo outline discussion items and questions that require
attention prior to crafting new policies and the eventual drafting of regulatory language; and
review next steps in the process.
Discussion Items:
The findings presented in the Housing Assessment reveal gaps in workforce housing at
nearly all price points in the market. The report also identifies "catch up" housing needs and
"keep up" projections for housing future demand. As we look forward to the next steps,
which include setting goals and priorities, staff is seeking direction from Council relative to
how conservative or aggressive we should address not only future demand, but also "catch
up" needs.
As part of this topic of discussion, it is helpful to look at what Eagle County and other
municipal jurisdictions are doing with regard to the need for and creation of "affordable
housing" policies and programs. Staff is not suggesting that we model our program based on
the County or the Town of Vail, but have simply referenced their policies so Council
understands how other communities have decided to address this issue.
The following are excerpts from Eagle County's Local Resident Housing Guidelines (dated
July 17, 2005):
Chapter/, Background and Purpose
The Local Resident Housing Guidelines' goal is directed at helping establish a supply
of housing that is affordable to those who live and /or work in Eagle County. This goal
is to be accomplished by requiring new residential and nonresidential development to
provide local resident housing based an established rates and /or determined number
of jobs to be generated as a result of the development.
The purpose of these Guidelines is to set forth (1) the Inclusionary Housing
standards, (2) the Employee /Housing Linkage standards, (3) occupancy guidelines
for Local Resident Housing Units, (4) sale and resale procedures for Local Resident
Housing Units, and (5) sale and resale price limitations on Local Resident Housing
Units. (Chapter 1, Background and Purpose, Pg 3)
SECTION 3-100. Creation:
Local Resident Housing Units should be created either through (1) Inclusionary
Housing or (2) Employee/Housing Linkage guidelines. Residential development
plans will be subject to both Inclusionary Housing and Employee /Housing
Linkage guidelines, unless otherwise exempted. Commercial and other
nonresidential development plans will be subject to the Employee /Housing
Linkage guidelines only. Inclusionary Housing targets the development of
Moderate Income Housing affordable to households with incomes between 80%
and 100% of AMI. Employee /Housing Linkage targets Low Income Housing
affordable to households with incomes between 60% and 80% of AMI. Local
Resident Housing Developments which provide 100% of their units for "Qualified
Employees" meeting sales price, size, quality and other criteria set forth are
exempt from these Housing Guidelines
SECTION 3-110. Inclusionary Housing:
All new residential developments of four (4) or more units within the
unincorporated area of Eagle County, not meeting an exemption as set forth
herein, should include up to ten twenty percent (20%) of the total units developed
as Local Resident Housing for qualified moderate, low and very low income
Town of Avon Housing Needs Assessment, January 9, 2007
households on site. I When required to develop one Local Resident Housing
Unit, the developer will b8 required bJ build o two-bedroom unit. ...
SECTION 3-Y2W' EmployeelHousing Linkage:
All new development within the u0inCOq}0n3&ed area Of Eagle County, not
meeting an exemption, should provide Up b2 twenty percent /20%J of the k)&3/
hOU0/Dg UOd need generated by the particular development's employees for
qualified low income and very low income households 0n site. ...
On January 2, 2007, the Vail TOvvD Council held 8 work session tO discuss scenarios using
"COrnm0Rj8| Linkage" and "IOC/uSi0DGry Zoning" k} Cr8@t8 housing policy. The Vail Town
Council provided diFeCU0O to further develop regulatory language that calls for 8 COrDnn8roio|
linkage requirement Of2O%, and 8n''inc|usiOO@ry" zoning requirement Of30%. The Town Of
Vail has 8 Stated policy gO3|, which is to Cr88i8 housing for thirty percent (30%) of the
total workforce within its town boundaries
Staff Recommendation:
Staff [eCOnlm8OdS the TOvvO Council direct S[8ff t0 develop housing [8gU|@UOnS. by
ordinance, that are COnlnl8OSu[a[8 with the anticipated d8Ve|OprneDt impacts Upon
employment and housing. There are several suggested policy tools (page 14Of the report)
that staff would suggest we use to develop a program. After receiving direction from Council,
S[8ff is prepared h3 develop an 0ndiO@OCe, which may include one or more of the policy
alternatives discussed in the report, and bring back to Council for review. '
This r8C0nlnlOOd8U0n is based On the findings in the report and the Town's existing
Comprehensive P|8D which supports afk)njob|e housing through a variety of rnmons,
including: public and private 8fh}rtS. upgrading existing 8ffOPd8b/e housing, and participation
in countywide housing policies and procedures.
Given the findings presented at the recent ULI panel discussion held in Vail on December 11,
2006, staff would also suggest that our goals and polices eventually mesh with the policies of
8 pOLHnU8| COUntv-wid8, intergovernmental housing collaborative to be established in the
near future as contemplated during the UL| panel diSCUSSiOO. Hovvev8[. staff does not
recommend the Town of Avon wait to develop 8 F8gU|8k}ry pn0g[@Dl UnU| 8 future r8giOD8|
housing collaborative iS formed due 0] the immediate need for housing.
Attachments:
A. Comprehensive Plan Housing Element
B. Town 0f Avon Housing Assessment, Final Draft 2O08
Town of Avon Housing Needs Assessment, January 9, 2007
L L c
capitalize on an overall
community image rather than a
single venue or event.
Policy E.3.13: Encourage collaborative
approaches between the various
community stakeholders, such
as but not limited to the Eagle
County, Vail Valley Chamber
and Tourism Bureau, Beaver
Creek Resort Company, Vail
Resorts, Eagle County School
District, Town of Avon Parks
and Recreation Department, and
Eagle County Library District to
enhance Avon's overall guest
Policy E.3.14: AchieNX greater use of existing
natural a ets and facilities in
the commu\Ton's
expanded scents to
strengthen tar -
round guest to
provide an cal
residents.
F. H ousing
Goal F1: Achieve a diverse range of quality housing
options to serve diverse segments of the
population.
Policy F.1.1: Establish policies and programs
that would address housing
needs identified in a periodic
housing needs assessment.
Policy F.1.2: Encourage private development
to include a diversity of housing
types, sizes, architectural styles,
and prices.
Goal F.2: Provide a workforce housing program that
incorporates both rental and ownership
opportunities for residents that are
attractive, safe and integrated with the
community.
Town of Avon Comprehensive Plan
Page 52
Goals and Policies)
Policy F.2.1: Require that development,
annexations, and major
redevelopment includes or
otherwise provides for
workforce housing.
Policy F.2.2: Require that workforce housing
is integrated with, rather than
separated from, the rest of the
community.
Policy F.2.3: Require workforce housing to
be close to existing
development, serviced by
transit, and close to
schools /child care.
Policy F.2.4: Establish a definitive dwelling
unit size and quality standards
for required workforce housing
as part of any development or
redevelopment agreements.
Policy F.2.5: Adhere to the principle of "no
net loss" to workforce housing.
Goal F.3: Participate in countywide housing policies
and procedures.
Policy F.3.1: Participate in countywide down -
payment assistance program.
Policy F.3.2: Collaborate on joint housing
studies and strategies to avoid
jurisdictional shopping.
rtation
-Goal G.1: Create an integrated transit system that
minimizes dependence on automobile travel
within the Town by making it easier and
e inviting to use transit, walk, ride
bicyc and utilize other non - motorized
vehicles.
Policy G.1.1:
,Town of Avon Comprehensive Plan
Wage 53
Connect pede- ' n, bicycle, and
vehicular circulatio�tem
with regional trans
Town of Avon .
HOUSING NEEDS ASSESSMENT
2006
December 2006
Prepared for:
Town of Avon
Prepared by:
RRC Associates, Inc.
4940 Pearl East Circle, Suite 103
Boulder, CO 80301
(303) 449 -6558
Town of Avon Housing Needs Assessment 2006
VacancyRates ............................... ..................................................................................................... .................................. 45
Income and Employee Restricted Rentals .-----.......................... ...... ................................ ....... —............................ 40
RESIDENTIALSALES 8Y YEAR .................... .................................................................................................................................. 47
RESIDENTIALSALE PRICES ................... -- ..... ....................... ........ ............................................................................ ...........
47
NEWAND EXISTING SALES ............. ................................................................... ..........................................................................
5O
SALE PRICES AND LOCAL INCOMES ...................................................................... ....... ................................................................
51
SALESTO LOCALS ............................................................... ---.................................................................................................
52
MULTIPLELISTING SERVICE .......................................... — ... --..... ....................... ......................................................................
53
AFFORDABILITYBYAML---- ............ ........................................... ........................................................................................
53
SECTIONG~ HOUSING NEED ...................................................................................................................................................... 5G
AVON RESIDENTS WITH "HOUSING PROBLEMS" (CATCH-UP) ............................. ............................... ......................................... 5G
IN-COMMUTERS (CATCH-UP) ................. ... ... ... ... ................................................................ ..................................................... b7
In-Commuter Needs bv Tenure ............................... ............................................................................................................. 58
IncomeRange ...................................................... ........................... .... — ................... ................. —................................. 50
NEWJOBS (<EEP-UP) ...... ................................... ................................................................................ ..................................... 59
Keep-Up Needs bv Tenure ....... .......................................... ................................................................................................ 0Y
IncomeRange .................................................................................... ----------- ................. ......... ..... ............. U2
SEASONALWORKERS ................................................................................................................................................................... 82
RENTALHOUSING ......................................................................................................................................................................... 85
RRC Associates, Inc TOC
Town of Avon Housing Needs Assessment 2006
different income levels. The Housing Continuum depicts what may be ideal for most communities — the availability of
housing that is affordable to all households and provides options for changing life circumstances. What is key in this
approach is that there are opportunities for households to buy or rent at different income levels, thus supporting an
economically balanced community.
Housing Continuum 2006
$36,001- $53,650
Low Income
50 - 80% AMI 80%
3531114/14.2 %HH AMI
$21,601- $3Q000 50%
Very Low Income
30 - 50% AMI
341 HH 1 13.7 %HH /
30 °f° NEmergency
$0$21,600
Under 30%
0 -30 %AMI 245HH/9.9 %HH
METHODOLOGY
Area Covered
$53,651- $86,400
Middle Income
80 - 120 %AMl
742 HH129.8% HH
100% 110%
AMI AMI
First Time Entry
Home Level
Market Buyers Market
Rentals Housinc
TB'road 0 ?a Renter Market
120% AMI Over $86,401
Above Middb Income
+120% AMI
811 HH 132.6 %HH
Step Up
Market
High End
Market
Source: 2000 US Census (CHAS); The Housing Collaborative, LLC; RRC Associates, Inc.
180% AMI
This study covers the Town of Avon and provides information on Eagle County as a whole, where applicable. A mix
of primary research and available public information sources was used to generate information regarding the town.
Primary Research
Primary research was conducted to generate information beyond that available from existing public sources. This
research included local employer, realtor and property manager interviews and discussions with the Town planning
department.
• Seven local Avon employers and an employer in Beaver Creek were interviewed to understand where
employees live; changes in employment over time; the ability for employers to find and retain employees;
the wage structure and position availability of local employers and to what extent employee housing is
perceived to be an issue by employers.
• Three realtors and four property managers were interviewed to learn what households are seeking when
looking to purchase or rent a unit. Trends in real estate sales and the rental market were also discussed.
RRC Associates, Inc.
Town of Avon Housing Needs Assessment 2006
Department of Housing and Urban Development (HUD). Four different income categories are defined for various
programs and policies:
1, Extremely low income, which is less than 30% of the median family income;
2, Very low income, which is between 30% and 50% of the median family income;
3. Low income, which is between 50% and 80% of the median family income;
4. Middle income, which is between 80% and 120% of the median family income; and
5. Above middle income, which is over 120% of the median family income.
Section 8 Rent Subsidy- the Section 8 Housing Assistance Payment program is offered through the U.S. Department
of Housing and Urban Development (HUD). This program pays the difference between 30% of monthly household
income and the Fair Market Rent (FMR) established by HUD for the Denver Metro area. There are two types of
Section 8 assistance: 1) project based where vouchers are attached to specific properties, or 2) vouchers --
households using Section 8 assistance find market rate housing where the landlord is willing to participate in the
program.
Levels of Homeownership — When discussing affordability of properties by Area Median Income (AMI) level (defined
above) and the types of homes households among different AMI groups are seeking, reference is made to a couple
different stages of homeownership. This includes:
1. Entry-level ownership /first -time homebuyers: These are households typically earning in the low to middle
income range (60 to 120 percent AMI). These are households that currently rent (or otherwise do not own a
home) and are looking to purchase their first home.
2. Move -up buyers: These are households earning in the middle to upper income range (about 120 percent
AMI or higher) that currently own a home (either in Avon or in another community) and are looking to
purchase a new or different home for a variety of reasons (relocating, growing family (e.g., having children),
shrinking family (e.g., empty - nesters), etc.),
RRC Associates, Inc . r 4
Town of Avon Housing Needs Assessment 2006
— The median value of single - family homes in Avon in 2000 ($373,000) was about 2.3 times higher than in the
state of Colorado as a whole ($160,100);
— The median rent in Avon ($954) was 1.6 times higher than in the state of Colorado as a whole ($611) in
2000; and
— The median household income of Avon residents ($56,291) was only 1.2 times higher than in the state of
Colorado as a whole ($47,203). The median family income in Avon ($52,339) was lower than in the state of
Colorado as a whole ($55,883).
— Based on the above figures, it is not surprising the percentage of cost-burdened households in Avon (42
percent) is much higher than in the state of Colorado as a whole (29 percent).
Residency of Owners: Analysis of the Eagle County Assessor data of property ownership in Avon indicates that
about 44 percent of owners have a local Town of Avon address and another 18 percent have addresses in other
parts of Eagle County. This has remained fairly consistent since 2001. The largest change is seen in the
percentage of owners from other parts of Colorado (primarily the Front Range), where about 2 percent of
properties in 2001 were owned by this group versus a much higher 9 percent in 2006. Increased competition for
housing units from Front Range buyers was noted by a few realtors, who stated that this group purchases units
in a more affordable price range than out -of -state second homebuyers, competing more directly with local
residents for housing.
Current Deed - Restricted Units: The Town presently has 63 deed - restricted units available for ownership,
although 15 of those units are presently retained as rental units to employees in Eagle County earning less than
80 percent of the AM I. All units are valued under $200,000 and provide units at prices that are largely
unavailable through the general housing market. This includes 8 3- bedroom units valued under $147,000, All
units are condominiums with a few townhomes. A few of these units turn -over to new owners each year.
However, the number of units available does not meet local demand for ownership housing.
The Town also has several affordable rental units: 244 in Buffalo Ridge affordable to households earning less
than 80 percent AMI (built in 2003) and 72 Section 8 apartments at River View. The Town of Avon also has
rooms available for rent for bus drivers and City Market has 181- bedroom units available to employees at
below- market rates. Rentals in Town are full and many have waiting lists. Property managers indicated they
have very few units turn -over each year. Despite the number of year -round rentals in Town, local need for units
continues to be higher than the supply.
Multiple Listing Service: Of the 129 homes available for sale on the Multiple Listing Service on October 13,
2006, only 26 (about 20 percent) were priced below $400,000. Only three of the lower priced units had 3-
bedrooms and most (17 total) had 2- bedrooms, About 11 of the units were in "The Gates," which are
condominium units with little storage and not generally suited to year -round occupancy by locals. The average
size of units was 790 square feet and all were condominiums. In other words, there are an insufficient number of
units provided on the market that may be affordable to and suited to local year -round ownership and occupancy,
particularly families.
Realtor Observations: Realtors noted that the availability of housing in Avon is not currently meeting the needs
of residents and local workers, with a shortage of housing across all needed price - points (from first-time
homebuyers through move -up housing). A few felt that competition for affordable units, generally between
$300,000 and $400,000, is very high and that many locals looking to purchase cannot find a unit in this price
range. A couple noted that affordability is becoming even more of an issue since the new Gondola was
planned, with increased speculation. and interest from second homebuyers, particularly on the west side of town.
Specifically, all of the realtors noted that units priced under $500,000 are in high demand.
RRC Associates, Inc.
Town of Avon Housinq Needs Assessment 2006
$36,001 - $53,650
Low Income
50 - 80% AMI 800/0
3531114114.2 %HH AMI
$21,601 - $36,000 50%
Very Low Income
30.50% AMI
341 HHJ 13.7% HH /
30% AMI Re trcted
$0-$21,600
Under 30%
0 -30 %AMI Emerency
245HH19.9 %HH
$53,651- $86,400
Middle Income
80 -120'0 AMI
742 HH129.8% HH
100% 110%
AMI AMI
/ First Time Entry
Home Level
Market Buyers Market
Rentals Housini
0 °#nstam"O
Broad Renter Market
120% AMI Over $86,401
Above Middb Income
+120% AMI
811 HH132.6 %HH
Step Up
Market
High End
Market
Source: 2000 US Census (CHAS); The Housing Collaborative, LLC; RRC Associates, Inc.
180% AMI
The following table takes the Housing Continuum one step further and identifies the maximum affordable rents and
purchase prices of homes within each income category, the estimated catch -up need (or current deficiency in
housing to serve residents and in- commuters) and the estimated keep -up need through 2010 and 2015 (or the
number of units needed to maintain the current ratio of workers residing in Town as new jobs are added — about 29
percent) is presented for both rental and ownership units by AMI range. The needs identified encompass units
needed within the AMI groups that are not currently being served by the market (housing "gaps "), meaning that the
needs identified will need to be targeted with local housing programs to help households obtain housing in the
community. Finally, a description of different employment industries and job positions that pay wages within each
respective AMI group is also provided to understand more about who will be served at different price points. In
summary:
Rental Units
As summarized in the table below, residents with housing problems and in- commuters that may prefer to live in Avon
if suitable and affordable housing was available need between 333 to 602 rental units priced below $1,340 per month
for a 3- person household in Avon (e.g., the average size of Avon households). These would be units affordable to
households earning less than 80 percent of the AMI. The majority of this need (328 to 511 units) should be priced for
households earning less than 50 percent AMI (or rents under $900 per month for a 3- person household). The
estimated need takes into account Buffalo Ridge units, which were constructed since the 2000 Census, and provided
244 units affordable to households earning less than 80 percent of the AMI. Keep -up units needed include an
additional 129 units by 2010 and 132 units between 2010 and 2015.
Interviews with long -term rental housing properties in Avon indicate properties are full and most have waiflists. It
was noted that during the winter season this is typical for the area. However, vacancy rates in the County as a whole
during the non -peak employment season (July through September 2005) were around 5 percent, which is generally
the lowest vacancy desired in terms of ensuring adequate housing opportunities and choices for renters. Local Avon
rentals indicated that they tend to have only a handful of units turnover each year, with Buffalo Ridge being
Associates, Inc.
Town of Avon Housing Needs Assessment 2006
17 units by 2015 to maintain pace with employee household growth over the next decade. This income group
largely represents move -up owners.
Provision of housing for the higher AMI ranges should be explored, particularly if entry-level home purchase
opportunities increase in Town, given that purchasers of entry-level homes largely comprise the future market for
larger, more expensive units. These units will also accommodate needs of new employees recruited to fill
higher - paying positions (upper management, etc.) that may have owned a home in their previous community and
are looking for comparable housing in Avon.
RRC Associates, Inc. 10
Town of Avon Housing Needs Assessment 2006
Next Steps
The Town of Avon Housing Needs Assessment identifies the range of housing needed by current and future
residents and employees in the Town of Avon that is currently not being supplied by the housing market. This
includes catch -up gaps (or current units that would be needed to help relieve cost-burden and provide more housing
options for local residents and current in- commuters) and keep -up gaps (or units that would be needed in the future
to accommodate new employees needed to fill new jobs in the Town of Avon). Ideally, the Town of Avon would be
able to address resident and employee needs in full; however, in actuality, due to limited financial resources, land
capacity and other factors, communities must often identify a segment of the households in need to target with
housing programs until additional resources can be acquired to broaden housing programs and availability. In other
words, the Town of Avon should evaluate their resident and employee housing needs in conjunction with the
opportunities and constraints in the Town, and set priorities and goals for local housing programs. This would
include:
Goal /Priority Setting. As the Town of Avon continues to develop and land becomes less available, it becomes
increasingly more important to ensure that this growth accommodates all segments of the population. This has
important considerations with respect to any desired resident housing goals in the area, The relationship
between commercial development and local resident housing for workers becomes a more critical part of the
equation as available land and capacities decline. The extent to which employee housing is a priority in the
Town of Avon needs to be determined, as well as identification of potential locations for that housing,
households to target and workable programs to produce housing. Some key measures that many communities
consider in setting goals include:
o Residential occupancy — as of the 2000 Census, about 26 percent of housing units in Avon were
owned by second homeowners and used for vacation units. Is this an acceptable mix of resident
occupied units compared to vacation units or should a different mix be the target? How does this
compare with recent/new development in Town — is the market developing units such that 74
percent will be occupied by locals?
Residential Occupancy
Vacation homes/
vacant
260/o -•- ° g Owner- occupied
35%
Renter - occupied
39%
Source: 2000 Census
o Employee residency — as of the 2000 Census, about 29 percent of persons employed in the Town
of Avon also lived in the Town of Avon. As of 2006, this means that about 1,240 local employees
live in town and 3,100 commute into town for work. Is this an appropriate percentage of workers
housed in Avon, or should goals target a different percentage?
o Income distribution — presently about 28 percent of Avon residents earn less than 80 percent of the
AM 1, 26 percent between 80 and 140 percent AM and 20 percent earn over 140 percent AM I.
RRC Associates, Inc.
Town of Avon Housing Needs Assessment 2006
Program Opportunities and Recommendations
Several program options are available to help address housing needs. The below housing program matrix is
intended to summarize a range of alternatives for consideration by the Town of Avon and provides a
definition /description for each program, potential funding sources where applicable and opportunities and constraints
for the Town to consider for each program. The matrix may not be fully inclusive of programs in Eagle County and it
is encouraged that Town do additional research on local availability of other programs (e.g., through local non - profits,
Eagle County Housing Department etc,). At a minimum, we recommend that the Town consider the following:
Permanently Affordable Ownership Units. We recommend any affordable units created be "permanently
affordable" particularly in light of recent surges in housing prices, the Gondola development and other projects
that will increase the "ski- side" attractiveness of Avon to oAof- -area buyers and result in continued escalation of
prices beyond local affordability and the limited land capacity in the Avon area for housing development. The
advantage to this product is that it offers units at below market prices for income - qualified (and often
employment-qualified) buyers, allowing them to purchase homes that would not normally be available to them in
the free - market. The trade -off is that appreciation of these homes is limited to ensure permanent affordability
upon turnover of the unit to a new qualified buyer, thereby creating a supply of permanently affordable ownership
units in the Town. Units produced as permanently affordable should, therefore, target price points not available
on the free market in Avon, which generally includes ownership units suitable for year -round occupancy for
locals (singles, couples, families and seniors) priced under about $350,000 to $400,000.
In line with permanently affordable units, it is recommended that the Town adopt and implement standard deed -
restriction language that will maintain affordability of units over time, By using consistent language and
requirements, this will simplify implementation and management of the deed restrictions as well as improve
public understanding of the program (e.g. if different units have different qualification steps and requirements,
this can be difficult and frustrating for the public and add to confusion over the program).
• Zoning. Evaluate areas where higher densities would be appropriate. This would include areas that could
support multi - family and /or small lot single - family housing. Consider mixed -use zoning that would support both
residential and non - residential development. Consider PUD ordinances that allow flexibility in densities and lot
requirements (lot size, setbacks, etc.), particularly for developments proposing some locally affordable units.
Consider regulations that require contributions to (or development of) affordable housing as a component of the
development (inclusionary zoning, impact fees, commercial linkage, etc.). The mitigation rates and program
requirements of inclusionary zoning and commercial linkage will vary depending upon Town goals for meeting
housing needs, target price points for housing, the development capacity of the Town (e.g., new subdivisions or
primarily redevelopment and changes of use) and Town goals with respect to "balancing" commercial and
residential development.
• Land Banking: Identify key sites for future housing development that are either currently publicly owned or that
could /should be purchased for future housing development. Develop workable designs for future housing
projects on these properties when needed. This approach permits incorporation of affordable housing into
community development plans, but often requires continued public education about intended development plans
and uses for sites. Land banking works well in combination with partnership opportunities to provide housing.
• Partnerships. Encourage public /private partnerships as a means to achieve identified housing goals. Through
such partnerships, housing that is more affordable can be achieved with enhanced financing options, assuring
that a portion of the housing that is created will be affordable and provided to residents of Avon. In other words,
units can be introduced into the area that will retain affordability over time without on -going financial resources.
RRC Associates, Inc.
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Town of Avon Housing Needs Assessment 2006
SECTION 1 — POPULATION AND DEMOGRAPHICS
Information from the 2000 Census was reviewed for the Town of Avon. Census information provides a benchmark
from which other information can be evaluated, in addition to providing insights as to community characteristics at the
time of the Census.
Town of Avon
For the Town of Avon, an evaluation of the Census information revealed the following:
• Season aVrecreational use of homes in 1999 was about 21 percent in Avon, in comparison with Eagle
County at 27 percent and the State at 48 percent. Overall, about 74 percent of units in Avon were occupied
by residents. A lower 69 percent of units in Eagle County were occupied by residents.
• At the time of the Census, 47 percent of homes occupied as primary residences were owner - occupied, in
comparison to Eagle County at 63 percent. Owners have slightly larger households (2.6 average household
size) compared to renters (2.4 persons). Not surprisingly, most owner- occupied homes in Avon were
occupied by families (58 percent). In the US Census, families are defined as a householder living with one
or more people related to him or her by birth, marriage, or adoption. A relatively high percentage of renter
occupied homes (46 percent) are also occupied by families.
• As of the 2000 Census, roughly 83 percent of homes in Avon were multi - family units (condominiums,
townhomes, apartments and dup /trkplexes). Only about 9 percent of the homes were single - family
detached structures. Another 8 percent of units were comprised of mobile /manufactured homes.
• Avon is a relatively new community. Residential development originally took off in the 1970s (14 percent of
homes). Development in Avon continued to grow between 1980 and 1994. Roughly 56 percent of homes
were built during this time and an estimated 29 percent of homes have been built between 1995 and 2000:
• Turnover in Avon at the time of the 2000 Census was high, with 43 percent of residents noting they had
moved into their current residence in the 15 months preceding the 2000 Census. Eagle County, in
comparison, had 30 percent move -in during this time period. Due to the timing of the US Census (April
2000), it is expected the high turnover is partially due to seasonal workforce conditions.
• Renters in Avon have a slightly lower percentage (20 percent) of single - person households than owners (23
percent). Eagle County, in contrast, has a slightly higher percentage of renter households with single
occupancy (25 percent) than owner households (19 percent).
• About 15.5 percent of households were overcrowded in Avon as of the Census (defined as having 1.01
persons or more per room). This includes 22.6 percent of renter households and 8.2 percent of owner
households. Overcrowding may be slightly inflated due to seasonal workforce conditions.
• At the time of the Census, the largest householder age group in Avon was 25 to 34 yrs (36 percent),
followed by 35 to 44 yrs (26 percent). A small percentage of households (2.6 percent) were headed by
seniors (age 65 +). This is low compared to Eagle County (53 percent) and the State (16 percent).
• The median income of owners in 1999($73,015) was almost twice that of renters ($37,569). Renters were
much more likely to pay 30 percent or more of their income for housing (48 percent) than owners (28
percent). Cost burden is generally a growing problem, as the number of households paying more than 30
RRC Associates, Inc
Town of Avon Housing Needs Assessment 2006
Community Highlights
Avon, CO - Pop. 5,561
Housing Unit Estimates and Physical Characteristics
UselTenure
* Percent of occupied units, not total units
Occupancy
Vacant Owner
261X - occupied
35%
Renter
occupied
39%
Overcrowding/Occupants per Room
Owners Renters Total %
Total # 899 936 100%
1.00 or less 91.8% 77.4% 84.5%
1.01 to 1.50 3.9% 9.0% 6.5%
1.51 or more 4.3% 13.6% 9.0%
% of Households 8.2% 22.6% 15.5%
Overcrowded
Kitchen and Plumbing Facilities- Occupied Units
Complete Kitchen 1,835 100.0%
Complete Plumbing 1,826 99.5%
Incomplete Kitchen 0 0.0%
Incomplete Plumbing 9 0.5%
Substandard Units 9 0.5%
Type of Heat - Occupied Units
Utility gas 905 49.3%
Bottled, tank, or LP gas 11 0.6%
Electricity 883 48.1%
Wood 15 0.8%
Other fuel /none 21 1.1%
RRC Associates, Inc.
Type of Structure
Housing Units
2,557
100.0%
Occupied as primary home
1,890
73.9%
Owner occupied
894
47.3%
Renter occupied
996
52.7%
Vacant
667
26.1%
Seasonal /recreational use
523
20.5%
* Percent of occupied units, not total units
Occupancy
Vacant Owner
261X - occupied
35%
Renter
occupied
39%
Overcrowding/Occupants per Room
Owners Renters Total %
Total # 899 936 100%
1.00 or less 91.8% 77.4% 84.5%
1.01 to 1.50 3.9% 9.0% 6.5%
1.51 or more 4.3% 13.6% 9.0%
% of Households 8.2% 22.6% 15.5%
Overcrowded
Kitchen and Plumbing Facilities- Occupied Units
Complete Kitchen 1,835 100.0%
Complete Plumbing 1,826 99.5%
Incomplete Kitchen 0 0.0%
Incomplete Plumbing 9 0.5%
Substandard Units 9 0.5%
Type of Heat - Occupied Units
Utility gas 905 49.3%
Bottled, tank, or LP gas 11 0.6%
Electricity 883 48.1%
Wood 15 0.8%
Other fuel /none 21 1.1%
RRC Associates, Inc.
Type of Structure
Single - Family
219
8.6%
Multi- Family
2,109
83.1%
Mobile Homes
209
8.2%
Units in Structure
69
3.8%
1970-1979
9
0.5%
1 -unit, detached
219
8.6%
1 -unit, attached
438
17.3%
2 units
21
0.8%
3 or 4 units
90
3.5%
5 to 9 units
373
14.7%
10 to 19 units
466
18.4%
20 or more units
721
28.4%
Mobile home
209
8.2%
Boat, RV, van, etc.
0
0.0%
Year Structure Built
1999 to March 2000
240
9.5%
1995 to 1998
499
19.7%
1990 to 1994
678
26.7%
1980 to 1989
742
29.2%
1970 to 1979
355
14.0%
1960 to 1969
14
0.6%
1940 to 1959
0
0.0%
1939 or earlier
9
0.4%
Built since 1990
1,417
55.9%
Year Moved Into Current Residence
1999 to March 2000
793
43.2%
1995 to 1998
693
37.8%
1990 to 1994
271
14.8%
1980 to 1989
69
3.8%
1970-1979
9
0.5%
1969 or earlier
0
0.0%
Town of Avon Housing Needs Assessment 2006
Income, Housing Costs and Affordability
9999 Median Incomes
2006 Median Family Income - Eaale Countv (HUD
Median in 1999
Household Income
$56,921
Owner Households
$73,015
Renter Households
$37,569
Family Income
$52,339
Per Capita Income
$30,115
2006 Median Family Income - Eaale Countv (HUD
Change - Median Family Income, 1999 -2006 (HUD)
1999 2006 % Change
$65,333 $80,000 24.4%
Income Distribution
50%
80 %-
100%
1 person
$280,000
$41,700
$56,000
2 person
$32,000
$47,700
$64,000
3 person
$36,000
$53,650
$72,000
4 person
$40,000
$59,600
$80,000
5 person
$43,150
$64,350
$86,333
6 person
$46,350
$69,150
$92,833
Change - Median Family Income, 1999 -2006 (HUD)
1999 2006 % Change
$65,333 $80,000 24.4%
Income Distribution
$150,000 or more 154 0 154 8.4%
Percent of Income Spent on Housin
Owners
Renter
Total
%
Less than $5,000
0
9
9
0.5%
$5,000 to $9,999
9
33
42
2.3%
$10,000 to $14,999
21
48
69
3.8%
$15,000 to $19,999
0
60
60
3.3%
$20,000 to $24,999
19
86
105
5.7%
$25,000 to $34,999
56
174
230
12.5%
$35,000 to $49,999
95
177
272
14.8%
$50,000 to $74,999
263
195
458
25.0%
$75,000 to $99,999
131
89
220
12.0%
$100,000 - $149,999
151
65
216
11.8%
$150,000 or more 154 0 154 8.4%
Percent of Income Spent on Housin
30 to 34% 18 111 129
35 +%
Owners Renters
338
Total
<15%
114
105
219
15 to 19%
61
76
137
20 to 24%
26
153
179
25 to 29%
62
99
161
30 to 34% 18 111 129
35 +%
85
338
423
Not computed
0
54
54
% Cost Burdened
28.1%
48.0%
42.4%
# Cost Burdened
103
449
552
Median Housina Prices/Costs
Gross Rent
#
2000
Value - Owner Occupied (SF)
0
$373,000
Value - Owner Occupied (all)
9
$230,200
Mortgage
52
$2,037
Gross Rent
137
$980
Contract Rent
268
$954
Value of Owner - Occupied Units
317
33.9%
$1,500 or more
SF #
SF %
Less than $50,000
0
0.0%
$50,000 to $99,999
10
2.7%
$100,000 to $149,999
7
1.9%
$150,000 to $199,999
0
0.0%
$200,000 to $299,999
47
12.8%
$300,000 to $499,999
219
59.8%
$500,000 to $999,999
83
22.7%
$1,000,000 or more
0
0.0%
Mortgage Amount
SF #
SF %
Less than $300
0
0..0%
$300 to $499
0
0.0%
$500 to $699
0
0.0%
$700 to $999
17
4.6%
$1,000 to $1,499
80
21.9%
$1,500 to $1,999
67
18.3%
$2,000 or more
184
50.3%
With a mortgage
348
95.1%
Not mortgaged
18
4.9%
Gross Rent
RRC Associates, Inc. 24
#
%
Less than $200
0
0.0%
$200 to $299
9
1.0%
$300 to $499
52
5.6%
$500 to $749
137
14.6%
$750 to $999
268
28.6%
$1,000 to $1,499
317
33.9%
$1,500 or more
108
11.5%
No cash rent
45
4.8%
RRC Associates, Inc. 24
Town of Avon Housing Needs Assessment 2006
SECTION 2 — POPULATION AND HOUSEHOLD PROJECTIONS
This section evaluates population and household growth, household area median income (AMI) and households with
housing problems. The section includes a discussion on the housing continuum and affordability levels for Avon
residents.
Population Estimates
The Department of Local Affairs projects that the population in Eagle County will increase by about 34 percent
between 2005 and 2015, or just under 3 percent per year on average. According to the US Census Bureau, as of
April 2000, there were 5,561 people living in Avon, making up 13.3 percent of Eagle County's total population. In
2005, it is estimated that about 14 percent of the population in Eagle County resided in Avon, based on a comparison
of Department of Local Affairs population estimates for the county and town. Assuming this ratio remains consistent
and Avon's population increases at a similar rate to Eagle County's, it is estimated that 7,220 residents reside in
Avon in 2006, increasing to 8,256 by 2010 and 9,430 by 2015.
Eaale County and Avon Population: 2000 to 2015
2000 2005 2006 2010 2015
Eagle County 41,659 100.0% 49,373 100.0% 50,618 57,881 66,113
Avon 5,561 13.3% 7,042 14.3% 7,220 8,256 9,430
Source: 2000 US Census; Department of Local Affairs; RRC Associates, Inc
Housing Unit Estimates
Between 1990 and 2000, housing units in Avon increased about 90 percent compared to a 45 percent increase in the
county as a whole. Between 2000 and 2005, it is estimated that housing unit growth in Avon and Eagle County
occurred at slightly more similar rates (37 and 27 percent, respectively). Assuming housing unit growth rates are
similar to the County through 2015 (17.2 percent), it is estimated that the number of total housing units will increase
from 3,583 in 2006 to 4,098 in 2010 and 4,680 by 20153.
Eaale Countv and Avon Chanae in Housina Units: 1990 to 2015
% Change
% Change
% Change
1990 2000 2005 2006 2010 2015 (1990 -2000)
(2000 -2005)
(2005.2010)
Eagle County 15,226 22,111 28,169 28,879 33,023 37,719 45.2%
27.4%
17.2%
Avon 1,344 2,557 3,495 3,583 4,098 4,680 90.3%
36.7%
17.2%
Source: Department of Local Affairs; RRC Associates, Inc
3 If Avon were to continue to grow at a relational ly faster rate than Eagle County, about 23 percent between 2005 and 2010, there would be
4,302 households in 2010 as opposed to 4,098.
Associates, Inc.
Town of Avon Housing Needs Assessment 2006
less than 80 percent AMI, 30 percent earn between 80 and 120 percent AMI and 33 percent earn over 120 percent
AMI. The AMI distribution of households in Avon varies by tenure, where renters are more likely than owners to earn
less than 80 percent AMI (57 percent of renters and 17 percent of owners).
Income Distribution Of Avon Households By Tenure:
2000 Census (update to 2006) Estimates
Renters
Owners
Total
< =30%
219
16.7%
26
2.2%
245
9.9%
30 -50%
269
20.5%
72
6.1%
341
13.7%
50 -60%
92
7.0%
33
2.8%
125
5.0%
60 -80%
163
12.4%
66
5.6%
228
9.2%
80 -100%
205
15.6%
178
15.1%
383
15.4%
100 -120%
161
12.3%
197
16.8%
359
14.4%
120 - 140%
57
4.3%
92
7.8%
149
6.0%
140 %+
148
11.3%
513
43.6%
662
26.6%
TOTAL
1,313
100%
1,178
100%
2,491
100%
Source: U.S. Census Bureau; CHAS; Colorado Department of Local Affairs; RRC Associates, Inc
Households with "Housing Problems"
As noted in the "Population and Demographics" section, about 42 percent of households in Avon were cost-burdened
(paid over 30 percent of their household income for rent/mortgage) in 2000, including 28 percent of owners and 48
percent of renters.
The 2000 US Census CHAS (Comprehensive Housing Affordability Strategy) tabulations report households with
"housing problems" by household area median income (AMI) levels. "Housing problems" are defined as households
that are lacking complete plumbing or kitchen facilities, with 1.01 or more persons per room (i.e., overcrowded)
and /or cos burdened (paying more than 30 percent of household income for rent/mortgage). About 44 percent of
households reported having housing problems, including 33 percent of owners and 55 percent of renters. Evaluated
by AMI range, the data shows that:
• About 67 percent of renter households in Avon earning below 80 percent AMI reported housing problems.
This AMI category represents the primary income range for rental unit demand. About 84 percent of renter
households earning less than 60 percent AMI also reported housing problems.
About 35 percent of owner households earning between 60 and 140 percent of the AMI reported housing
problems, with those earning between 60 and 80 percent of the AMI and 120 to 140 percent of the AMI
reporting the most problems (60 and 57 percent with housing problems, respectively). Owner housing
programs often target households earning between 60 and 120 percent of the AMI, and potentially higher,
depending on the needs in the community, where this income range includes entry-level buyers and some
move -up buyers.
• Many of the higher income owner households (those earning over 140 percent AMI) may be cost - burdened
by choice, where higher incomes are generally (though not always) more able to afford to pay over 30
percent of their income for housing without sacrificing other needs (food, clothing, medical, etc.). Only 5
percent of owners reported having housing problems in this higher income range. Also, lower income owner
RRC Associates, Inc. 28
Town of Avon Housinq Needs Assessment 2006
$53,651- $86,400
Middle Income
80 -120% AMI
$36,001- $53,650 742HH129.8 %HH
Low Income AMI ° 100% 110%
80 /o AMI AMI
353HH114.2 %HH AMI 120% AMI
$21,601 - $36,000 50% AMI
Very Low Income
30.50% AMI
341 HH /13.7 %HH
30% AMI Restricted
$0$21,600
Under 3011.
0 -30'1 AMI Emergency/
245HH19.9 %HH Subsidized
First Time Entry
Home Level
Market Buyers Market
Rentals Housin<
it V61109111 1`
Broad Renter Market
Step Up
Market
Over $86,401
Above Middle Income
+120% AMI
811 HH /32.6 %HH
High End
Market
180% AMI
Source: 2000 US Census (CHAS); The Housing Collaborative, LLC; RRC Associates, Inc.
*Incomes are presented for a 3- person household in Avon.
The following chart demonstrates the distribution of Avon households by AMI range. The largest percentage of
households in Avon earn over 120 percent of the AMI and would be likely candidates for step -up and move -up
housing (32.6 percent, income over $86,400) with 29.8 percent earning between 80 and 120 percent AMI (max
income $86,400) and 14.2 percent in the 50 to 80 percent AMI category (max income $53,650). About 13.7 percent
earn between 50 and 80 percent AMI (max income $36,000) with an additional 9.9 percent earning less than 30
percent AMI (maximum income of $21,600).
Percent of Avon Households by AMI Range: 2006
32.6 °fe
Over 120% AMI
Over $86,400
0% 10% 20% 30% 40% 50% 60% 70% 80 % 90% 100%
Source: 2000 US Census (CHAS); RRC Associates, Inc.
The following table calculates the maximum affordable purchase price and the maximum affordable rent by AMI
range for Avon households.
There are very few owner households making less than 80 percent AMI (16.7 percent) in Avon. Households
in this range are more likely to rent than to own. A larger percent of owners (31.8 percent) are in the first
time homebuyer and entry level housing market (80 to 120 percent AMI). The maximum affordable
purchase price for these households is $227,823 (100 percent AMI) and $273,388 (120 percent AMI). The
largest percentage of owner households in Avon (51.4 percent) make over 120 percent of the AMI. These
households can afford to purchase units over $273,388.
RRC Associates, Inc . 30
Town of Avon Housing Needs Assessment 2006
SECTION 3 — EMPLOYMENT AND COMMUTING
This section evaluates job growth, employment, wages paid, seasonality in employment and commuting patterns to
understand the quantity and type of employee housing needed to support the local economy,
Number of Jobs
Estimates from the Colorado Department of Local Affairs (DOLA) and the Economic Census Zip Code Business
Patterns were used to estimate total jobs in the Town of Avon. Based on the Economic Census in 2004, Avon had
about 29,2 percent of all jobs in Eagle County. This shows a slight increase since 2000, when Avon had about 26.1
percent of all Eagle County jobs. Assuming Avon maintains 29.2 percent of Eagle County jobs through 2010, it is
estimated that jobs in Avon will increase about 14 percent between 2006 (11,768 jobs) and 2010 (13,463 jobs).
Yearly Average Total Jobs; Eagle County and Avon
2000 2005 2006 2010 2015
Eagle County 34,505 39,390 40,358 46,173 52,043
Avon 8,990 11,485 11,768 13,463 15,175
% of Eagle County jobs that are in Avon* 26.1 % 29.2% 29.2% 29.2% 29.2%
Source: Colorado Department of Local Affairs (DOLA); US Census Bureau ZIP Code Business Patterns; RRC Associates, Inc.
*Percentage of jobs in Avon are estimated from US Census Bureau ZIP Code Business Patterns in 2000 through 2004. Avon had 29.2 percent
of the jobs in Eagle County in 2004— assumed to remain consistent through 2010 in the table.
Jobs by Industry
The Quarterly Census of Employment and Wages (QCEW) reports that the average number of jobs in Eagle County
between October 2003 and March 2004 was 27,211, with 8,161 being in Avon, This number is lower than the DOLA
estimate because it includes workers covered by unemployment insurance and, therefore, does not generally include
self proprietors and many agricultural laborers. However, QCEW provides useful estimates for the types of industries
that supply jobs in a region.
Based on this data, the largest percentage of jobs in Avon are in the arts, entertainment and recreation industry (36.6
percent), followed by accommodation and food services (19.5 percent), retail trade (12.8 percent) and construction
(77 percent) — indicative of the tourism economy in the area. The three lowest categories are health care and social
assistance (1.1 percent), finance and insurance (2.3 percent) and administrative and waste services (2.6 percent).
Jobs in Eagle County, in comparison, are primarily in accommodation and food services (24.7 percent), construction
(13.0 percent), arts, entertainment and recreation (12.7 percent) and retail trade (10.0 percent).
RRC Associates, Inc. 32
Town of Avon Housing Needs Assessment 2006
Eaale Countv Averaae Waae by Industrv: 2005
Health Care & Social Assistance
Average Yearly
Wage
EAGLE COUNTY OVERALL
$36,427
Mgt. Of Companies & Enterprises
$102,423
Finance & Insurance
$60,181
Professional & Technical Services
$59,723
Utilities
$58,095
Wholesale Trade
$52,587
Health Care & Social Assistance
$50,147
Mining
$42,662
Construction
$42,411
Real Estate
Manufacturing
$41,940
$41,698
Information
$41,476
Arts, Entertainment and Recreation
$37,711
Educational Services
$31,470
Transportation & Warehousing
$30,611
Retail Trade
$30,208
Agriculture, Forestry, Fishing, Hunting
$28,766
Other Services
$28,546
Administrative & Waste Services
$28,401
Accommodation & Food Services $22,747
Source: Quarterly Census of Employment and Wages (QCEW), Colorado Department of Labor and Employment; Sorted in
descending order of average wage paid in Eagle County.
QCEW wage estimates show that, in 2001, Avon workers earned slightly less than those in the county as a whole.
However, average wages in Avon during the fourth quarter of 2003 and first quarter of 2004 were about 8 percent
higher than the county average ($39;086 vs. $36,075, respectively). Wages per worker increased about 15 percent
between 2001 and 2005 in Eagle County, averaging about $36,427 in 2005.
Average Annual Wage per Worker; Eagle Coun
2001 2002 2003 04 and 2005 % Change
2004 Q1 (2001.2005)
Eagle County $31,583 $32,102 $36,075 $36,427 15.4%
Avon $27,698 - $39,086 -
Source: Quarterly Census of Employment and Wages; RRC Associates, Inc
Employees per Household and Jobs per Employee
Employees often live together in family and unrelated roommate households, meaning that there is often more than
one employee per residence. The number of employees per household was estimated from the 2000 US Census by
dividing the number of households reporting earnings in Avon by the number of employed persons that are in
households. This information is necessary when translating the number of employees into the number of households
needed to house the workforce. Avon, as of the 2000 Census, had 1.85 workers per household. Additionally,
according to DOLA, each employee in Eagle County holds about 1.2 jobs on average in 2006.
RRC Associates, Inc.
Town of Avon Housing Needs Assessment 2006
Eaale Countv Estimated Winter Seasonal Emplovment: 2001 to 2005
Source: Colorado Department of Labor and Employment (QCEW); RRC Associates, Inc
Commuting Patterns
The US Census provides place to place worker flows, estimating where workers live and where residents work by
place of residence and employment, This information is useful in understanding employee and resident commute
and living patterns.
Where Workers Live: According to the 2000 US Census, about 88 percent of persons employed in Avon live in Eagle
County. This includes 29 percent that live in Avon, 19 percent in Edwards, 11 percent in Eagle -Vail, and 6.5 percent
in Vail. In total, about 71 percent of persons employed in Avon come from an outside community (in- commuters), or
about 3,076 workers in 2000. About 12 percent report living outside of Eagle County (506 employees in 2000),
including about 2.8 percent of workers living in Garfield County. Employer interviews indicate that the percentage of
workers coming from Garfield County has decreased since the 2000 Census, with significant changes noted within
the past six months.
Where Avon Residents Work: About 96 percent of employed residents of Avon work in Eagle County, with 40
percent working in Avon, 24 percent in Vail, 7.3 percent in Edwards and 5 percent in Eagle-Vail. In total, 60 percent
of workers living in Avon do not work in Avon (about 2,055 residents in 2000). About 3 percent report working
outside of Eagle County (about 130 residents in 2000), including about 0.6 percent in Garfield County.
Where Avon Workers Live: 2000 Where Avon Residents Work: 2000
Place of Residence
Average Year -Round
Average Winter
Avon
1,240
Employment
Employment
Estimated Winter
Year
(May and Oct.)
(Dec. through Mar.)
Seasonal Jobs
2005
26,345
30,937
4,592
2004
24,964
29,394
4,430
2003
24,235
29,336
5,101
2002
24,713
29,476
4,763
2001
25,570
31,085
5,516
Source: Colorado Department of Labor and Employment (QCEW); RRC Associates, Inc
Commuting Patterns
The US Census provides place to place worker flows, estimating where workers live and where residents work by
place of residence and employment, This information is useful in understanding employee and resident commute
and living patterns.
Where Workers Live: According to the 2000 US Census, about 88 percent of persons employed in Avon live in Eagle
County. This includes 29 percent that live in Avon, 19 percent in Edwards, 11 percent in Eagle -Vail, and 6.5 percent
in Vail. In total, about 71 percent of persons employed in Avon come from an outside community (in- commuters), or
about 3,076 workers in 2000. About 12 percent report living outside of Eagle County (506 employees in 2000),
including about 2.8 percent of workers living in Garfield County. Employer interviews indicate that the percentage of
workers coming from Garfield County has decreased since the 2000 Census, with significant changes noted within
the past six months.
Where Avon Residents Work: About 96 percent of employed residents of Avon work in Eagle County, with 40
percent working in Avon, 24 percent in Vail, 7.3 percent in Edwards and 5 percent in Eagle-Vail. In total, 60 percent
of workers living in Avon do not work in Avon (about 2,055 residents in 2000). About 3 percent report working
outside of Eagle County (about 130 residents in 2000), including about 0.6 percent in Garfield County.
Where Avon Workers Live: 2000 Where Avon Residents Work: 2000
Place of Residence
#
%
Avon
1,240
28.6°%0
Edwards
800
18.5%
Eagle-Vail
465
10.7%
Vail
260
6.5%
Gypsum
260
6.0%
Eagle
185
4.3%
El Jebel
20
0.5%
Other Eagle County
580
13.4%
Lake County
137
12%
Garfield County
120
2.8%
Summit County
19
0.4° %0
Other Colorado
230
5.3%
Total
4,336
100.0°10
Associates, Inc.
Place of Work
- #
%
Avon
1,240
37.6%
Vail
775
23.5%
Edwards
240
7.3%
Eagle -Vail
155
4.7%
Eagle
105
3.2%
Gypsum
70
2.1
Basalt
45
1.4%
El Jebel
25
0.8%
Other Eagle County
510
15.5%
Summit County
40
1.2%
Garfield County
20
0.6%
Other Colorado
70
2.1%
Total"
3,295
100.0%
Source: 2000 US Census
Town of Avon Housing Needs Assessment 2006
teachers would help. Retailers, restaurant and lodging businesses also noted a need for units that could
accommodate non - related roommates.
— First-time homeownership opportunities to keep employees. It was noted that Miller Ranch was a
successful and much needed project. A couple employers offered examples of new hires (one an engineer
and one a co- manager) that owned homes in their previous communities and, upon moving to Avon, had
difficulty locating housing to rent. Despite earning in excess of $60,000 per year, neither can find homes to
purchase that they can afford. This was also noted by the school district to be a problem in retaining
employees over time and they indicated that about 75 percent of their turnover last year was due to
employees moving out of the valley to purchase homes. They find that they can attract young teachers out
of college given the "glamorous" location, but when they decide to start a family, they often move out of the
valley to afford a home.
Along similar lines, more expensive, move -up housing affordable for higher paid positions, new recruits that owned
homes in their previous communities so have some equity to apply toward a home and growing families (e.g., need
more than a 600 square foot condominium) are also needed to retain employees. Realtor interviews and current
listings for sale on the MLS indicate a large shortage of homes priced under $500,000 in the Town of Avon that would
meet the needs of these households.
RRC Associates, Inc.
Town of Avon Housing Needs Assessment 2006
Age of Units
The age of units can be a factor in the suitability of housing for residents. As demonstrated in the table below, the
majority of structures (91.5 percent) in Avon were built between 1980 and the present. Only about 7.2 percent of
existing units were built prior to 1980 (over 27 years ago).
Year Structures Built in Avon
Year Built
TOTAL
Units
Total %
Before 1970
2
0.1%
1970 to 1979
210
7.1%
1980 to 1989
1,286
43.6%
1990 to 1999
924
31.8%
2000 or later
408
13.8%
Unknown
118
4.0%
Total
2,948
100%
Source: Eagle County Assessor Data (October 2006)
Ownership of Units
The percent of Avon units owned by persons with a local Town of Avon address has remained about the same (44
percent) between 2001 and 2006. During the same time period, owners from other areas of Eagle County increased
from 17 percent (2001) to 18 percent (2006) and owners from other areas of Colorado increased significantly, from
about 2 percent (2001) to 9 percent (2006). This is consistent with realtor interviews, which indicate there is
increasing interest by Front Range residents in purchasing weekend ski units in Avon. Correspondingly, the
percentage of owners with addresses in other states or countries decreased, from 37 percent to 28 percent.
5M%
45.0%
40.0%
35.0%
30.0%
25.0%
20.0%
15.0%
10.0%
5.0%
0.0%
Ownership of Residential Units: 2001 and 2006
Avon Other Eagle Other Other
County Colorado State /Country
Source: Eagle County Assessor Data (2001 and 2006)
As shown on the following chart, ownership of units by locals varies by type of unit. About 76 percent of
mobile /manufactured homes are owned by individuals with an Avon address. Over 50 percent of townhomes, single
family homes and condominiums are owned by ouW- -area owners.
RRC Associates, Inc.
Town of Avon Housing Needs Assessment 2006
in this value range are sized between 220 square feet and 550 square feet with either zero or one - bedroom.
Two Mountain Vista employee housing units have two-bedrooms.
• Entry-level ownership homes (80 to 120 percent AMI), between about $100,000 and $200,000, comprise
about 27.1 percent of units. These include condominiums and some townhomes.
Move -up housing (over 120 percent AMI) priced between about $200,000 and $350,000 comprise about
30.2 percent of existing units in Avon, These are primarily condominiums and townhomes, with a few
(about 60) single - family homes. Of the single family residences valued between $200,000 and $299,999,
only 44 percent are stand alone structures. The median square foot of single family units in this price
category ranges from 1,154 square feet to 1,556 square feet, with an average of three bedrooms. All of the
units were constructed prior to 1999,
The remaining 19.3 percent of units are valued over $350,000. These higher priced units are primarily
single - family homes.
Owned Units by Value: Avon 2006
Mobile Single
Value
Condominium
home
Family
Townhome
Total %
Total #
Under $50,000
0.4%
70.6%
0.0%
0.0%
4.1%
116
$50K to $99,999
16.6%
29.4%
0.0%
0.0%
13.2%
370
$100K to $149,999
11.4%
0.0%
0.0%
10.5%
8.6%
240
$150K to $199,999
26.5%
0.0%
0.0%
0.0%
18.5%
519
$200K to $249,999
18.9%
0.0%
1.1%
9.3%
14.0%
392
$250K to $299,999
12.5%
0.0%
4.0%
13.6%
10.3%
289
$300K to $349,999
4.7%
0.0%
6.3%
23.5%
5.9%
164
$350K to $399,999
4.2%
0.0%
10.5%
18.5%
6.0%
168
$400K to $499,999
3.7%
0.0%
18.9%
17.3%
7.1%
200
$500K to $649,999
0.9%
0.0%
23.6%
7.4%
5.5%
154
$650K to $799,999
0.1%
0.0%
12.0%
0.0%
2.3%
65
$800K or more
0.0%
0.0%
23.6%
0.0%
4.4%
124
TOTAL 1,961 153 525 162 2,801 2,801
Median Value $171,170 $42,470 $545,380 $341,120 $218,100 -
Source: Eagle County Assessor Data (2006)
Deed Restricted Housing
The Town of Avon, as of October, 21, 2005, reports a total of 63 deed restricted ownership units in seven different
developments, including a total of 17 townhomes and 46 condominiums. The units were constructed between 1991
and 2001. The majority (15 total) of Mountain Vista Condominiums are still owned by The Sheraton and rented to
employees of Avon or Eagle County earning 80 percent or less of the AMI with rents not exceeding 33 percent of
household income.
Associates, Inc.
Town of Avon Housing Needs Assessment 2006
Rentals by Type of Unit: 2000
50 or more Units
1 ,40i
20 to 49 Units
15%
Market Rate Rents
Mobile /Manufactured 1 Attached or
Home Detached
4% 9% 2 to 4 Units
Source: 2000 US Census
5 to is units
52%
Based on survey responses to the "Colorado Division of Housing Multi Family Vacancy and Rental Survey ",
(Colorado Division of Housing), rents in Eagle County have increased about 7.9 percent over the past five years.
Rents during the first quarter (January through March) are lower than third quarter rents (July through September)
between 2003 and 2005 and follows the general slowing rental market trend in Colorado at that time.
Average Rent, 2001 to 2006: Eagle Count
Quarter 2001 2002 2003 2004 2005 2006 % change
(2001— 2006)
First-quarter $1,000.70 $984.66 $982.62 $1,018.35 $1,051.90 $1,079.78 7.9%
Third - quarter $984.34 $968.98 $1,009.64 $1,033.49 $1,074.66 - -
Source: 'Colorado Division of Housing Multi- Family Vacancy and Rental Survey," Colorado Division of Housing
Average rents for multi - family properties vary by size. As of the first quarter of 2006, market-rate rents in Eagle
County range from about $570 ($1.90 per square foot) for 1- bedroom units to $1,074 ($1.43 per square foot) for 2-
bedroom /2 -bath units.
Average Rent by Unit Type, First Quarter 2006: Eagle County
Apartment Type
Average
Rent
Average Rent per
Square Foot
Efficiency
$569.57
$1.90
1- bedroom
$855.56
$1.42
2- bedroomi1 -bath
$1,079.99
$1.43
2- bedroom /2 -bath
$1,073.94
$1.26
3- bedroom
$1,220.18
$1.24
All Units
$1,079.78
$1.42
Source: Colorado Division of Housing "Multi- family Housing Vacancy and Rental Survey
Information on Avon market rate rentals at Buffalo Ridge ll, Eagle Bend FIII, and Kayak Crossing was gathered
through interviews. All three apartment complexes offer 12 month leases only. Current market-rate rent for these
properties varies from $870 to $975 for a 1- bedroom unit, up to $1,525 for a 3- bedroom unit. Rents per square foot
are higher than those in Eagle County as a whole. One bedrooms range from $1.53 at Eagle Bend, HII to $1.64 at
Buffalo Ridge II.
RRC Associates, Inc .
Town of Avon Housing Needs Assessment 2006
Income and Employee Restricted Rentals
Buffalo Ridge II offers income restricted, section 42, housing. Their section 42 rates vary from $615 ($1.67 per
square foot) for a 1- bedroom to $1,025 ($1.15 per square foot) for a 2- bedroom /1 -bath unit. River View Apartments
has a total of 72 income restricted units, ranging from $1.42 to $1,48 per square foot. These units have a waiting list
for occupancy, from six months to two years. City Market has 18 employee- restricted one - bedroom units for $725
per month.
Income and Emolovee Restricted Rentals: Avon
In addition to the above, the Town of Avon also noted that they have 13 rooms available to bus drivers, at a cost of
about $450 to $550 per month per person, Rooms are in three - bedroom configurations with a total rent of $1,150 to
$1,350 per unit.
Pending Income and Employee Restricted Units
Currently, Avon has a total of 63 deed - restricted ownership units (15 of which are presently rented to employees) and
266 income- and employee- restricted rental units. Future additions to the program include the potential for 256 more
units at The Village at Avon, 8 units at Lot B, 9 units on Lot 61 and the potential for another couple dozen units as
both commercial and residential projects are redeveloped in the core areas of Town.
RRC Associates, Inc.
Buffalo Ridge Apartments
Rentper
Rent Square Foot
River View Apartments
Rentper
Rent Square Foot
City Market
Rent
Studio
$615
$1.67
-
-
1- bedroom
$875
$1.47
-
-
$725
2- bedroom
$1,025
$1.15
$1,190
$1.48
-
3- bedroom
-
-
$1,390
$1.42
-
TOTAL
units
176
72
18
In addition to the above, the Town of Avon also noted that they have 13 rooms available to bus drivers, at a cost of
about $450 to $550 per month per person, Rooms are in three - bedroom configurations with a total rent of $1,150 to
$1,350 per unit.
Pending Income and Employee Restricted Units
Currently, Avon has a total of 63 deed - restricted ownership units (15 of which are presently rented to employees) and
266 income- and employee- restricted rental units. Future additions to the program include the potential for 256 more
units at The Village at Avon, 8 units at Lot B, 9 units on Lot 61 and the potential for another couple dozen units as
both commercial and residential projects are redeveloped in the core areas of Town.
RRC Associates, Inc.
Town of Avon Housinq Needs Assessment 2006
All Residential Unit Sales, 2000 to 2006: Avon
30.0%
25.0%
® 2000
2003
02005/2006
20.0%
15.0%
10.0%
5.0%
0.0%
$100,000
$150,000
$200,000
$250,000
$300,000
$350,000
$400,000
$500,000
$650,000
$800,000
Under
to
to
to
to
to
to
to
to
to
$100,000
$149,999
$199,999
$249,999
$299,999
$349,999
$399,999
$499,999
$649,999
$799,999
or more
02000
13.2%
12.8%
13.2%
15.8%
8.3%
6.4%
7.1%
9.0%
6.8%
1.5%
6.0%
02003
4.8%
10.8%
20.5%
25.7%
7.6%
8.0%
4.4%
5.6%
6.4%
4.0%
2.0%
0 2005/2006
3.0%
5.6%
1 4.3%
1 8.6%
1 12.1%
10.3%
1 8.2%
1 12.5%
1 15.5%
1 9.9%
1 9.9%
Source: Eagle County Assessor Data (October 2006)
The following chart shows the median sales price for all units over the last five years. Based on these figures:
• The median sale price of marketpriced homes in Avon (including sales of single - family homes, townhomes,
condominiums, mobile /manufactured homes and other multi - family homes) increased by 64 percent .
between 2000 ($237,000 median) and 2005/2006 ($389,500). This includes a 48 percent increase in
condominium median sale prices, a 66 percent increase in single - family home sale prices and a 72 percent
increase in townhome sale prices,
• The median sales price of townhomes spiked in 2001, from $300,000 to $405,000. A total of eight sales
were recorded for townhomes during this time. Three of the sales were from the newly constructed "View
Townhomes ", which were constructed in 2001. The average sales price of the three units was between
$400,000 to $499,999.
• The median price of single family home sales increased by 40 percent between 2001 and 2002. Of the
sales in 2002, 38 percent were priced over $650,000 (19 sales). These sales were located in Wildridge,
Mountain Star, Eagle Bend and Beaver Creek point subdivisions. New units, or first time sales, comprised
32 percent of the sales over $650,000.
• The median price of single family home sales also spiked between 2004 and 2005, increasing by 47
percent. In 2005, 56 percent of single family home sales were priced over $650,000, and 43 percent of
those sales were in the Wildridge and Mountain Star Subdivisions.
• The median sale price of mobile /manufactured homes decreased by 62 percent between 2000 and 2005/06.
However, it is important to note that there are very few mobile homes sales in each year (about 22 in 2000
Associates, Inc.
Town of Avon Housinq Needs Assessment 2006
Avon 2005106 Prooerty Sales by Purchase Price
Source: Eagle County Assessor Data (October 2006)
The median sale price per square foot offers more insight on actual increases in housing prices. The median sale
price per square foot of all residences increased by about 74 percent in 2005/2006. Individually, the median per
square foot sale price of condos increased -the most, 85.4 percent, with single family homes increasing by 62.3
percent and townhomes increasing by 43.0 percent.
Median Sales Price per Spuare Foot: Avon 2000 to September 19, 2006
Condo
Single - family
Townhome
Mobile home TOTAL
Under $100K
1
-
-
6 7
$100K to $149,999
9
-
4
- 13
$150K to $199,999
10
-
-
- 10
$200K to $249,999
19
1
-
- 20
$250K to $299,999
28
-
-
- 28
$300K to $349,999
22
$209
2
- 24
$350K to $399,999
19
-
-
- 19
$400K to $499,999
20
2
7
- 29
$500K to $649,999
12
12
12
- 36
$650K to $799,999
6
12
5
- 23
$800K or more
1
22
-
- 23
Total
147
49
30
6 210
Source: Eagle County Assessor Data (October 2006)
The median sale price per square foot offers more insight on actual increases in housing prices. The median sale
price per square foot of all residences increased by about 74 percent in 2005/2006. Individually, the median per
square foot sale price of condos increased -the most, 85.4 percent, with single family homes increasing by 62.3
percent and townhomes increasing by 43.0 percent.
Median Sales Price per Spuare Foot: Avon 2000 to September 19, 2006
Source: Eagle County Assessor Data (October 2006); RRC Associates, Inc.
New and Existing Sales
New unit sales are defined as housing units sold within one year of their construction, The price per square foot of
sales for new construction varies from that of previously owned units. In 2000, the price per square foot for new units
($213 median) was 17 percent higher than for existing units ($182 median). This pattern continued to 2005 with the
price per square foot of new units ($278 median) being higher than existing units ($261 median). Through the third
quarter of 2006 this pattern changed with existing units ($325 median) costing more per square foot than new units
($271 median). The new sales recorded in 2006 (6 percent of total 2006 sales) consist of 5 townhomes and 4 single
family homes, ranging in price from $200,000 to over $800,000.
Associates, Inc .
2000
2001
2002
2003
2004
2005
1200512006
% Change
Single Family
$178
$177
$185
$190
$211
$259
$290
62.7%
Townhome
$193
$169
$190
$200
$202
$236
$275
43.0%
Condo
$193
$191
$202
$206
$209
$272
$358
85.4%
Median of All Units
1 $182
1 $185
1 $191
1 $203
1 $208
$266
$318
1 74.4%
Source: Eagle County Assessor Data (October 2006); RRC Associates, Inc.
New and Existing Sales
New unit sales are defined as housing units sold within one year of their construction, The price per square foot of
sales for new construction varies from that of previously owned units. In 2000, the price per square foot for new units
($213 median) was 17 percent higher than for existing units ($182 median). This pattern continued to 2005 with the
price per square foot of new units ($278 median) being higher than existing units ($261 median). Through the third
quarter of 2006 this pattern changed with existing units ($325 median) costing more per square foot than new units
($271 median). The new sales recorded in 2006 (6 percent of total 2006 sales) consist of 5 townhomes and 4 single
family homes, ranging in price from $200,000 to over $800,000.
Associates, Inc .
Town of Avon Housing Needs Assessment 2006
Median Price of Homes vs. Median Family Income: 2001 to September 2006
Median Price
Year of Sale (all sales)
Median Family Income*
(HUD - Eagle County)
Median price as a % of
median income
2000 $237,000
$68,100
348%
2001 $205,000
$70,500
291%
2002 $216,500
$74,900
289%
2003 $223,500
$73,600
304%
2004 $230,000
$76,700
300%
2005 $315,900
$79,950
395%
2006 to 9/19/06 $430,000
$80,000
538%
% increase (2000 to 2006) 81.4%
17.5%
-
Source: Eagle County Assessor records; Department of Housing and Urban Development; RRC Associates, Inc.
*Median Income reflects the 100% area median income (AMI) for a 4- person family household in Eagle County, or what is commonly
referred to as the median family income for an area.
Sales to Locals
The following table indicates that the percentage of total units being purchased by local Avon owners has varied
slightly between 2003 and 2006. This shows a decline in local purchasers of homes in 2005/06 compared to 2003.
Percent of Sales to Avon Purchasers: 2003, 2005, 2006 (through September)
Total Sales % Purchased by
Avon Owners
SepQ005 to SepQ006 146 39.7%
2005 290 37.0%
2003 249 44.2%
Source: Eagle County Assessor Records; RRC Associates, Inc.
The table below shows sales in Avon over the last year by AMI range.
• Of the units sold in 2005/2006 that are priced affordable to households earning 80 percent or less of the AMI
(below about $169,760), 46 percent were sold to local Avon residents.
About 30 percent of Avon residents are in the first time homebuyer /entry level market housing range (80 to
120 percent AMI). These residents can afford to purchase a housing unit priced between about $169,761
and $227,8237. In 2005/2006, 97 percent of the units sold in this price range were condominiums. There is
high competition for these units with Avon residents only purchasing 42 percent of available units. This
corresponds with realtor interviews, which indicate there is increasing competition for first time homebuyers
from Front Range second home purchasers.
• Of units sold in price ranges affordable to households earning between 120 and 140 percent of the AMI
(generally the move -up housing range), about 40 percent were sold to persons with a Town of Avon
address. These are units priced between about $274,000 and $320,000.
Affordable purchase price for an average 3- person household in Avon. Assumes 30 -year, 7 percent loan with 5 percent
down, no more than 30 percent of household income paid toward housing payments and 20 percent of the housing payment goes toward HOA,
insurance and PMI.
Associates, Inc.
Town of Avon Housing Needs Assessment 2006
percent of the AMI (or priced over about $320,000). There are no units currently listed that would be affordable to a
3- person household making less than 80 percent of the AMI (37 percent of current households), Only 11 percent of
the units sold in 2005/2006 were listed in that income range (6 mobile /manufactured homes, 16 condominiums and 4
townhomes).
Affordable Purchase Price By AMI *: 2006
Maximum
% Current
# Current
2005106%
2005106 #
Affordable Maximum Income
Listings
Listings
Sales
Sales
AMI Range Purchase Price (3- person HH)
(MLS)
(MLS)
(Assessor)
(Assessor)
60% AMI or below $136,694 $43,200
0.0%
0
7.8%
18
61 to 80% AMI
$169,760
$53,650
0.0%
0
3.4%
8
81 to 100% AMI
$227,823
$72,000
3.5%
3
6.5%
15
101 to 120% AMI
$273,388
$86,400
5.7%
5
9.9%
23
121 to 140% AMI
$318,952
$100,800
5.7%
5
10.8%
25
Over 140% AMI
Over $318,952
Over $100,800
85.1%
74
61.6%
143
Source: Department of Housing and Urban Development; Eagle County Assessor (September 2006); RRC Associates, Inc.
*Assumes 5% down; 7% 30 -year loan; 20% of monthly payment for insurance, taxes, PMI, HOA; no more than 30% of income used for total
housing payment.
Comparing sales last year (9120/05 to 9/19/06) by residency of owner to current MLS listings (10/13/2006) shows that
the distribution of units sold to owners with an Avon address are very similar to sales to owners with an out o�area
address (other Eagle County, other Colorado or other state). In other words, competition across all price ranges
among locals and out -of -area owners appears to be prevalent. Sales over the past year show a much higher
percentage of units priced under about $320,000 (38 percent) than currently available on the market (15 percent).
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%
Avon Sales by Residency of Purchaser (200512006) vs. MLS (1011312006)
by AMI Affordability Range
0
Less than 60% 60 to 80% AMI 80 to 100% AMI 100 to 120% AMI 120% to 140% Over 140% AMI
AMI ($169,760) ($227,823) ($318,952) (Over $318,952)
(Under ($273,388)
$136,694)
Source: Eagle County Assessor (2006); Department of Housing and Urban Development; RRC Associates, Inc.
*Dollar figures in the legend represent the highest affordable purchase price for homes within each AMI range.
Associates, Inc.
Town of Avon Housing Needs Assessment 2006
SECTION 6 - HOUSING NEED
This section estimates housing units needed by residents, in- commuters to the town and new workers filling future
jobs across different AMI ranges (based on 10 -year employment projections). A discussion of seasonal worker
housing needs is also provided. This section provides estimates of housing needs for multiple segments of the
population and workforce to understand how many housing units and at what price points future housing should be
provided to meet local needs. Need is identified through catch -up needs (the number of housing units needed to
address current deficiencies in housing— includes needs of residents and current in- commuters) and keep -up needs
(the number of units needed to keep up with future demand for housing — based on future employment growth).
Section 7 discusses the "gaps" in housing and compares total needs to units provided by the market to better
understand where housing programs may need to be focused to meet resident and local worker needs. .
Avon Residents With "Housing Problems" (Catch -Up)
Catch -up housing is generally defined as the number of housing units needed to address current deficiencies in
housing, whether from an affordability standpoint or from an availability standpoint.
The 2000 US Census CHAS (Comprehensive Housing Affordability Strategy) tabulations reports households with
housing problems by household area median income (AMI). Housing problems are defined as households that are
lacking complete plumbing or kitchen facilities, with 1.01 or more persons per room (i.e. overcrowded) and/or cost
burdened (paying more than 30 percent of household income for rent/mortgage). Residents and employees residing
in substandard housing, overcrowded conditions or unaffordable units often leave their jobs and the community.
It is important to note that constructing new units to serve Avon residents who are cost burdened causes the units
occupied by cost burdened households to become available to address a catch -up or keep -up need from other
residents, in- commuters or new employees. For this reason, existing housing problems can help define gaps in
current town housing but do not necessarily reflect a numerical increase in units needed within the community.
Renter Households: About 83.8 percent of renters earning less than 80 percent AMI report housing problems,
totaling about 622 households. Those earning less than 60 percent of the AMI are particularly likely to report
problems, accounting for 438 households. Another 82.6 percent of the households earning between 60.1 and 80
percent of the AMI also report housing problems, or about 135 households in 2006. Renters earning over 80 percent
of the AMI are typically desiring to purchase homes so have not been included in the below table.
Need From Renter Households With "Housing Problems "; Avon 2006
Source: DOLA; 2000 Census (CHAS); RRC Associates, Inc
RRC Associates, Inc.
Renter With "Housing With "Housing
Households Problems" Problems"
AMI Range
# % #
Total Households
1,313 55.3% 726
b Y
�, ka _ m
f3"2<. -� �`Y Y^�,✓F�� � Z� �,� ?�"` F � Ga�
�u' '"r
�",.h„
Total <=80% AMI
742 83.8% 622
Source: DOLA; 2000 Census (CHAS); RRC Associates, Inc
RRC Associates, Inc.
Town of Avon Housing Needs Assessment 2006
• Less than 80 percent AMI: About 37.7 percent of in- commuters that would move earn less than 80 percent
AMI and would primarily be candidates for rental units (between 355 and 710 new households). A 3- person
household earning in this range could pay up to $1,080 per month9 in rent.
• 80 to 120 percent AMI As shown below, about 29.9 percent of in- commuter housing (between 281 and 561
new households) would be needed for entry -level buyer households. These units should be priced between
about $170,000 and $274,000 for a 3- person household.
• Over 120 percent AM About 32.6 percent of in- commuters that would move earn more than 120 percent
AMI and would primarily be candidates for move up and high end housing (between 306 and 614 new
households). These households could pay over about $274,000 for a home.
AMI Distribution of In- Commuting Households
That Would Move to Avon
Source: Department of Housing and Urban Development; Department of Local Affairs; RRC Associates, Inc
In- Commuter Needs by Tenure
Catch -up needs from in- commuters can further be broken down into rental units and ownership units. The following
estimates assume that the percentage of in- commuters that would prefer to own or rent in the Town of Avon is
consistent with the current mix of Avon resident households (52.7 percent renters and 47.3 percent owners). The
percentage of households expected to own or rent by AMI range varies based on the 2000 Census CHAS data
estimates for Town of Avon households.
Rentals: Assuming that the percentage of in- commuters that would rent within each AMI range is consistent with the
current mix of households in the Town of Avon (52.7 percent of households in total), a total of between 496 and 992
rental units would be needed to fill in- commuter needs. About 37 percent of the units would need to serve the
population making less than 50 percent AMI. An average 3- person household in this income range could afford up
to $900 a month for rent. The median rent for a 3- bedroom unit in Avon is about $1,220, which would serve the 60 to
80 percent AMI income range (12.4 percent of the renter population).
9 Uses the average of a 3- person household income, assumes no more than 30 percent of household income is used for rent.
RRC Associates, Inc.
% Of
In-Commuters
2006
(Total Units)
25% Would Move
2006
(Total Units)
50% Would Move
<50% AAR
23.5%
221
443
50.1 to 60% AMI
5.0%
47
94
60.1 to 80% AMI
9.2%
86
173
80.1% -100% AMI
15.4%
145
289
100.1 % - 120% AMI
14.4%
135
271
120.1 % -140% AMI
6.0%
56
112
Over 140% AMI
26.6%
250
500
TOTAL
100.0%
941
1,882
Source: Department of Housing and Urban Development; Department of Local Affairs; RRC Associates, Inc
In- Commuter Needs by Tenure
Catch -up needs from in- commuters can further be broken down into rental units and ownership units. The following
estimates assume that the percentage of in- commuters that would prefer to own or rent in the Town of Avon is
consistent with the current mix of Avon resident households (52.7 percent renters and 47.3 percent owners). The
percentage of households expected to own or rent by AMI range varies based on the 2000 Census CHAS data
estimates for Town of Avon households.
Rentals: Assuming that the percentage of in- commuters that would rent within each AMI range is consistent with the
current mix of households in the Town of Avon (52.7 percent of households in total), a total of between 496 and 992
rental units would be needed to fill in- commuter needs. About 37 percent of the units would need to serve the
population making less than 50 percent AMI. An average 3- person household in this income range could afford up
to $900 a month for rent. The median rent for a 3- bedroom unit in Avon is about $1,220, which would serve the 60 to
80 percent AMI income range (12.4 percent of the renter population).
9 Uses the average of a 3- person household income, assumes no more than 30 percent of household income is used for rent.
RRC Associates, Inc.
Town of Avon Housing Needs Assessment 2006
Estimated Percentage of Workers that Would Live in Avon 2006
25% in- 50% in-
commuters commuters
Workers that currently 29% 2,844
live in Avon
In- commuting workers 71% 6,962
In- commuters that would 1,740 3,481
live in Avon
% Total workers that 47% 65%
would live in Avon
TOTAL employees 100% 9,806 # Total workers that 4,584 6,325
would live in Avon
Source: Department of Local Affairs; 2006 Employee and Employer Surveys; RRC Associates, Inc.
Based on estimated job growth, about 1,500 more employees will be needed to fill jobs in the Town of Avon between
2006 and 2010 and an additional 1,542 employees will be needed between 2010 and 2015.
• If Avon wanted to maintain the current ratio of workers that live in town (29 percent), this would generate a
need for an additional 435 new housing units by 2010 and an additional 447 between 2010 and 2015.
• If Avon wanted to increase the current ratio of employees that live in Town to meet total demand from new
employees that would prefer to live in Avon (between 47 to 65 percent of all employees), between 705 and
975 additional housing units would be needed by 2010 and an additional 724 to 1,002 housing units would
be needed between 2010 and 2015.
Estimated Housing Need Generated by Job Growth in Avon
2006, 2010 and 2015
Additional housing need
(maintaining 29% of workers in Town) 435 447
Additional housing need
(providing housing for 47% to 65% of workers that
Live /Would live in Avon) 705 to 975 724 to 1,002
Source: Department of Local Affairs; 2000 US Census; RRC Associates, Inc
The following table estimates the number of housing units that will be needed at different AMI affordability levels to
serve new workers in 2010 and 2015. The table assumes new worker households follow a similar AMI profile as
existing Avon households (based on 2000 Census CHAS data) and that 29 percent of the future workforce will be
housed in Town (e.g., maintains the current ratio of workers that live in Avon).
RRC Associates, Inc.
2006
2010
2015
Total jobs
11,768
13,463
15,175
Jobs per employee (average)
1.45
1.40
1.36
Total employees
8,116
9,616
11,158
2006 to 2010
2010 to 2015
Increase in employees
1,500
1,542
% of Employees that Currently live in Avon (2000)
29%
29%
% of Total Employees that Live/Would Live in Avon
(including 25% and 50% of in- commuters)
47% to 65%
47% to 65%
Employees per household
1,85
1.85
Additional housing need
(maintaining 29% of workers in Town) 435 447
Additional housing need
(providing housing for 47% to 65% of workers that
Live /Would live in Avon) 705 to 975 724 to 1,002
Source: Department of Local Affairs; 2000 US Census; RRC Associates, Inc
The following table estimates the number of housing units that will be needed at different AMI affordability levels to
serve new workers in 2010 and 2015. The table assumes new worker households follow a similar AMI profile as
existing Avon households (based on 2000 Census CHAS data) and that 29 percent of the future workforce will be
housed in Town (e.g., maintains the current ratio of workers that live in Avon).
RRC Associates, Inc.
Town of Avon Housing Needs Assessment 2006
Keep -Up Rental Unit Needs: Growth in Jobs, 2010 and 2015
Maximum
AMI range
Income Range
. affordable
rent*
Renter AMI
distribution** 2010
(units)
2015 (units)
50% AMI or less
$36,000 or Less
$900
37.1%
85
87
50.1 -60% AMI
$36,001 - $43,200
$1,080
7.0%
16
16
60.1 -80% AMI
$43,201 - $53,650
$1,341
12.4%
28
29
80.1 -100% AMI
$53,651 - $72,000
$1,800
15.6%
36
37
100.1 - 120 %AM1
$72,000 - $86,400
$2,160
12.3%
28
29
Over 120% AMI
Over $86,400
Over $2,160
15,6%
36
37
TOTAL UNITS
(29.0% of workers) * **
_
-
-
229
236
*Assumes no more than 30 percent of household income is used for rent.
**Assumes same AMI distribution as reported by the 2000 US Census (CHAS).
* * *29 percent is the average percentage of workers that reside in Avon in 2000.
Ownership Units: Units for ownership will also be needed by an estimated 47.3 percent of new workers needed to fill
new jobs generated through 2010 and 2015 (provided current estimated owner /renter ratios are maintained in Avon).
This will result in demand for an additional 206 units by 2010 and 211 between 2010 and 2015 if 29 percent of the
new workforce is housed in Town. About 65 units, priced between 80 and 120 percent of the AMI, would be needed
by new workers in 2010. Another 16 units priced between about $273,000 and $319,000 would be needed for
households earning between 120 and 140 percent of the AMI in 2010.
Keep -Up Ownership Unit Needs: Growth in Jobs, 2010 and 2015
AMI range Income Range Maximum affordable Owner AMI 2010 2015
(3- person household) purchase price* distribution** (units) (units)
50% AMI or less $36,000 or Less $113,918 8.3% 17 18
50.1 -60% AMI
$36,001 - $43,200
$136,694
2.8%
6 6
60.1 -80% AMI
$43,201 - $53,650
$169,760
5.6%
11 12
80.1- 100 %AM1
$53,651 - $72,000
$227,823
15.1%
31 32
100.1 -120% AMI
$72,000 - $86,400
$273,388
16.8%
34 35
120.1 - 140 %AM1 $86,400- $100,800 $318,952 7.8% 16 17
Over 140% AMI Over $100,800 Over $318,952 43.6% 90 92
TOTAL UNITS _ - 206 211
(29.0% of workers) * **
s 5% down; 7% 30 -Year loan; 20% of monthly payment for insurance, taxes, PP
* *Assumes same AMI distribution as reported by the 2000 US Census (CHAS).
** *29 percent is the average number of workers that reside in Avon in 2000.
Seasonal Workers
Peak winter season employment generated demand for about 3,100 workers in Avon in 2003/2004. It is important to
note that this includes information from the Vail Resorts offices that moved to Avon a few years ago. It is expected
that many of these seasonal employees actually work in Vail.
Interviews with employers noted that most of the seasonal workers in Beaver Creek reside in affordable rentals in the
area (the Tames, Rivers Edge, Timber Ridge) and that the real crunch typically occurs around the 3 to 4 weeks of the
RRC Associates, Inc.
Town of Avon Housing Needs Assessment 2006
Total Current and Future Housing Need
TOTAL Housing Rental Ownership
Units Needed Units Units
Resident needs (2006):
Current residents*
With housing problems
880
622
258
Catch-up need (2006):
In- commuters:
25% Would Move
941
496
445
50% Would Move
1,882
992
890
Keep Up Need (2010 to 2015)
New Jobs by 2010:
Meeting Need for 47% of New Workers
705
372
176
Meeting Need for 65% of New Workers
975 _
514
461
Maintaining 29% of Workers in Avon
435
229
206
New Jobs between 2010 and 2015:
Meeting Need for 47% of New Workers
724
382
342
Meeting Need for 65% of New Workers
1,002
528
474
Maintaininq 29% of Workers in Avon
447
236
211
Seasonal Workers: Monitor needs with Gondola development and related. Primary need is among Vail
workers currently, but will increase in Avon as "destination" development continues (Gondola, hotels/
accommodations, retail, etc.).
*Each unit that addresses current resident needs should be assumed to also serve catch -up or keep -up needs of residents, in- commuters or
new employees given that the unit vacated by the current resident in need can then be occupied by another household.
RRC Associates, Inc.
Town of Avon Housing Needs Assessment 2006
Estimated Catch -Up and Keep -Up Need for Rental Units in Avon: 2006
Maximum affordable Estimated in-
AMI Range rent (3- person commuter need 2010 (additional 2015 (additional
80.1% -100% AMI $1,800 77 to 155 36 37
>100% AMI Over $1,800 138 to 277 64 66
TOTAL <80% AMI - 281 to 559 129 132
*Assumes no more than 30 percent of household income is used for rent. Shading represents areas of estimated primary need.
` *Range includes 25% to 50% of in- commuters.
Shaded area indicates where the market is expected to be deficient in meeting needs.
It is expected that the tight rental market for year -round occupancy in Avon (and Eagle County as a whole)
may be affecting employers in Avon more significantly than housing for seasonal workers (though seasonal
workers do strongly affect housing availability during the winter months). As work on the Gondola in Avon
progresses and more seasonal attractions are added in Town (visitor accommodations, retail, etc.),
seasonal worker housing should continue to be monitored to ensure that new development accommodates
for the needs of the winter seasonal employment that may be required to operate new businesses.
In summary:
• A total of 568 to 846 rentals priced below 80 percent AMI would be needed to address catch -up needs from
residents with housing problems (287 units) and 25 to 50 percent of in- commuters (281 to 559 units).
Assuming that the development of Buffalo Ridge in 2003 filled some of this need (244 units), then total
catch -up need declines to between 333 and 602 units.
• Seasonal units are not necessarily as significant a need as year -round rentals, but seasonal needs should
continue to be monitored as "ski front" development (e.g., Gondola, accommodations, etc.) occurs in Avon.
As more winter visitors are attracted to Town, this will most likely change the picture of seasonal worker
needs among local businesses in the future.
• Finally, production of an estimated 129 units by 2010 and another 132 units by 2015 for households earning
less than 80 percent AMI would serve keep -up needs from future employment growth.
RRC Associates, Inc.
Town of Avon Housing Needs Assessment 2006
100%
,,, 80%
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2005/2006 Sales vs. MILS (10113/06): Avon
Less than 50 to 60% 60 to 80% 80 to 100% 100 to 120% 120% to Over 140%
50 %AMI AMI AMI AMI AMI 140 %AMI AMI (Over
($113,918) ($136,694) ($169,760) ($227,823) ($273,388) ($318,952) $318,952)
Source: Eagle County Assessors Data (2006); Eagle County MLS; RRC Associates, Inc.
*Dollar amount reflects affordable purchase price for a 3- person household in each respective AMI range.
Catch -Up Ownership Housing: It is estimated that about 129 units are needed to address current resident needs
(owners with housing problems). This is based on the assumption that each new housing unit produced to address a
local need results in' serving a total of two households (given that each resident that vacates an existing unit frees up
that unit, which can then be occupied by another household). The bulk of ownership needs are in the 100 to 140 AMI
percent range (about 76 units).
Estimated Resident Housina Needs: Avon
Maximum Affordable
Owner
With "Housing
Estimated Need
Purchase Price
Households
Problems"
(50% Gap)
AMI Range (3- person household)*
#
% #
#
Under 60% AMI $136,694
131
100.0% 131
NA
Over 140% AMI Over $318,952 513 5.0% 26 NA
TOTAL - 1,178 415 129
In addition to resident housing needs, workers that commute into Avon also produce demand for housing. The below
table shows that about 202 to 403 units would be needed to serve in- commuters earning between about 60 and 140
percent of the AMI. Comparing current resident and in- commuter needs for housing to available units shows that:
• The primary deficiency in the provision of housing occurs for entry-level homeownership units priced
between about $227,823 and $273,388 (80 to 1�0 percent of AMI), with between about 210 to 350 units
needed which are not currently supplied.
RRC Associates,
Town of Avon Housing Needs Assessment 2006
Keep-Up Ownership Housing Needs: 2010 and 2015
Maximum affordable
purchase price* 2010 2015
Under 60% AM] $136,694 23 24
Over 140% AMI Over $318,952 90 92
TOTAL Units 206 211
Shaded area represents primary need.
*Maximum purchase price for a three - person household earning within each income range. Assumes 5 %
down, 7.0% interest for 30 years and 20% of monthly payment for property taxes, insurance and HOA fees,
with no more than 30% of household income used for housing payments
Associates, Inc.
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To: Honorable Mayor and Town Council
Thmm: Larry Brooks, Town Manager
From: Pett/HOuKenny
Date: December 29.2O06
Re: Business Registration Update for Avon
SWrn0MarV: A request has been made to include a list of new businesses registered in Avon in your
SO below iSa list Of the new businesses and closed businesses iOAvon.
NEW BUSINESS REGISTRATIONS
New Bus (mo) ur
Home New Ownership
Name of Business Street Address —Type of Business Open Date Office-
Challenge Outfitters, LLC 0101 Fawcett Rd, Unit 170 Retail 12/1/06 no N8
Kimberly Clark d/b/aCreative 910 Nottingham Rd, S4, Retail /Furniture 12/1/06 no NB
Home Interiors Mountain Center Showroom
End of the Rainbow, LLC
150E Beaver Creek Blvd,
Retail
10106 no
NB
Ste A-103
Little Trestle Ass.. LLCd/b/a
1060 Beaver Creek Blvd.
Retail Fishing
12/15/08 no
NO
Fly Fishing Outfitters
Guide Service
G'Day Mate Pies, LUC
Benchmark Shopping
Restaurant /Bakery
1/1/07 no
NB
Center, Unit 102
Sales
AndnywKinsUan Foxd/b/a
105 E. Beaver Creek Blvd.
Service 'pastry
12/1/06 no
NB
KConfections
wholesale
Lucid Sleep, Inc.
10OVV. Beaver Creek Blvd,
Diagnostic Sleep
12/1/08 no
NB
#218
Services
41 NEW BUSINESS LICENSES
WERE ISSUED |N2Q0@
TERMINATED BUSINESS REGISTRATIONS
Date Terminated
Reason
—Name
Overland & Express Travel
12/6/06
Closed Avon office; relocated to Edwards
14 BUSINESSES WERE TERMINATED IN 2006