Aspen Housing Authority: Doctor’s asking price for deed-restricted home too low
The Aspen Times
ASPEN – A doctor who put his affordable housing unit on the market for $1.45 million can boost the asking price by $15,000, the Aspen-Pitkin County Housing Authority has determined.
The housing authority determined Dr. Kenton Bruice can seek up to $1,465,037 under its guidelines, sales manager Pam Gabel said Thursday.
The Housing Authority’s board of directors voted 3-1 last month to make Bruice try to sell the house. The board found he didn’t meet residency requirements, though Bruice claimed he did.
Bruice and his wife, Donna, live in a North 40 single-family home. It is deed-restricted for full-time residents, but there aren’t strict sales caps as there are for other categories of residences in the affordable housing program. The Bruices complied with the order and listed the house last weekend. They are attempting to sell it themselves.
The house has an actual value of $1,359,900, according to the Pitkin County Assessor’s Office. However, that doesn’t dictate the price the owners can seek. Gabel said the maximum listing price is determined by the verified cost to build it, annual appreciation of 4 percent for this category of housing, and capital improvements within guidelines.
Gabel said she is unaware of any case where the owner of a residence sold for less than the price allowed under the housing authority’s standard formula.
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