It’s taken more than 20 years, but the final phase of the Two Rivers Village development is about to start work. This part of the project is a little different. The final phase, 46 free-market homes, will be duplex units.
The units, built by BonnaVilla Homes of Aurora, Nebraska, will be delivered over the coming winter with the first homes ready for move-in starting in March or April of 2025. Prices start in the low $300,000 range. Realtor Bill Holm of Fortius Capital said another difference in the development is that homes will sit on leased land.
But, he added, the land lease extends for 99 years, meaning both the mortgage and lease rates will remain constant. While the land lease concept is a first for Eagle County, it’s being used elsewhere. Holm said the concept is being used in “very successful” projects in Summit and Garfield counties.
Liz Andrews of All Western Mortgage, one of the preferred lenders for the project, said the land lease concept is also used in other states, including Hawaii. The biggest question, Andrews said, is how appraisers will value the homes. But, she said, her firm will be able to lend on the properties.
Borrowers will also be able to participate in programs including Eagle County’s down payment assistance program. Interest rates are currently in the low 5% range, she said. There will be two varieties of homes in the last phase: a two-bedroom of 860 square feet and a three-bedroom of 1,127 square feet.
Holm said current estimates of m.