{"id":2451870,"date":"2019-12-05T00:00:00","date_gmt":"2019-12-05T07:00:00","guid":{"rendered":"https:\/\/www.aspentimes.com\/?p=317127"},"modified":"2019-12-05T11:18:16","modified_gmt":"2019-12-05T18:18:16","slug":"buyer-beware-of-aspen-deed-restrictions","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/kspn\/local-news\/buyer-beware-of-aspen-deed-restrictions\/","title":{"rendered":"Buyer beware of Aspen deed restrictions"},"content":{"rendered":"<div><img decoding=\"async\" src=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2019\/02\/facebook-thumbnail-1200.jpg\" class=\"ff-og-image-inserted\"><\/div>\n<p class=\"STND-STND BodyText\">Recently <a id=\"N0x14db2f0N0x1443c70:N0x14db2f0N0x150eef0\" href=\"https:\/\/www.aspentimes.com\/opinion\/letters-to-the-editor\/woe-is-the-editor-of-beatons-columns\/\">it came to light<\/a> that many units in Aspen\u2019s affordable housing stock will be relieved of deed restrictions on prices and rents. <a id=\"N0x14db2f0N0x1443cd0:N0x14db2f0N0x150ef80\" href=\"https:\/\/www.aspentimes.com\/opinion\/letters-to-the-editor\/buyer-beware-of-aspen-deed-restrictions\/Recently%20it%20came%20to%20light%20that%20many%20units%20in%20Aspen%E2%80%99s%20affordable%20housing%20stock%20will%20be%20relieved%20of%20deed%20restrictions%20on%20prices%20and%20rents%20(.%20Paul%20Menter%E2%80%99s%20recent%20column%20in%20the%20Aspen%20Daily%20News%20is%20one%20good%20source.%20The%20city%E2%80%99s%20rush%20to%20buy%20deed%20restrictions%20extensions%20might%20not%20be%20the%20best%20policy%20direction%20for%20several%20reasons.%0DThe%20properties%20in%20question%20already%20are%20pretty%20old;%20they%E2%80%99ll%20be%20ancient%20when%20deed%20restrictions%20expire.%20Suppressing%20prices%20and%20rents%20well%20below%20market%20always%20causes%20owners%20to%20neglect%20maintenance.%20Centennial%E2%80%99s%20rental%20units,%20for%20example,%20will%20be%20approaching%20100%20years%20of%20age%20when%20the%20current%20restrictions%20expire.%20They%20might%20be%20uninhabitable%20by%20then.%20Why%20pay%20now%20to%20extend%20a%20deed%20restriction%20that%20might%20be%20worthless%20in%2025,%2030,%2040%20years?%0DFurther,%20it%20might%20be%20foolish%20enough%20to%20negotiate%20an%20extension%20with%20the%20owner%20of%20a%20rental%20project%20that%20will%20be%20falling%20down%20when%20the%20extension%20starts.%20To%20obtain%20extensions%20from%20%E2%80%9Cowners%E2%80%9D%20of%20individual%20price%20controlled%20units%20in%20%E2%80%9Cowned%E2%80%9D%20units%20would%20be%20a%20nightmare,%20with%20each%20%E2%80%9Cowner%E2%80%9D%20jockeying%20for%20a%20holdout%20price.%20Overpayment%20by%20the%20city%20would%20be%20inevitable.%0DFinally,%20is%20it%20certain%20that%20buying%20deed%20restriction%20extensions%20is%20a%20lawful%20use%20of%20RETT%20proceeds?%20Is%20it%20certain%20an%20attempt%20to%20use%20RETT%20that%20way%20won%E2%80%99t%20be%20tied%20up%20in%20litigation%20for%20years?%0DPaul%20Menter%20is%20right;%20the%20city%20needs%20an%20overall%20plan,%20not%20episodic%20purchases%20of%20deed%20restrictions%20in%20a%20vacuum.%0DMaurice%20Emmer%0DAspen\">Paul Menter\u2019s recent column <\/a>in the Aspen Daily News is one good source. The city\u2019s rush to buy deed restrictions extensions might not be the best policy direction for several reasons.<\/p>\n<p class=\"STND-STND BodyText\">The properties in question already are pretty old; they\u2019ll be ancient when deed restrictions expire. Suppressing prices and rents well below market always causes owners to neglect maintenance. Centennial\u2019s rental units, for example, will be approaching 100 years of age when the current restrictions expire. They might be uninhabitable by then. Why pay now to extend a deed restriction that might be worthless in 25, 30, 40 years?<\/p>\n<p class=\"STND-STND BodyText\">Further, it might be foolish enough to negotiate an extension with the owner of a rental project that will be falling down when the extension starts. To obtain extensions from \u201cowners\u201d of individual price controlled units in \u201cowned\u201d units would be a nightmare, with each \u201cowner\u201d jockeying for a holdout price. Overpayment by the city would be inevitable.<\/p>\n<p class=\"STND-STND BodyText\">Finally, is it certain that buying deed restriction extensions is a lawful use of RETT proceeds? Is it certain an attempt to use RETT that way won\u2019t be tied up in litigation for years?<\/p>\n<p class=\"STND-STND BodyText\">Paul Menter is right: The city needs an overall plan, not episodic purchases of deed restrictions in a vacuum.<\/p>\n<p class=\"STND-STND Letter Name\">Maurice Emmer<\/p>\n<p class=\"STND-STND Letter Title\">Aspen<\/p>\n<p><a href=\"https:\/\/www.aspentimes.com\/opinion\/letters-to-the-editor\/buyer-beware-of-aspen-deed-restrictions\/\" target=\"_blank\" rel=\"noopener noreferrer\">via:: The Aspen Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Recently it came to light that many units in Aspen\u2019s affordable housing stock will be relieved of deed restrictions on prices and rents. Paul Menter\u2019s recent column in the Aspen Daily News is one good source. The city\u2019s rush to buy deed restrictions extensions might not be the best policy direction for several reasons. The [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49],"tags":[],"class_list":["post-2451870","post","type-post","status-publish","format-standard","category-local-news"],"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-08-19 03:42:06","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"KSPN The Valley&#039;s Quality Rock","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/kspn","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts\/2451870","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/comments?post=2451870"}],"version-history":[{"count":1,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts\/2451870\/revisions"}],"predecessor-version":[{"id":2451894,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts\/2451870\/revisions\/2451894"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/media?parent=2451870"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/categories?post=2451870"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/tags?post=2451870"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}