This week, I’m sharing more insights from the Glenwood Springs Economic Forum, focusing on exciting projects shaping our county’s future—and what they mean for our local real estate market.

From broadband expansion and airport growth to the L3 housing development in Glenwood Springs, these projects are tackling key issues, but they also reveal an ongoing challenge: who is getting housing, and who is being squeezed out? 

Let’s break it down.

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Key County Projects & Infrastructure Investments

Garfield County is making major investments in key areas:

Broadband Expansion – $5M+ in funding will bring fiber-optic internet to 4,000 homes, helping businesses, remote workers, and rural communities.

Airport Expansion – The Rifle-Garfield County Airport is seeing $12M in private investment this year and a planned $40M+ in 2025-2026, adding a new Fixed Base Operator (FBO) and supporting 227 full-time jobs.

Glenwood Gardens Affordable Housing – An 80-unit rental project, focused on affordability, is expected to be completed in 2027.

Oil & Gas Industry Shifts – While still a major part of our tax base, new drilling permits are at historic lows, raising questions about long-term revenue for the county.

These developments show Garfield County is growing, but growth isn’t without challenges—especially when it comes to housing and affordability.

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L3: A Unique Affordable Housing Success Story in Glenwood Springs

How the L3 Project Came About

- The L3 building, a newer 88-unit apartment complex in Glenwood Meadows, was originally marketed nationally, not locally, for sale.

- Corporate investors and hedge funds were the primary buyers targeted, as is common for large rental developments.

- Habitat for Humanity of the Roaring Fork Valley, in partnership with First Bank, the City of Glenwood Springs, Garfield County, the Roaring Fork School District, and other community partners, took action to purchase the building before it fell into the hands of institutional investors.

The goal: Convert the building from market-rate rental units into deed-restricted, permanently affordable homeownership units.

How the Deal Was Structured & Financed

- The purchase price was approximately $34 million, with an additional $1.6 million required for builder’s risk insurance.

- First Bank provided 70% financing, requiring 30% to be raised from grants and local contributions.

- Multiple local government entities and private donors came together to contribute the necessary $13 million down payment.

- The units are now priced around $460,000, reflecting what a median-income household in Garfield County should be able to afford with current mortgage rates.

- Each unit received a subsidy of around $269,000, allowing prices to be reduced from their true cost of around $730,000 per unit.

- Deed restrictions ensure long-term affordability, meaning these units will remain below market rate in perpetuity.

Who Is This Housing For?

- The “missing middle” income group—people earning 80-120% of the Area Median Income (AMI), who typically earn too much to qualify for traditional affordable housing but struggle to afford market-rate homes.

- Buyers include nurses, teachers, emergency responders, and other working professionals who are essential to the local economy.

- Units are primarily studios and one-bedroom condos, designed to help people start their homeownership journey, build equity, and eventually move up in the market.

Why This Matters for Glenwood Springs & Beyond

- Without this purchase, these units would have been owned by corporate investors, contributing to higher rents and speculative real estate pricing.

The project stabilizes pricing for the future, ensuring these homes remain within reach for working-class residents.

- The partnership model—leveraging local, state, and private contributions—could serve as a blueprint for future workforce housing solutions across Colorado.

- This project highlights what’s possible when a community comes together to solve the housing crisis in an innovative way. It also exposes the ongoing challenge of balancing housing supply, as middle-income buyers are increasingly squeezed out of both affordable and market-rate housing options.

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While L3 is a remarkable step toward addressing affordability, it also brings up important questions:

- Will demand stay strong if interest rates remain higher than the 3% annual appreciation allowed by deed restrictions?

- Are buyers comfortable committing to ownership when the monthly costs—mortgage, taxes, insurance, maintenance—are similar to renting units of the same size?

- And how will down payment requirements, ongoing maintenance costs, and limited equity gains affect buyers’ decisions over renting? These questions aren’t intended to cast doubt but rather to highlight the complexities of housing solutions. 

What do you think? Will projects like L3 continue to appeal to buyers in the long term, or will renting remain more attractive for many at this price point?  

I’d love to hear your thoughts—let me know your perspective!

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What This Means for Buyers & Sellers

For Buyers:

If you’re in the middle-income bracket, strategy is key. Exploring grants, creative financing, and off-market properties can help you get into a home despite tight supply

High earners should look for underpriced listings that have been sitting longer, where negotiation power is stronger.

For Sellers:

The buyer pool is more selective, meaning correct pricing and staging are crucial.

Well-priced mid-range homes ($600K-$1M) are in high demand, but overpriced properties are sitting longer. 

Need advice on how to navigate this market? Let’s chat!