Lawsuits to Break Snowmass Viceroy Condo Contracts Mounting, ADN

$28.6 million in sales on the line

SNOWMASS REAL ESTATE - Two more lawsuits were filed electronically Wednesday in Pitkin County District Court from prospective buyers of Viceroy condo hotel units seeking to break their purchase contracts and get their deposits back.That brings the total number of such lawsuits filed since early October to 19 - representing roughly a quarter of the units that were put under contract mostly in early 2008 when the local real estate market was hot. They represent more than $4.2 million in deposits - prospective buyers put down 15 percent of the unit’s purchase price when they went under contract - and about $28.6 million in sales that are now up in the air.While the lawsuits play out in court, it is unclear what their impact might be on the Viceroy, which opened for business last Wednesday, but knowledgeable sources say it could affect things like availability of rental rooms and the developer’s financial obligations.
By Catherine Lutz, Dec. 3, 2009 Aspen Daily News

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