"The deal was a sign that Aspen’s limping real estate market is faring better than the rest of the country…In a lot of places in the U.S. right now, when you get a property back [out of foreclosure] you can’t sell it at any price,” said Alpine Bank regional president Steve Briggs.

ASPEN SNOWMASS REAL ESTATE – A 17-lot plot of land in Snowmass Village has gone to foreclosure and back — and now looks primed for development despite the ailing local and national economy.The 8.6-acre Sinclair Meadows property off of Owl Creek road was purchased from Alpine Bank last week by a Basalt registered limited liability company, in a deal brokered by developers Andrew Light and Bob Daniel. Light did not disclose specifically who the investors are in Sinclair Meadows Holding Co., LLC, but said they are Snowmass residents who “could probably be described as ‘second homeowners.’”The bank held the note on the property, and bought it at a foreclosure sale last month for $12 million before flipping it to Light and Daniel’s group.It had previously been owned by the Aspen Skiing Co, which sold it for $13.5 million to SnowCo, LLC in 2006. Employee housing units began going up there in late 2008 and were completed last fall — they were originally approved as SkiCo’s mitigation for its Base Village development in Snowmass Village.
By Andrew Travers, May 21, 2010 Aspen Daily News

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