SNOWMASS AND ASPEN REAL ESTATE – The prospective buyers of eight Viceroy condo hotel units are seeking to get out of their contracts, according to a collective lawsuit they recently filed in Pitkin County district court, bringing the total number of units under litigation at the new Snowmass hotel to about one-third of the 152-unit building.The lawsuit makes numerous claims against the Base Village developer and its in-house real estate company — including false representations in marketing and sales efforts and negatively impacted values as a result of the partially completed Base Village — as reasons why the plaintiffs should be allowed to break their contracts. The would-be buyers are also asking for their 15 percent deposits back, plus three times the amount of damages and other fees and costs to be determined at trial….In 19 similar lawsuits filed over the past few months, all the plaintiffs made the same claim under the Interstate Land Sales Full Disclosure Act (commonly known as ILSA), a consumer protection law that gives purchasers two years from signing purchase agreements to break their contracts if documents detailing the layout of the units weren’t filed in time.
By Catherine Lutz, Jan 5, 2010 Aspen Daily News

Link to article