Lots of unsold units mean lots of opportunity, say partners in new company: Despite the problems experienced at Residences at the Little Nell (RLN) — a significant number of original buyers are trying to get out of sales contracts — it’s also been phenomenally successful, Gallagher said. It accounted for 30 percent of all fractional sales in 2009, not just in Aspen but industrywide, he said. In other words, it dominated the industry in what was a tough year…Overall, about 50 percent of RLN interests have been sold, generating gross sales of $140 million, Gallagher said. RLN retains appeal because it is managed by the Aspen Skiing Co.’s Little Nell Hotel, a five-star, five-diamond property, he said.
ASPEN REAL ESTATE — Expanding in the fractional-ownership real estate market appears to be a lost cause during the recession, but two sales and marketing veterans say they see opportunity rather than insurmountable challenge.R.J. Gallagher of Aspen and Steve Laver of Vancouver, B.C., announced last week they have teamed to form Forte International to handle sales and marketing of “iconic” luxury properties in western North America.The recession has pummeled the fractional niche so hard that it’s actually creating good opportunities, Laver said. There are a lot of unsold fractional interests throughout the country, including Aspen. Many developers have hit tough times.“They’re at best stalled and at worst in some sort of ownership flux,” he said.
By Scott Condon, April 19, 2010 Aspen Times
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