The latest (and eighth) date for a foreclosure sale of Base Village is Wednesday, Nov. 16. Foreclosure sales are held on Wednesdays, and it is the last chance to hold the sale before the one-year anniversary of the first scheduled foreclosure sale, which was Nov. 17, 2010.
ASPEN SNOWMASS VILLAGE REAL ESTATE — Officials at a German organization might find out on Wednesday what potential buyers of the stalled Base Village project think it is now worth. Or at least, what they think the $400 million note on the project is worth. The Related Cos. of New York, whose Base Village Owner LLC defaulted on a $520 million loan from a division of the German Hypo Real Estate Group in April 2009, once projected it would sell 600 condos in Base Village for a total of $1.2 billion, or roughly $2 million a condo.Few people in the current business climate think that is possible, as the average sales price of condo today in Snowmass Village is down 38 percent from the 2008 peak in the market. Andreas Henry, the communications manager for FMS Wertmanagement in Munich, said recently that “an important meeting regarding Snowmass will held in the very near future.” And he further clarified via email that the meeting is this week.
By Brent Gardner-Smith, Oct 5, 2011, AT (and AspenJournalism.org)
Link to Sept 24, 2010 Bloomberg article "Snowmass Foreclosure Crystallizes Hypo’s U.S. Property Woes."
Photo courtesy of Snowmass Base Village LLC