Defaulted contracts at luxury condo project go to a judge this fall
ASPEN — The developer of Aspen’s Residences at The Little Nell claims sales are back on track after a dispute with prospective buyers wiped out contracts for about half the interests in the luxury fractional condominium complex. RLN has sold 91 of 208 ownership interests, according to deeds filed with the Pitkin County Clerk and Recorder’s Office. Eight additional interests are under contract and the development firm has made offers to five other prospective buyers, said R.J. Gallagher, managing director of marketing and sales. If all those contracts close, exactly half of the 208 interests in Aspen’s most visible fractional ownership project will be sold.
By Scott Condon, Sept. 29, 2009, AT
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(Aspen real estate – For more articles and The Estin Report blog entries on Aspen’s Residences at The Little Nell (RLN) use the search tool to the bottom left of this page. Also, see Sept. 29, 2009 article on fractional market, ” Vacation Timeshare – Fractionals – Sales Drop at Record Pace” Bloomberg).