About 60 Capitol Peak Lodge owners sued the developers saying their condos are 8 to 10 percent smaller than what was advertised and that the developers failed to tell buyers about the Base Village Metropolitan District issuing $47.5 million in bonds resulting in property taxes for the units being 240% than for Snowmass real estate outside the development, the lawsuit says…The litigation is similar to a suit brought by the buyers of 62 condos at the Viceroy in Snowmass Village. A judge in March 2011 ruled their contracts could be nixed and that they can get nearly $14 million in down payments returned because the condos were smaller than what was advertised.
SNOWMASS VILLAGE REAL ESTATE – The owners of Capitol Peak Lodge condominiums at Base Village in Snowmass have no standing to pursue litigation against most of the project’s developers, a judge ruled on Friday. The individual owners — whose lawsuit contends they were sold smaller-than-advertised units — relinquished to their homeowners association the right to sue when they signed purchase agreements for the condos, Chief Judge James Boyd of the 9th Judicial District wrote. He granted several motions to dismiss for lack of standing. The plaintiffs’ attorneys said they were unconcerned by the ruling and they will attempt to substitute the Capitol Peak Lodge Association for the individual owners.
By Chad Abraham, Jan. 5, 2012, ADN
Captiol Peak Lodge (built 2005) at the base on Snowmass Base Village