The Snowmass Village planning commission is set to review minor plan adjustments for the second phase of the Viceroy Snowmass Condo Hotel this evening. Viceroy sales have been dominating the Snowmass Village real estate scene since early Dec. 2012 when the project’s owner the Related Cos., resumed their condo sales program of 2010 completed ski in ski out condos at 60% off pre-construction prices in 2006 and 2007. The 2nd phase construction is planned to begin next summer 2014.
Link to article By Chad Abraham, June 19, 13 ADN
Link to article By Jim Breathed, June 20, 13 SS
Excerpt from The Estin Report: Q1 2013 Aspen Snowmass Real Estate
(Pg 6) released April 20, 2013:
“SMV Condos – Viceroy Sales Dominate
In Q1 2013, Snowmass Village sold properties represents 24% of the total dollar volume of the combined Aspen Snowmass market. The resort has fallen on hard times in the past 4 years due to the Great Recession and the subsequent foreclosure and work stoppage of the Snowmass Base Village. After losing the project to a consortium of German banks, The Related Companies re-acquired the project on the cheap in the fall 2012.
In Dec. 2012, after settling 3 years of litigation by pre-construction buyers of the Viceroy Condo Hotel units for square footage misrepresentation, the Viceroy sales program rebooted offering Snowmass resort’s newest 2010 built, ski in/out condos at 60% off pre-recession prices. Buyer have recognized the value, and the results have been impressive.
o In Q1 2013, 24 of the 34 total SMV condos sales, or 71% of all condo sales, were Viceroys. Viceroy sales totaled $12.6M , or 55%, of the total $23.1 SMV condo sales and 60% of all SMV units sold (condos, homes, vacant lots).
o Eight out of every ten ski in/out SMV condo sales have been Viceroy units.
o There were (18) Viceroy studios and 1-bedrooms that sold at an average $742 sq ft, and there were (5) 2-bedroom sales at an avg. $1,053 sq ft.
For a perspective on the rest of the SMV condo market, in Q1 2013, there were (10) non-Viceroy SMV condo sales for a total $10.5M dollar sales versus (7) total SMV condo sales for a total of $6.1M dollar sales in Q1 2012.”
Rendering: Pre-recession Snowmass Base Village Proposed Master Plan circa 2006. Viceroy Snowmass Hotel is in upper right of drawing. Phase Two Viceroy will be the first major building project in Base Village since the recession.