Midvalley townhouse project is among the few big projects moving forward…Developer Dave Forenza is confident he made a wise investment simply because construction costs are so “phenomenal.” He was approached directly by manufacturers of appliances, windows and cabinets, and by suppliers of everything from tile to lumber, and offered prices that are significantly lower than three years ago. The bids have also been low from subcontractors fighting to stay afloat.
ASPEN MIDVALLEY REAL ESTATE — While the recession has sapped the financing and frayed the nerves of developers throughout the Roaring Fork Valley, the owner of one midvalley project, Shadowrock, in El Jebel near Basalt, said Wednesday he is capitalizing on low construction costs.Dave Forenza broke ground this summer on the second phase of the Shadowrock townhouse project in El Jebel after acquiring the troubled development on March 31. His team is working on a building with five new townhouses. It’s one of the few major projects that started this year in the valley.Forenza, a contractor and developer from Avon, said the recession is allowing him to build the townhouses at such a low price that he will list the units for less than he initially figured. The new prices are in the low- to mid-$500,000 range for both new units and a handful of existing units in the initial phase of Shadowrock, he said. The largest units will sell in the high $500,000s to low $600,000s.
By Scott Condon, July 22, 2010 Aspen Times