SNOWMASS VILLAGE REAL ESTATE – In Q1 2013, Viceroy sales (initiated Dec. 15, 12) absorbed much of the SMV buyers for ski in/out product. The Viceroy sales program has been considered such a success at offerings 50-60% off 2006/2007 pre-construction prices ($1,700 Sq Ft) that it is likely they’ll be announcing Phase II bldg. construction within the next 10 months. Viceroy units have been discounted more than the SMV condo market and buyers see this value.
o (42) Viceroy condos have sold or are under contract from Dec 15, 12 – April 4, 13; in Q1 2013, there were (28) Viceroy sales out of (30) total SMV condo sales…93% of all SMV condo saleshave been Viceroy sales.
o According to the Viceroy sales office, “(8) out of every (10) SMV ski in/out sale has been a Viceroy unit during same period; and (7) out of every (10) SMV condo purchases – the entire SMV universe of condos – have been Viceroys.”
o Avg. sale price is $875 sq ft; the average 2 bdrm Viceroy sold at $1,056 sq ft
o Buyers – many are hotel guests (captive audience) particularly impressed with the amenities and high level of service …but at a price: HOA fees are $24,000 – $27,500 yr.
o The Viceroy is likely to be announcing a new round of higher prices within the next 30 days.
o The revised master plan (post recession) for Snowmass Base Village is likely to be submitted to the Town of Snowmass this summer or fall according to Viceroy officials.
The Viceroy, Snowmass Village, CO