What a long strange trip its been…After the glory days of 2005-2007 pre-construction sold-out real estate sales, Snowmass Base Village construction came to a crashing halt at the start of the economic crisis in this sequence:
– buyers disappear
– Soaring developer debt
– developers/partners can’t pay banks
– banks fail or get nationalized by the State (esp. lead German underwriters for Base Village financing)
– project is foreclosed upon by bank
– project put up for sale by bank
– no bidders other than original developer, the Related Co’s, who re-purchases the project from bank for pennies on the dollar (will someone please explain just h.o.w this happens?)
– after a number of condo buyer lawsuits are settled against Related Co’s, the development company successfully re-activates a Viceroy Condo Hotel sales program in Dec. 2012 at 60% discount from 2006 prices.
Sales success metric: in the first half of 2013, approximately 7 – 8 of every 10 Snowmass Village ski in / ski out condo sale is a Viceroy unit.
Now, Viceroy Phase Two has been approved by the Snowmass Village Council, the first new construction approved in more than four years.
Link to article by Jill Beathard, Aug. 20, 2013
Snowmass Base Village. Photo credit: Snowmass Sun