SNOWMASS REAL ESTATE – With a new effort underway to sell condos at the Viceroy Snowmass resort hotel, the real estate is trading at a fraction of its pre-recession price.Before the real estate bubble bust in 2008, Viceroy residences were going under contract at between $1,700 and $2,000 per square foot*. However, when the market crashed, buyers began suing to get out of the deals, and all the contracts were eventually vacated. A few weeks into a new sales effort, the condos are going for around $700 per square foot, according to officials with the Viceroy, putting the price cuts in the 60 percent realm. Related Colorado, a subsidiary of New York real estate firm Related Cos., is the developer that is selling the property.
By Curtis Wackerle, Dec. 21, 2012 ADN
Snowmass Viceroy – One bedroom condo unit sampling