ASPEN SNOWMASS REAL ESTATE – More than half of the units under contract in the Viceroy condo hotel in Snowmass Base Village are now in litigation, after a lawsuit filed recently by a local attorney put 10 more units in limbo. The legally contested purchase contracts add up to more than $62 million in sales…The luxury Viceroy, which has 152 for-sale units in total. About 80 contracts have been signed with the real estate arm of developer Related WestPac, most in early 2008 when the real estate market was still hot.Under a federal consumer protection law called ILSA (the Interstate Land Sales Full Disclosure Act) that is cited in the lawsuits, buyers have two years from signing to break their contracts if certain documents pertaining to the layout of their properties were not filed by a certain time…Currently at least 45 of the roughly 80 contracts are under litigation, according to a count from legal documents on file at the Pitkin County Courthouse and information from plaintiffs’ attorneys. Other sources put the number between 50 and 60, as several would-be buyers have sent “letters of rescission” saying they are breaking their contracts, which may turn into full-fledged lawsuits.
By Catherine Lutz, Jan. 22, 2010 Aspen Daily News
Viceroy Hotel is pictured at the Snowmass Village Base Village on the right (Aspen Daily News Photo)