The issue has gotten to a breaking point for a number of reasons: When financing for Base Village fell apart in 2008, contract owners who had committed to top dollar for the units had tried to negotiate more favorable sales prices and/or tried to break the contracts. One bit of ammunition they had was a federal consumer protection law (ILSA) that gave them the ability to break their contracts should the plats not be filed by a certain time.
SNOWMASS VILLAGE REAL ESTATE — There will be substantially more room at the inn now and into the future as the receiver of the Base Village properties has determined that the disputed condominiums at the Viceroy Snowmass should be placed in the rental inventory.“The lawsuits are still out there. They’re not going to go away overnight,” said Jim DeFrancia of Lowe Enterprises, the court-appointed receiver for the foreclosed properties in Base Village. DeFrancia, essentially the manager of Base Village until a foreclosure sale is held, said Tuesday that the action of recording the condominium plats shows the purchasers now have clear title of the properties (something that hadn’t been determined until last month).“We’ve done our obligations under the contract. We said, ‘We’re giving you notice.’ Now the buyer needs to close.”
By Madeleine Osberger, Dec. 15, 2010 Snowmass Sun