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April 18, 2013
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Viceroy Snowmass condo sales exceed goal

SNOWMASS VILLAGE — Related Colorado has announced that it has sold 42 residences at Viceroy Snowmass this winter season.

The company released a selection of units for sale in November, two months after closing a deal to acquire the assets of Base Village once again. The sales over the past four months outpace hotel-affiliated ski-resort sales across the nation, according to a statement.

Dwayne Romero, president of Related Colorado, said the sales have exceeded his company's projections, as has the average price per square foot of the units sold, which is more than $800.

“It's interesting ... to reflect back to where they were at the top of the real estate boom,” Romero said. “These properties were under contract for over $1,700 a square foot, and that falls under the category of probably ‘it's too good to be true.' … So today it's a real good market message.”

Romero said the success so far gives Related confidence to move forward with its plans for the Viceroy as well as the rest of Base Village. Romero said the company hopes to submit final plans for building 13B, the second phase of the Viceroy, sometime in the next couple of months. The master plan for Base Village will follow later in the summer or fall.

Related also released some of the residences in the Capitol Peak and Hayden lodges that it acquired last year. There have been some interested buyers, Romero said, but no purchases in those buildings this season. He said the majority of the purchasers of Viceroy units stayed in the hotel for at least a night or two, and that might explain why it's been more popular.

“They get to experience that level of service, the collection of amenities and just the impeccable, almost intuitive level that the team here performs at,” Romero said. “And that translates into, I think, great hotel performance in terms of revenue and rental incomes for potential buyers.”

Unit owners can opt into the rental program at the Viceroy.

The Viceroy Snowmass sales have accounted for more than 40 percent of condo sales in the Aspen-Snowmass market so far this season, according to Garret Reuss, a broker at Aspen Snowmass Sotheby's International Real Estate. Sotheby's is the sales agent for the Residences at Viceroy Snowmass.

Prices of the units, which are wholly owned and range from studios to four-bedrooms, start at $252,000.

It\'s interesting ... to reflect back to where they were at the top of the real estate boom

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The Summit Daily Updated Apr 18, 2013 12:52PM Published May 7, 2013 11:32AM Copyright 2013 The Summit Daily. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.