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November 27, 2012
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Viceroy Snowmass residences on the market

SNOWMASS VILLAGE - Viceroy Snowmass condos, none of which have been sold since before the financial crash of 2008, are officially back on the market.

The wholly owned residences, which range from studios to four bedrooms, start at $225,000. Related Colorado will start by putting 10 representative units on the multiple listing system, although that doesn't mean the others won't sell, according to spokeswoman Maureen Poschman.

The Aspen Times reported in 2008 that units at the Viceroy started at $570,000. Dwayne Romero, president of developer Related Colorado, said his company arrived at the current pricing plan after a "very exhaustive, internal and external analysis." The internal aspect refers to comparing the units to others being offered within its specific market. The company also compared its pricing to similar national and global offerings that its prospective buyers might be looking at, and relied on feedback from local real estate brokers.

According to Aspen Journalism, Related had put $110 million worth of Viceroy units under contract before the financial crash of 2008. The hotel didn't open until Thanksgiving Day 2009.

Most of the buyers went on to successfully sue and get out of their contracts. None of the condos have sold since then.

Romero said the company's sales approach will be different this time around.

"Most importantly the offering this time around - it's tangible; it's real; it's built," Romero said. "The Viceroy hotel has achieved a great deal of accolades and great market reception. ... (We can) build right off of that which is already in place."

The hotel was named the No. 1 resort hotel in Aspen/Snowmass by Conde Nast in its December issue. It also received the Certificate of Excellence this year from TripAdvisor, an award given to properties that consistently get outstanding reviews by guests online at

TripAdvisor.

Also, potential buyers now are "focused and real, capable buyers," concerned with things like purchase price and financing, Romero said.

Andrew Ernemann, associate broker at B.J. Adams and Co., said many buyers a few years ago seemed to be looking for investments that produced profit in the short term. Potential buyers today are "in many ways more cautious, they're more educated," and "the way that they might look at price" is different, he said.

The Viceroy has proven that it can attract people as a hotel and can book rooms, providing owners rental income. Potential buyers today are likely looking for a residence they can use or invest in for five to 10 years, rather than something to quickly flip for profit.

Aspen Snowmass Sotheby's International Realty is the listing broker for the Residences at Viceroy Snowmass, although other realtors can sell the units as well.

"Any broker with a buyer who's ready, willing and able can get in there and sell those units," Ernemann said.

Ernemann and B.J. Adams colleague Tara Turner wrote in a newsletter last week that Snowmass Village real estate trends are still inconsistent, and that they expect the Viceroy and Westin to provide the boost needed to get "buyer confidence back on track."

"I definitely think this will help," Ernemann said. "I think it's great to have Viceroy back on the market."

Architect Jean-Michel Gathy designed the Residences at Viceroy Snowmass. They include granite fireplaces and galley or full kitchens featuring stainless appliances.

Owners receive preferred access and pricing at amenities and VIP status at other Viceroy resorts.

Romero said the primary reason to buy is to "fulfill a certain lifestyle ... to satisfy your desire in this wonderful place called Aspen/Snowmass.

"This is still a lifestyle we are sharing," he said.

For more information, visit www.viceroysnowmasssales.com.

jbeathard@snowmasssun.com


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The Aspen Times Updated Nov 27, 2012 06:16PM Published Nov 27, 2012 06:13PM Copyright 2012 The Aspen Times. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.