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 note 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.
The Aspen Times reported in 2008 that units at the Viceroy started at $570,000. 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 sold between then and this season.