Snowmass Base Village foreclosure delayed again
June 1, 2011
SNOWMASS VILLAGE – The foreclosure of the Base Village properties in Snowmass Village, most recently scheduled for June 1, has been postponed once again, marking the eighth time the sale date has been moved, according to Tiffany Wancura of the Pitkin County Treasurer’s Office.
Wancura said she received an email from the German banks’ attorneys requesting the postponement late Friday, in advance of the Memorial Day weekend.
The new sale date is Sept. 7. However, if the transaction is not completed by Nov. 17, which marks one year from the first established sale date, the process will have to start anew, according to Jim DeFrancia of Lowe Enterprises, which is acting as the property’s receiver.
He explained that should the November deadline pass, “Then you have to republish and repost – you have to initiate the process all over again.”
However, the fact that the banks requested a longer time frame, rather than just month by month, as has become the standard practice, increases the odds that the foreclosure sale may indeed happen following the Labor Day weekend.
“I think this time everyone has taken a more realistic approach (which is), ‘let’s just give it three months and get all of the things we need to get done, done,'” DeFrancia said.
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He also said that there is actually some pending activity in the long-stalled base area project.
“We have some condos in Capitol Peak that are under contract,” he said.
The development at the base area of Snowmass was placed in receivership almost a year ago, on July 9, 2010, through a legal action spawned by four German banks, including Hypo and Dekka. The lenders said the project, which was then controlled by Related WestPac, owed $386 million in principal payments and unpaid interest.