Snowmass Base Village units start moving
June 22, 2011
SNOWMASS VILLAGE – Recent real estate sales show signs of an uptick in Snowmass Village’s real estate market.
Between May 2009 and May 2011, only three closings occurred in the Base Village. Already this year, three closings finalized in June, and three more properties are under contract to sell in July, according to broker Garrett Reuss.
“We’ll have doubled the level of sales from the past two years by July,” Reuss said.
Through a legal development, these units became independent of the foreclosure process on Base Village properties in Snowmass Village, and have no effect on that foreclosure sale date still scheduled for Sept. 7.
The unit most recently sold last week – with three bedrooms and two bathrooms – went for $835,000, about a 40 to 45 percent discount from the original price, Reuss said. Another Base Village unit is scheduled to close Wednesday, Reuss said.
Also Sinclair Meadows, which has also been fraught with bad timing and lawsuits, is seeing movement. Five of the 17 lots have been sold, according to Reuss. Lots range in size from 2,400 to 4,500 square feet of buildable area, exclusive of a garage, and are selling between $600,000 and a little more than $1.5 million. Some lots will not be for sale until houses are built.
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“We’ve had this cloud hanging over us, and that is lifting considerably with a high level of confidence,” Reuss added. “After two more sales, we’ll start to look at raising prices.”