View Full Version : Altitude is no escape...

04-01-09, 02:30 PM
...from the real estate bust.

Work stops on Snowmass Little Nell (http://www.aspendailynews.com/section/home/133533)

by Catherine Lutz (lutz@aspendailynews.com), Aspen Daily News Staff Writer
Tuesday, March 31, 2009

The credit crunch has once again impacted Snowmass Base Village, this time putting a halt to construction on the luxury Little Nell Residences at Snowmass.

Developer Related WestPac, which has been using its own equity to finance the 100,000-square-foot building, has not been able to secure a loan to continue construction. The building is about 15 percent done, with just the precast superstructure up, and was scheduled to open in early 2010...

...“They said it could be a month, or it could be six months, they really didn’t know,” said Snowmass Mayor Bill Boineau, who met with Related WestPac CEO Dwayne Romero and Town Attorney John Dresser to discuss the situation yesterday.

Last fall, Related WestPac laid off a quarter of its staff and announced it would be delaying construction on three buildings in the next phase of the million-square-foot Base Village after a financing commitment fell through.

Then, in December, company officials told Snowmass Village Town Council they needed approvals to changes on their two hotel buildings, the Viceroy and the Little Nell, in order to have a better chance to secure loans. The 27-unit Snowmass Little Nell got its final approvals in mid-February.

“I was surprised because we were led to believe all through the hurried-up process that they needed the approvals fast-tracked,” said Councilman John Wilkinson. “So we hurried through the review and put a couple other applications out of the way, moved them up on the calendar. Why couldn’t they have been straight up with us?”...

...Some 16 of the 27 residences, which will on average sell for a record $3,000 per square foot, are under contract...

...“The implication of shutting this down and having workers leave their jobs, there’s more to this than meets the eye,” he said. “There are forces that are lurking.”
Ya think? :rolleyes:

And if you, like Mega, were hoping to gleefully monitor the ongoing decline of the ecologically-aware, studio-tanned, personal-trainer-sculpted, globally-connected, uber-wealthy citizens of Aspen through their daily newspaper, I have bad news for you. Fresh off the press this morning...

Aspen Daily News to fold next week (http://www.aspendailynews.com/section/home/133562)

by Anonymous Daily News Slave Report Wednesday, April 1, 2009

Dave Danforth, owner of the Aspen Daily News, announced the paper would publish its last issue on Sunday, April 12.

“We tried to do all we can but there are just too many forces arrayed against the success of the paper,” Danforth said, referring primarily to the precipitous drop in real estate sales...

...The closing of the Daily News would have left The Aspen Times as the community’s only daily newspaper, except the Times recently stopped publishing its daily edition on Sunday...

...The Aspen Daily News in the last few years became heavily dependent on revenue from real estate advertising and suffered a case of financial shock when the Aspen market froze up last fall...

“When life hands you lemons, squirt them in the eyes of your staff as a diversionary tactic and flee.”
— Aspen Daily News Publisher David Cook on the recession and his decision to leave the paper for arguably greener pastures

Hey, maybe Kunstler is right after all...:eek:

04-01-09, 02:38 PM
After reading the subject line, I thought this might be about the ZIRP Mountains....

04-01-09, 03:17 PM
After reading the subject line, I thought this might be about the ZIRP Mountains....

Ahhh, but it is...:)

04-01-09, 06:47 PM
http://www.njbiz.com/weekly_article.asp?aID=695833902.1223735.1009866.1 9987202.4066363.319&aID2=77673

It's not just villages.

04-01-09, 06:59 PM
The Ski Resort Building Bubble is One of the More Massive aspects of the Commercial Real Estate Bubble. I'm a Skier and I fear the over building/over investment may put a number of Ski areas out of business. Of course, the Ski Industry won't thrive in the upcoming environment of Inflation/stagflation or worse.

Every ski area in New England has had a major expansion of Hotel/Condos/ and Multi-Million Dollar slope side Homes. I didn't know the Skiing population was expanding.

The best example is the Stowe Vermont AIG Taj Mahal built for $250 Million - that was the estimate I bet it cost more.

The AIG Taj Mahal is designed for the well-to-do Skier that will pay $499 per night or more. Sorry - but if you have loads of disposable income - Chamonix, Deer Vally, Toas, Verbier, appear on the Favorite Ski Areas way before Vermont.

04-01-09, 08:20 PM
Some 16 of the 27 residences, which will on average sell for a record $3,000 per square foot, are under contract...
anyone else notice this price tag:eek:

04-01-09, 08:40 PM
anyone else notice this price tag:eek:
Yeah, but the slopes rip...;)

04-01-09, 08:52 PM
Yeah, but the slopes rip...;)

...one's pocketbook...

04-01-09, 09:53 PM
anyone else notice this price tag:eek:

That is not too far off the mark for slope side condos. You know use them and rent them when you are not visiting. The trouble with my area is, IT DOES NOT SNOW A LOT. They way overbuilt. Nobody will use your unit in april, may, june, july, aug, sep, oct, nov.