Vail Resorts slashes Ritz prices
Vail, CO Colorado
VAIL, Colorado ” Citing a tough market, Vail Resorts decided to drop prices on its new project, Ritz Carlton Residences in West Lionshead in Vail, Colorado.
The project is currently under construction and expected to be competed in fall of 2010.
Under the new program, all 24 unsold residences in the project will be sold at a 20 percent discount on the previous list prices. The new prices after the reduction will be about $1,624 per square foot. As an added bonus, new buyers will receive a social membership to The Arrabelle Club as part of their purchase, which will include lockers, ski storage and spa and dining services at the base of Lionshead.
Buyers who already have a residence under contract will also receive an Arrabelle membership, and they will receive a 15 percent discount on their property.
The new average price for units already under contract would be approximately $1,406 per square foot. Currently 47 residences are already under contract.
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“Our decision to reduce list prices is a response to current market conditions,” said Keith Fernandez, president of Vail Resorts Development Company. “We will be closely monitoring both the overall economy and the real estate market, and intend to increase pricing on any unsold units as soon as conditions warrant.”
During the recession, buyers have been hesitant to spend money on the yet-to-be finished residences, said Kristin Williams, Vail Resorts spokeswoman for Eagle County.
“It’s a major deterrent for people to put out that kind of money when their unit is a year to two years out from being finished,” she said. “Hopefully this is an incentive for people to spend now. It used to be that there was just so much competition for new, high-end real estate products, and that has gone away by virtue of current market, so we’re looking at new ways to incentivize buyers.”
The Ritz Carlton Residences include 71 l whole-ownership residences, ranging in size from two-bedroom homes to a six-bedroom penthouse, as well as seasonal fractional ownership.
The property will include concierge services, a fitness center, outdoor pool and hot tubs, ski valet, great room, library and more.
Staff Writer Melanie Wong can be reached at 970-748-2928 or email@example.com.