Vail Valley: Avon condo project more than half-sold
Vail, CO, Colorado
The Ascent, a 49-unit condominium project at the entrance to Beaver Creek, began taking contracts Dec. 17. Less than three weeks later, there are sales contracts on 26 of the Vail Valley condos.
The project was launched and spearheaded by Condo Capital Solutions, a Louisville, Colo.-based real estate investment and turnaround company.
“The rate of sales is indicative of savvy buyers seeing tremendous value in a new and well-designed project that is committed to quality and to exceptional service for the homeowners,” said Lissa Tyler, branch broker for Slifer Smith and Frampton Real Estate and listing broker for the project. “This is a success story not only for The Ascent, but for the entire Vail Valley.”
Peter Wells, managing partner in Condo Capital Solution, said The Ascent presented the company with an ideal “backyard” opportunity. The company purchased the property by purchasing the bank note and then foreclosing, enabling it to offer deep discounts from the original developer pricing.
“We’ve been able to take advantage of the ‘reset’ in the mountain real estate market,” Wells said. “Currently, there is aggressive re-pricing occurring in the market.”
Prices are approximately 50 percent to 67 percent of the 2008 pricing, with units for sale from the mid-$300,000’s to $1.1 million.
To learn more, go to http://www.theascentresidences.com.