Vail’s Ritz-Carlton Residences will be done this fall
July 25, 2010
VAIL, Colorado – Modeled after a European castle, the Ritz-Carlton Residences in Vail is the newest addition to Vail’s lavish billion-dollar renewal.
Construction on the Ritz building is expected to end sometime in August, and residents should be ready to start moving in around late September or October, said Craig Denton, of Ascent/Sotheby’s International Realty in Vail.
Forty-eight of the 71 wholly owned units at the Ritz-Carlton Residences – on the west end of Lionshead, near the Vail Marriott – are currently under contract. The town of Vail has estimated that half of those units will end up closing at about 80 percent of their list prices.
The guess is just that, though – a guess. Denton said every one of the 48 units under contract are at 100 percent of the list price, yet he also expects that some buyers’ financial circumstances may have changed during economic struggles in recent years.
The question that has yet to be answered is how many buyers have been affected and by how much.
The town of Vail has said its estimates are conservative, leaving reason to believe that even the town expects more of the properties to close – and after a tour of the place, it’s easy to understand why. This place is classy and lavish, the style in which so many of Vail’s second-home owners want to live when they’re here.
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Denton said there’s been a lot of interest – his company has given several tours of the property in just the past week alone, he said. There are a couple of model units available to show, with interior designs by Slifer Designs of Edwards.
The Ritz-Carlton Residence Club, also in the complex, has 45 units, each with 12 fractional fee ownerships – meaning 12 people would own one-twelfth of one unit.
There are 12 penthouses, 10 of which are still for sale. The model penthouse, unit 301, is currently listed at more than $7 million. The four-bedroom unit has all south-facing views, two levels and about 3,600 square feet of living space.
The complex’s main entrance looks much like a hotel entrance, concierge desk and all. It’s because residents here will have many of the same amenities that you’d find in a fine hotel, yet none of the strangers roaming around the grounds.
“It’s a 100 percent residential setting,” said Matt Fitzgerald, associate broker with Ascent/Sotheby’s International Realty.
Residents will have things such as valet parking, ski valet, ski and boot storage, a fitness facility, outdoor heated pool and two hot tubs, among other amenities.
There aren’t any restaurants on site, but a “great room” acts much like a hotel lounge, where residents can relax on cozy couches by fireplaces. There’s also a bar in the great room, making it feel more like a private club with excellent service.
A “teen room” acts like a playroom for kids and is equipped with everything from a foosball table to a pool table to Wii video-game systems.
Adults can retire to a 3,500-square-foot fitness center, featuring everything from steam rooms to spa-treatment rooms to a yoga/movement room.
Vail Resorts Chief Executive Officer Rob Katz said in the company’s past earnings report that he expected closings to happen in the fall and that there has been increased interest in the property in 2010.
“The main message that came across is that people would like to see the building finished before they make their purchase,” Katz said.
About 500 to 600 construction workers are still working on the project, getting it ready for final touches and the series of inspections to come from the town of Vail, Vail Resorts Development Co. and the Ritz-Carlton, all of which will happen in the six or so weeks following the end of construction sometime in August and the beginning of move-ins.
The Ritz project is different from Solaris, the new condo-retail project in Vail Village, in that residents will not be able to start moving in until the entire building is complete.
Community Editor Lauren Glendenning can be reached at 970-748-2983 or email@example.com.