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New Construction Sales At Colorado Ski Resorts Are Defying A Cooling Market

New Construction Sales At Colorado Ski Resorts Are Defying A Cooling Market

In the fall of 2021, a skeletal metal frame stood among the various implements at a construction site on a quiet hillside in the ski town of Snowmass Village. Posted on the site’s fence, a sign with a rendering for an upcoming luxury condominium―Electric Pass Lodge―was covered by a yellow banner in bold letters, “SOLD OUT!” After six months into construction and eight months of accepting contacts, all 52 residences at the eco-friendly property had found buyers.

Today, a similar story is unfolding across the street at the brand-new residential addition to the Viceroy Snowmass, Cirque x Viceroy. Only eight days after opening sales for the collection of slope-side residences, 41 of the 46 available units are already under contract.

Construction was underway for only two months when the first contracts were inked; yet, the anticipation surrounding the project had already grown fervent, says Taylor Burstyn, a real estate agent with Slifer Smith & Frampton Real Estate and leading listing broker for the Cirque x Viceroy.

“In December, we started our formal sales process and prepared buyers for January when reservations would be accepted. It created this kind of frenzy. Then, on January 12th, interested buyers were able to make a reservation that would dictate their position in the queue in order to sign contracts. By the end of the day, we already had 67 unique reservations."

Official contract signing started the following week and, at that time, over 100 reservations had been placed. Eight days later, 41 units were under contract.

In addition to keeping the whole process organized, Burstyn says that using a reservation system allowed the marketing team to keep buyers informed and engaged. “Buyers created unique accounts, so they’re logging in, they’re favoriting, they’re interacting.”

Marketing also played a crucial role in the launch’s success, Burstyn says. To market the property, the company developed an extensive lifestyle campaign aimed at creating a connection with a would-be new owner. “Lifestyle matters, and buyers seeing themselves within that lifestyle and within that campaign creates engagement. That makes all the difference.”

Developed by East West Partners, Cirque x Viceroy is slated for completion in the third of 2024. Owners will enjoy access to the resort amenities offered by the Viceroy Snowmass, including in-room dining, full-service ski valet and an on-site concierge as well as the hotel’s pools, spas and fitness center. Of the five units remaining are two four-bedroom “Grand Penthouses” and three additional penthouses in varied layouts. Prices range from $3.9 million to $11.75 million.

In the past 10 years, Snowmass Base Village has seen a number of accomplished developments rise from out of the mountainside, many brought about by East West Partners. Among these projects are One Snowmass East and West, Havens on Fanny Hill and the upcoming Aura.

The Colorado-based developer and Slifer Smith & Frampton Real Estate are responsible for more than half a billion dollars in total closed and pending sales volume in Snowmass Base Village.

“We know there’s a storyline out there that the appetite for real estate is dwindling in many markets, but that’s not the case here,” Burstyn says. “With the redevelopment of Snowmass Base Village into an internationally acclaimed destination and a general lack of inventory across the board, I think the five remaining residences at Cirque x Viceroy will not last long.”

Forbes I  February 2023 I  By: Spencer Elliott

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