Fractional ownership is one of today’s hottest resort real estate markets, with such “blue chip” names as... [more]
Fractional Ownership in the Rockies Fractional — or interval — ownership has come a long way since the “time-share” days of the 1970s and ’80s. In fact, today... [more]
The Rebuilding Boom
Colorado’s so-called “ski towns” have grown from winter-only resorts to solid year-round resort communities that attract millions of visitors and thousands of new part- and full-time residents each year. Although successful, these resorts are not resting on their laurels; they’re in a continual process of renewal and rejuvenation.
One way in which they do this is by renovating and rebuilding everything, from single structures to entire villages. In Breckenridge, for example, Main Street’s southern entry used to be dominated by the aging Bell Tower Mall. Not any more. That complex was demolished to make room for Main Street Station, a residential/retail “resort within a resort” that was designed to complement the ambiance of historic Main Street.
At build out, Main Street Station will include more than 150 wholly-owned condominium residences, 51 interval ownership residences of the Hyatt Main Street Station, an owners’ club, and approximately 33,000 square feet of retail space and restaurants.
"At the base of the Golden Peak ski runs, Vail Resorts replaced its nearly 40-year-old day lodge with a dramatic new structure that incorporates skier services, restaurants, a private club and luxury penthouses."
The 82 condominiums of the first phase have already sold out, according to Dennis Clauer of East West Real Estate. The 75 residences of the second and final phase were expected to be offered in the fall of 2001.
In addition, more than half of the Hyatt’s interval ownership residences have been sold. The remaining units range from $20,000 to $300,000 for a 1/20 ownership.
Among the many retailers and services that have committed to Main Street Station are Christy Sports, Copper Fox Home Furnishings, East West Real Estate and a variety of restaurants and boutiques.
Over the mountain in Vail, numerous restorations and renovations have been taking place. At the base of the Golden Peak ski runs, Vail Resorts replaced its nearly 40-year-old day lodge with a dramatic new structure that incorporates skier services, restaurants, a private club and luxury penthouses.
In neighboring Lionshead, The Antlers at Vail is leading the way in the redevelopment of that base area. Its recent $17 million renovation included 23 additional condominiums, the first in Lionshead in 20 years. General manager Rob Levine said that 14 have already been sold and the remaining nine range in price from approximately $700,000 (two bedrooms) to $1.4 million (four bedrooms)
Then there is the total or near total rebuilding of villages. One of the most ambitious, the $230 million Aspen Highlands Village, is being built by Hines Resorts. The core of the new village is a central plaza, surrounded by numerous lodging accommodations, a day lodge, amenities, shops, restaurants and services.
The crown jewel of the village’s residential component is the recently opened Ritz-Carlton Club, a posh property comprised of 73 two- and three-bedroom private residences ranging in price from $160,000 to nearly $500,000 for a 1/12th membership. At press time, about 250 memberships had been sold.
The village also features 31 large townhomes, 10 of which have already sold. Mike Jashinski of Aspen Land and Homes said that the remainder are about 6,000 square feet each and range in price from $4.2 to $6.2 million. He also noted that 30 of the village’s 31 home sites have sold, many of which are ski in/ski out, but that there are a few resales still available, ranging from $1.6 million to $4.2 million.
Another base village renovation is also continuing at Copper Mountain Resort as part of a $450-million resort development program. Intrawest Corp., the Vancouver, British Columbia-based company that acquired Copper Mountain Resort in 1997, has the stated goal of making the base village as exciting as the ski mountain it serves.
The heart of the community, the area between West Lake and the base of the ski mountain, consists of a collection of five new condominium complexes and pedestrian corridors lined with shops, markets, galleries, cafes, restaurants and nightlife.
"The core of the new village is a central plaza, surrounded by numerous lodging accommodations, a day lodge, amenities, shops, restaurants and services."
Four of the five condominium complexes have sold out, according to Ron Barnes, director of real estate sales and marketing for Copper Mountain Real Estate, Inc. He noted that resales vary from $270,900 to $806,900 for units ranging from one to three bedrooms.
Passage Point, the fifth complex, offers residences ranging from studios to three-bedroom homes, selling for $210,900 to $791,000.
And now comes word that Intrawest has been chosen to do the same at Snowmass Village... That, coupled with the creation of such new base villages as Bachelor Gulch on Beaver Creek Mountain and River Run (Keystone Resort’s second base village) ensure that the dynamism that has characterized Colorado mountain resorts continues to flourish
Longtime Vail resident Don Berger has covered the resort industry for more than 25 years. The editor of Vail-Beaver Creek Magazine and Rocky Mountain Golf Magazine, his work has appeared in numerous regional and national publications.
Fractional Ownership Is Hot!
One way in which they do this is by renovating and rebuilding everything, from single structures to entire villages. In Breckenridge, for example, Main Street’s southern entry used to be dominated by the aging Bell Tower Mall. Not any more. That complex was demolished to make room for Main Street Station, a residential/retail “resort within a resort” that was designed to complement the ambiance of historic Main Street. 
Among the many retailers and services that have committed to Main Street Station are Christy Sports, Copper Fox Home Furnishings, East West Real Estate and a variety of restaurants and boutiques. 
The crown jewel of the village’s residential component is the recently opened Ritz-Carlton Club, a posh property comprised of 73 two- and three-bedroom private residences ranging in price from $160,000 to nearly $500,000 for a 1/12th membership. At press time, about 250 memberships had been sold. 
Four of the five condominium complexes have sold out, according to Ron Barnes, director of real estate sales and marketing for Copper Mountain Real Estate, Inc. He noted that resales vary from $270,900 to $806,900 for units ranging from one to three bedrooms. 