Vail Colorado: The Ritz-Carlton™ may be coming out of the ground but they are digging a hole with prices.
There is some good news for those looking to get a new piece of the Vail real estate market. The Ritz Carlton ResidencesTM in Vail Colorado which is currently under construction, announced that they have dropped their prices and are giving a 20% discount. The Real Estate project which is scheduled to be completed by fall of 2010 has 24 unsold residences with some now selling at about $1,624 per square foot. As an added bonus, all buyers will receive a social membership to the beautiful Arrabelle Club, which will include lockers, ski storage, access to the spa and dining services at the base of the mountain in Lionshead near the Gondola.
The question is will this be enough to get any sales? The banner name is not really represented in the product. No spa, no restaurant on site, mixing fractional ownership with whole owner ship with no barriers of access to either part. If and that is an (if) the proposed lift happens, it is across the street near the water treatment plant.
For those buyers already having purchased one of the new residences, a 15% discount will be given on the property as well as an Arrabelle social membership. But you can buy in the Arrabelle which is steps from two lifts with some selling for less than $1,624 per square foot with tons of shopping and amenities including room service for food. See all the Arrabelle listings at www.AllVailListings.com under Lionshead as well as all the Ritz-CarltonTM properties.
The Ritz-CarltonTM Residences are 71 whole-ownership residences that range in size from two-bedroom homes to a six-bedroom penthouse; plus fractional ownership opportunities.
If you want more information on this property let us know, or information on where the best buys currently are and get the facts and stats on the market.