Aspen Highlands:
Erik Cavarra believes that the Aspen Real Estate market has improved, but it still cannot escape the reality of Foreclosures and Distressed Sellers. Valley wide we have seen an increase in the number of Sales taking place in all real estate types whether single family, fractional, or condo, but even though the numbers are improving, it does not change the reality of distressed sellers.
The condominium association that manages the Ritz-Carlton Destination Club at Aspen Highlands has foreclosed on nine timeshare properties since Tuesday, court records show. That number exceeds the combined total for 2011 and 2012, and is the most foreclosures at the development since 2009. Fractional-property owners when they bought their allotments of time, usually 28 days a year, agreed to pay assessments to the Aspen Highlands Condominium Association that are levied pursuant to the property deed, the foreclosure filings say. The owners allegedly owe tens of thousands of dollars in assessments, interest, late charges and attorney fees. Those being foreclosed on include a doctor and the head of a landscape company in Pennsylvania, a principal in a Michigan real estate firm, and a company called Millionaires Lifestyle Concierge LLC. The Texas-based Millionaires Lifestyle Concierge paid $353,115 in 2008 for a 1/12th interest in a three-bedroom, three-bath condo. The purchase allowed the company to use it for three fixed weeks and one “floating” week, the foreclosure filing says. “Millionaires Lifestyle is a prestigious and discerning turnkey concierge company that caters to clients with a particular desire for panache and lifestyle,” its website says. The company rented out the Ritz property at nightly rates of $1,000 to $2,000, according to the Vacation Rentals by Owner website. Millionaires Lifestyle Concierge owes $17,773, wrote the condo association’s attorney, Diane Larsen of Edwards. Others owe the same amount. Efforts to reach the owners of the timeshares were unsuccessful. The Ritz-Carlton Destination Club, which opened in 2001 without the “Destination” in the name, has 876 members in the Highlands location, said Nicholas DiMeglio, the club’s area general manager. The units that are being foreclosed upon represent about 1 percent of the overall membership, he noted. “Financially speaking, the [condo] association’s financial position has never been stronger,” DiMeglio said in an email. A Ritz-Carlton spokesman couldn’t be reached for comment
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