Keeping you informed on market statistics, real estate news, and events around town

Tuesday, December 28, 2010

The Ascent in Avon is a success

The Ascent, a 49-unit condominium project on the southeast corner of the roundabout at the entrance to Beaver Creek, put 14 units under contract on its first days of sales. Buyers came from as far as Egypt.

The first sales were scheduled to begin at 3 p.m. and Peter Wells, co-founder of Condo Capital Solutions, the real estate turnaround company that purchased the project, first called The Gates, was signing contracts by 5 p.m.

“We knew there was tremendous interest and had validation when I received my first contract in the first hour of sales,” said Lissa Tyler, branch broker for Slifer, Smith and Frampton Real Estate. “Our initial launch was 25 of the 49 units. Several had more than one offer with options for second choices from buyers. We haven't seen this much vibrancy in the market in two years.”

In the past two years Condo Capital Solutions has acquired $400 million of condominium projects in Colorado, Arizona, and Florida and has added about $135 million in properties in the past year. The company is now targeting an additional $500 million to recover value lost in non-performing assets and in distressed markets across the country.

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