One country’s distress may be another’s opportunity.
While the U.S. real estate market has seen double-digit price decreases along some parts of the west coast, Florida or Las Vegas, European investors are keeping an eye on prime American real estate.
One new Colorado luxury project, for example, recently made its way to a Danish investors’ Web site www.trading-house.net. The U.S. dollar currently trades for 5.1 Danish Krone.
The announcement reads: “Developer of the new $1 billion base village at Snowmass, Colorado, Related WestPac, has announced … sales results for its first two whole ownership condominium offerings, The Little Nell Residences at Snowmass and The Viceroy Resorts and Residences at Snowmass.”
Since sales began in mid-December, related WestPac real estate has sold more than 65 percent of The Little Nell Residences at Snowmass and more than 50 percent of The Viceroy Resorts and Residences at Snowmass.
Both properties feature “enviable” ski-in/ski-out locations and are located within seven miles of the Aspen airport.
Similarly, Corporate Office Properties Trust recently published fourth-quarter results that includes mention of its roles as developer of the Colorado Springs Airport Business Park on WELT.com, a German investment Web site.