Christine Copertino

Dear Fellow Owners,

I hope this message finds you well. On behalf of the Board, I would like to extend our sincere gratitude for everyone’s continued support and patience throughout our legal resolution and our major redesign project — thank you. Please read below for the latest updates.


REDESIGN
Initial reviews of our recently completed redesign have been overwhelmingly positive. We have better sized furniture given the size of the units, more seating, and have lightened everything up. We are working through a few electrical issues which should be complete by the time you receive this. We also anticipate a few more pieces of furniture to be delivered and installed shortly, including desks and mirrors.


LEGAL PAYMENT
We made our legal payment last week but had to draw some funds from our operating account, which we must replace ASAP. If you have not paid the $1,750 assessment yet please do so as soon as possible.


TAX PROTEST
We received a response from the town on our tax protest, which was a short form letter with no giveback on our tax assessment. This was a bit of a surprise since we submitted evidence to support our position that the sale price associated with free market sales during the relevant time period is also supported by the “Colorado Appraisal Standards.”

We feel the numbers we submitted support our position. Given the seasonal nature of the Aspen Market, the square foot value of a specific week’s fractional interest varies by which season the fixed week falls. 

The town of Aspen denied our protest without explanation offering no reduction. We will now appeal to Pitkin County. I will keep you posted on our progress and the final result.


EXTRAORDINARY EFFORT
We had a major problem with the local design firm we used on the project. So much so that we requested they replace their entire team in December 2022. Even after they did, things did not improve. Subsequently, we sent them a “notice of default” concerning our contract terms. We asked them to step up and correct the numerous issues which were created. Instead of working with us to correct the issues, they decided to stop working on the project at the critical time of implementation.

This created a void for us on the design side which was quickly filled by a combination of PCL (our general contractor), East West project managers, and one of our very experienced volunteer owners working on our design team, Lina Mira. 

While the aforementioned teams were all paid for their time, Lina was a volunteer. She stepped up and assumed the role of head implementation manager. Organizing, scheduling, and directing the placement of design elements such as window treatments, tracking items coming in, and even placing many items in rooms herself. In addition to the countless hours she spent over the past two years, she spent most of the final three weeks of implementation working 12 hour days at the property.

Overall, she spent hundreds of hours managing the project taking the same level of interest as if this was her own home she was working on. The Board wishes to extend our heartfelt appreciation to Lina for her commitment and dedication to all of our owners.  We all owe her a tremendous amount of gratitude. So… if you see her while you are in Aspen, please stop and thank her for her extraordinary effort which we have all benefitted greatly.

From all of us on the Board, thank you, Lina!!!  We never could have finished this project with both the fit and finish and on time without you! 

Best,

Al Kenney                                                                                                                                                                  
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

Board Members and Owner Director Contact Information:

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Tom Kaplan – tkaplan@kkladvisors.com

Peter Wells – petercwells@yahoo.com

Bruce Clay – bjc2115@gmail.com

Trust – Appointed Member to the Board:

Jami Champagne – Jami.Champagne@vacationclub.com

Dear Fellow Owners,

I hope you are all well.

I wanted to let you know that the board filed a formal protest of our tax assessments with Pitkin County on 6/7/24.  The protest makes the case that our tax assessment on each fractional unit is overstated. For many years our property has been assessed at the same value (on a per square foot basis) as a fully owned condo in downtown Aspen. Although we wish our per-square-foot value was the same as a free-market condo, in reality, it is not. The Pitkin County assessment for each unit for the year was based on an average per square foot of $4,518.00 which results in a total tax of$1,056,128.

We submitted as evidence to support our position the sale prices associated with 66 free market fractional sales in The Aspen Mountain Residences during the relevant period. We made the case that each fractional unit cannot be valued using the square foot value of undivided whole units in town, but rather as the total sum/value of its 20 individual fractions. We argue that the value of each of the individual fractional interests (1/20th), should be determined and added together to accurately value the complete fractional unit.  This “sum of the parts” approach is supported by “the Colorado Appraisal Standards.”

We protested our tax bill a few years ago and hired an outside consultant to manage the process for us. That effort resulted in a 10% reduction. During preparation for the arbitration, we gathered all of the comparable sales data and as such, rather than educating an outside 3rd party and paying a large fee, we determined that we could prepare the protest ourselves. We believe the numbers support our position and that we have made an easy-to-understand and compelling case.

Our position is: given the seasonal nature of the Aspen Market, the square foot value of a specific week fractional interest varies by which season the fixed week falls.  We divided the year into five seasonal time periods. We then reported the 66 unit sales in each relevant period and applied weighted average percentage results to calculate the per-square-foot value of each unit. The analysis based on these sales resulted in a per square foot value of $1,524.52 which is 65.35% less than our current assessment.

The town will respond with its decision by June 28th. If we are unhappy with their decision, we will appeal the results to the Pitkin County Board of Equalization. We will keep you up to date on our progress and the final result.

Best,

Al Kenney                                                                                                                                                                  
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

Board Members and Owner Director Contact Information:

Joe Ferguson | jferguson@rjrcapital.com

Tim Hall | timhl9999@gmail.com

Tom Kaplan | tkaplan@kkladvisors.com

Peter Wells | petercwells@yahoo.com

Bruce Clay | bjc2115@gmail.com

Trust – Appointed Member to the Board:

Jami Champagne | Jami.Champagne@vacationclub.com

Dear Fellow Owners,

Summer has arrived and with it the unveiling of our redesigned resort!

As I write this, I am on a flight returning from the property where I am pleased to report that phase #2 the resort redesign is progressing nicely and will be completed on schedule That is not to say there will not be some “punch list” items in every unit that may still need to be completed, but these are small items such as:

• Filling a few very small drill holes in the walls

• Touch-up painting a few “knicks”

• Placing some additional artwork or amenities in your unit

• Adding a desk (in a few units) as delivery was delayed for a few weeks

• Add/change a light bulb or dimmer switch

These are minor items that will not take long to complete.

 So… what was done in the units?

• Floors on the 3rd and 4th floors were sanded, filled, stained, and resealed

• New furniture was placed in the units on all four floors (all old furniture is gone)

• New paint, carpeting, and rugs in all units

• Outdoor balconies were resealed

• All units received new lighting fixtures

• New amenities were added on all four floors

• All kitchen cabinet knobs were replaced

The result is lighter, brighter units that now have more overall seating. I have found the chairs in the dining room and at the kitchen counters are much more comfortable now that they have padded seats.

 As for the rest of the resort:

• New front desk and concierge desks

• The ceiling on the lobby alcove was completed

• Tile floors in elevators were replaced

• Front doors sanded and refinished

• All corridor ceilings were repainted, and new wallpaper and carpeting were installed

After phase #2, the only difference is the units on the first and second floors have not been refinished yet. That will be accomplished in phase #3, which will be completed in the three weeks we are closed at the end of October and beginning of September.

Items not completed:

• Refinishing floors on the first and second floors (this was planned)

• If you arrive next week, you will find that our hot tubs may not be operational yet but are under construction. This was not part of our redesign, but rather a maintenance issue

As everyone knows, no two units are the same. This creates many problems when designing and placing new furniture. There was a considerable amount of time spent trying to improve both the seating and storage capacities of every unit, but the new configurations have to be lived in, as a result, some minor furniture tweaks might still be made.

Several units with cubbies did not meet the latest Aspen building codes so they could not be replaced. In those units, you will now have hanging hooks. We have overstock on many furniture pieces so if a piece of furniture is too big or small or you need something else, we should be able to swap it out. I believe you will be pleased with our new brighter look.

If you are arriving this weekend:

One thing that was evident to me this week is there is a tremendous amount of cleaning to do to get ready for check-ins this week. Refinishing floors is a messy business and we have to make sure all that residue is removed. We also had workers staying in units to save on the cost of hotels for them so all of these rooms need to be turned over. We ask for your patience and do not expect to get an early check-in this weekend. Some units may not be ready until 5 or 6 PM. If your flight arrives early, plan an activity and enjoy the town until your room can be occupied.

Our staff wants to get you settled in ASAP but units will not be released until they are thoroughly cleaned. If your unit does have a punch list, you will most likely be asked if the work can be done. Please try to allow access so the work can be completed. Once again, these are small tasks that take very little time to complete.   

What happened to the old furniture?

Items too damaged to be reused or donated were thrown out. Items still in good shape were first offered to employees. Habitat for Humanity was happy to take the remaining items. Rest assured nothing usable has gone to waste.

Looking to the future:

Except for new lighting and knobs in the kitchen, the kitchen and bathrooms were not touched. Kitchen and bathroom demolition is both messy and extremely expensive to redo. In looking through all the units, the kitchen cabinets are in excellent shape, and except for a few bathrooms that need some minor tile repairs. In my opinion, we can certainly get at least another 3-5 years of use out of them. Of course, exceptions will be dealt with immediately.

We will need to replace many of our windows at some point so we will keep our eyes on that. I am not anticipating a need for another major redesign/closedown for the foreseeable future. This will give us time to get our reserves back up so that when the time comes, we can cover the costs without major assessments. The bad news these past two years is we have had some assessments, but things will get back to normal starting this coming fiscal.    

Care of our newly redesigned units:

Everyone knows how expensive it was to do the redesign. The lighter colors deserve some added care as they will show dirt more easily. Please remove your shoes before putting your feet up on the furniture. A little extra care will go a long way and cut down on the time it takes our cleaning crew to turn over the units.   

Association units for sale – Only two left!

Owner reaction to our special unit pricing has been great and we only have two association units remaining for sale. Both are very nice spacious summer units.

• Week 33 / Unit 34 – 2BR / 2.5 Baths / 1,745 sq/ft – 3rd floor Saturday=$108,000 net

• Week 35 / Unit 50 – 2BR / 2.5 Baths / 1,753 sq/ft – 4th floor Sunday=$112,500 net

Proceeds from any unit will be placed in our reserve fund for future use.   

Legal Assessment Due:

You should have received your bill for our final legal assessment which is due June 14th. All of our legal issues are complete. Please do your best to pay ASAP as our bill is due shortly.

As always, any member of the Board is available to address any queries or concerns you may have.

Al Kenney                                                                                                                                                                  
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

Board Members and Owner Director Contact Information:

Joe Ferguson | jferguson@rjrcapital.com

Tim Hall | timhl9999@gmail.com

Tom Kaplan | tkaplan@kkladvisors.com

Peter Wells | petercwells@yahoo.com

Bruce Clay | bjc2115@gmail.com

Trust – Appointed Member to the Board:

Jami Champagne | Jami.Champagne@vacationclub.com

Notice is now given under Section 3.4 of the Bylaws of Association of a meeting of the Executive Board to be held via Zoom teleconference on Tuesday, April 16, 2024, 11:00 AM Eastern Standard Time (9:00 AM MST) till approximately 1:00 PM EST.

CLICK HERE TO WATCH THE RECORDING USING PASSCODE: Zisu*f3&

The initial agenda for the meeting is as follows:

1) Approve prior meeting minutes (1-15-24)

2) New Committees & Assignments – AK

3) Legal update – Joe Ferguson

4) Financial Update & Assessment– Tim Hall & Vangel Yurukov

5) Reserve Study Update – Bruce Clay

6) Resort Updates – Claudine G
              a. Hot tubs

7) Phase 2 redesign – what to expect – AK

8) Updates: Sale of Assn. owned fractions – AK

9) Closing Comments – AK

10) Owner questions/comments

Owners are welcome to attend the meeting. The board will answer owner questions at the end of the meeting. If you have a question on any of the topics covered you can submit them during the meeting. If you wish to address the board verbally on these topics you will be given up to 3 minutes to do so just before the end of the meeting.

Owners interested in viewing the meeting are welcome to click the link below to join the webinar:

When: April 16, 2024, 11:00 AM Eastern Time (US and Canada)

Topic: The Aspen Mountain Residences – Q2 Board Meeting

Please click the link below to join the webinar:
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Passcode: 057086

Or One tap mobile :
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International numbers available: https://us02web.zoom.us/u/kejdo4nZKT

In the meantime, if you have any questions, please get in touch with me.

Best,

Al Kenney                                                                                                                                                                  
President, The Aspen Mountain Residences HOA Board
(860) 354-7979
al@bluewaterfractionals.com

Board Members and Owner Director Contact Information:

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Tom Kaplan – tkaplan@kkladvisors.com

Peter Wells – petercwells@yahoo.com

Bruce Clay – bjc2115@gmail.com

Trust – Appointed Member to the Board:

Jami Champagne – Jami.Champagne@vacationclub.com

Dear Fellow Owners,

I hope this note finds everyone well. As spring approaches, phase #2 of our redesign is scheduled for April 7th and will be completed by June 7th. I thought it would be a good time to update everyone on a few items.

REDESIGN
In phase one, floors #3 and #4 were not fully completed due to delays in furniture delivery and issues installing new air handlers in the ceilings. We expect the entire building (all floors) to be completed by June 7th. This will include painting in all units, all new furniture, rugs, drapes, lighting, access panels for air handlers in the ceilings, and art. Refinishing the wood flooring on the 3rd and 4th floors will be completed, as well as some of the wood flooring on the 2nd floor. Any flooring that is not completed at the end of phase #2 will be finished this October during our fall clean. The lobby and elevator décor will also be finished.  This means all the furniture and accessories will be in every unit and placed where they should be. Thanks to everyone who owns the 3rd and 4th floors who had to stay in partially completed units with both new and old furniture in them. Much of the new furniture is already here, and the remainder has been promised to be here in plenty of time for the units to be completed.  Once we have the units completed, we will be publicizing our resort’s new design.  

HOT TUBS
Even though we made repairs last year, we continue to have issues with our hot tubs and a small leak in our pool. We have had numerous companies assess the problems, and so far the consensus is both hot tubs need to be replaced and the pool fixed while we are doing the hot tubs. The initial estimates we have received for doing this work are far too high. The issue seems to be that over the last 20 years, Aspen Mountain is moving towards the town. This underground movement has impacted the piping coming from our building to the hot tubs. We don’t want to replace the pipes and hot tubs only to have the same thing happen a few years from now so we are looking for a better solution. The board has decided to delay the repair/replacement work until the fall so we can get more expertise looking at our issues and extend our search farther outside the valley. If we rush into this we will most certainly overpay dearly. Our reserve funding is low currently due to the redesign. From a practical perspective, this means that the pool and one of the hot tubs will remain open throughout the summer and fall while we evaluate our options.  

2025 FLOAT TIME
With float weeks for 2025 being distributed last week, many owners may be asking themselves “What should you do with float weeks you will not be using or renting?” I wanted to remind you of a great option many of our owners have not taken advantage of yet, which is Elite Alliance. Some believe any time is a good time to be in Aspen, but as you know we have some float weeks which are at very desirable times, and others that are off-season times. Many of you choose to use or rent your “prime time” or “shoulder season” float weeks. Now that we have moved to a system that gives an extra bi-annual float week, we distribute all the weeks of the year to our owners (except for the two used for deep cleaning.) Some of you may have ended up with weeks during Aspen’s “slow time,” which is late April and May, or October and November. You may find it more difficult to rent or use these weeks. Another great use for any of your float weeks would be to deposit them into the Elite Alliance Program. There are many great benefits to doing so:• You get points which are good for two years (extending your use time).• Putting together multiple off-season weeks will give you enough points to get a great vacation in prime season at one of their properties worldwide.• You will have the opportunity to get more “prime time” at our property. Once you deposit time into the program, you get a “first look” at any time deposits made at TAMR two weeks before their other members. But, to participate you need to be an “active member” which means you need to have time/points on deposit.  As with all programs of this type, it takes a little bit of planning and effort to get what you want but it is a great way to turn time you will not use into additional vacations for your family and friends. Case in point: after making the effort, my wife and I were able to book a four-bedroom house in Croatia this October! I will report back on my trip.  

OWNER WEBSITE
I have talked to many owners who have said they have never used the owner’s portion of the https://aspenmountainresidences.com/website before. If that is the case you are missing out on a very valuable owner resource. The website is accessed by clicking on the “owners only” in the upper right-hand corner and entering your ID and password (obtained through our owner relations dept). Once you are logged in, you will be able to find sections for trading or renting your time to other owners, floor plans, and association documents including board letters and other important documents. Please note the “time and trade” section of the website allows you to rent, or trade time with other owners. Keep in mind when you are listing time here you are doing so directly with other owners. The idea is not to involve any outside reseller so you can offer your time to other owners at a rate that does not include 20% or so commissions you would have paid your real estate agent. Everyone should want to give other owners a price break and someday you may be the one looking for more time. This makes it a valuable resource for all owners. If you have an exclusive sales agreement with an agent that pays them a commission even if you rent it on your own, you should probably not be listing your time here. Maybe add and exclude any rentals made through the owner’s website on your rental agreements? Let’s keep this a tool for discounted direct owner-to-owner transactions so we all know the prices charged here are the lowest anyone can find.    

NEW COMMITTEES
I have put together two new committees: Future Development Committee: This committee will begin working on looking at the development of lot #6 (which we own). It encompasses the entire square block in front of us including the ice staking rink and CP Burger.I, as well as several other members of our board, will be on this committee plus owner Chris Maybury, and Head of East West Hospitality’s Engineering, Jeff Skagen. Chris has a wealth of experience in the hospitality space and owns several hotels, and Jeff worked on the planning and development of the Snowmass Base Village.Tax Protest Committee: Joe Ferguson will head this committee with the help of fellow board member Peter Wells and East West Hospitality’s Controller, Vangel Yurukov. The idea here is to submit a formal tax protest because we are being charged at full ownership tax rates while the values of our fractionals are less than half of what we are being assessed.

ASSESSMENT
We are very close to finalizing our number for our final legal bill. It will need to be paid within 30 days of acceptance so you can expect an assessment to cover this in the next week or so. The amount will be less than $2,000 per fraction. Due to the special circumstances on the timing of this, we ask everyone to please pay the assessment ASAP. We appreciate your understanding on this matter.          

As always, any member of the Board stands ready and eager to address any queries or concerns you may have on any of the above topics.

Al Kenney                                                                                                                                                                  
President, The Aspen Mountain Residences HOA Board
860-354-7979

 

 

As a follow-up to the letter from the Board that you received yesterday concerning the outcome of the arbitration, I wanted to update you on the sale of the fractions we received at the break from Marriott in December 2021. Towards this end, the Board sold several of the fractions in late 2023. We set that money aside to defray our legal fees owed, and we also are initiating a new program now to sell our seven remaining units.

You may remember we had put a trade program in place for Association-owned units to try and get owners the units they wanted without the hassle of buying and selling in the open market.  As a result of this program and recent sales, our fractional inventory has changed over the last few months.  

Here is a list of our current fractional inventory:

Winter:
Week 8 / Unit 23A – Studio / 1 Bath  
Week 10 / Unit 44C – Studio / 1 Bath

Summer:
Week 30 / Unit 28 – 3BR / 3 Bath      
Week 31 / Unit 28 – 3BR / 3 Bath      
Week 33 / Unit 34 – 2BR / 2.5 Baths   
Week 34 / Unit 39 – 2BR / 2.5 Baths  
Week 35 / Unit 50 – 2BR / 2.5 Baths  

See the attached link HERE to see a sheet with more information on the units, pricing, and discounts.

As has been the case with prior Association-owned units that have been sold, our owners will have the first shot at the seven available units. The prices have been determined based on current market rates. Owners interested in purchasing any of these units will get 15% off studios and 10% off any of the larger unit’s listing prices. As a special thank you from the Association, any owner who purchases one of these units will be exempt from paying the upcoming legal assessment associated with the fraction they have purchased.

The last time we had a special discount offer we had multiple offers for a few of the units. This time, due to the short timing it’s “first come” terms. Once one owner accepts the terms & price, the unit is off the market and we go to contract. No bidding!

While you will still have some closing costs, the discounts should more than cover them. Owner Tom Carr has the formal listings and will handle the closings of the units, but owners interested in one or more of these fractions should first contact me via email ASAP.  

Again, all monies from the sales of these discounted units in the next few weeks will be added to our legal fund, which will reduce the amount that each owner will ultimately be assessed for the outstanding legal fees this year. The proceeds from the sale of any remaining inventory after that time will be added to either our operating budget or our reserve fund depending on our needs.

Don’t wait as the offer will only last two weeks and closing must take place within 14 days of contract signing. This is a great opportunity to grab sought-after fractions at discounted prices and help everyone in the association while doing so!

As always, any member of the Board stands ready and eager to address any queries or concerns you may have.

Al Kenney
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

As you are aware, our Association was presented with a bill from our former litigation counsel for the sum of $7.75 million in January 2022, based upon a retainer letter entered into by the Board chaired at the time by Bob Weisman. The new Board, which took office in November 2021, refused to pay the bill and hired separate counsel to advise as to whether such an amount was owed. As required in the engagement letter, we first sought mediation to resolve the dispute. The mediation was unsuccessful. As further required by the engagement letter, we next went to arbitration, which started in late October 2023 and was completed in mid-November.

At the arbitration, our former counsel was requesting the $7.75 million amount billed, together with all of their additional attorney’s fees incurred for the mediation and arbitration, plus interest, a sum of more than $10 million.

The arbitrator issued his ruling on February 13th. The arbitrator found that the attorney group was entitled to a “reasonable fee” only. The arbitrator agreed with the Association that the fee being claimed by former litigation counsel was unreasonable, and he reduced the fee to $3 million plus interest.  

The Board is now evaluating legal options concerning the fee owed under the arbitrator’s recent order. Regardless of what decisions the Board makes in the coming weeks, we will have to make a special assessment to cover the settlement amount.  

The Board is pleased that this matter is about to reach its conclusion, as it has been a time-consuming and complicated matter.  As always, I – along with any member of the Board –stand ready and eager to address any queries or concerns you may have.

Al Kenney
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

Notice is now given under Section 3.4 of the Bylaws of Association of a meeting of the Executive Board to be held via Zoom teleconference on Tuesday, January 16, 2024, 11:00 AM Eastern Standard Time (9:00 AM MST) till 12:30 PM EST.

The initial agenda for the meeting is as follows:

1) Approved prior meeting minutes from 11-20-23 & 10-17-23
2) Board Objectives for the year – AK
3) Committee assignments – AK
4) Legal update: Arbitration and CP Burger – Joe Ferguson
5) Finance update – Tim / Vangel
6) Reserve Study Update – Bruce Clay
7) Resort Updates – Claudine G
8) Updates: Sale of Assn. owned fractions – AK
9) Owner questions/comments

Owners are welcome to attend the meeting. The board will answer owner questions at the end of the meeting. If you have a question on any of the topics covered you can submit them during the meeting. If you wish to address the board verbally on these topics you will be given up to 3 minutes to do so. Owners interested in viewing the meeting are welcome to click the link below to join the webinar:

When: January 16, 2024, 11:00 AM Eastern Time (US and Canada)
Topic: The Aspen Mountain Residences – Q1 Board Meeting

Please click the link below to join the webinar:
https://us02web.zoom.us/j/85895360850?pwd=WXBtSkkzYWFuczJ6VEt3VjZyYmREdz09
Passcode: 399541

Or One tap mobile :
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 In the meantime, if you have any questions, please get in touch with me.

Best,

Al Kenney                                                                                                                                                                  
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

Board Members and Owner Director Contact Information:
Joe Ferguson – jferguson@rjrcapital.com
Tim Hall – timhl9999@gmail.com
Tom Kaplan – tkaplan@kkladvisors.com
Peter Wells – petercwells@yahoo.com
Bruce Clay – bjc2115@gmail.com

Trust – Appointed Member to the Board:
Jami Champagne – Jami.Champagne@vacationclub.com

Dear Fellow Owners,

Please click HERE to watch the recording of today’s TAMR Budget Review with Owners. When prompted by Zoom, use the following passcode: #1cjYG7n

On behalf of your board,

Al Kenney                                                                                                                                                                   
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

Board Members and Owner Director Contact Information:

Joe Ferguson – jferguson@rjrcapital.com
Tim Hall – timhl9999@gmail.com
Tom Kaplan – tkaplan@kkladvisors.com
Peter Wells – petercwells@yahoo.com
Bruce Clay – bjc2115@gmail.com

Trust – Appointed Member to the Board:
Jami Champagne – Jami.Champagne@vacationclub.com

Dear Fellow Owners,

I hope this letter finds each and every one of you in good health and high spirits. I wanted to let you know the arbitration with our ex-attorneys is now complete and a decision on how much we owe them will come before year’s end. This marks the end of a two-year legal battle with both the attorneys and our ex-board president. Therefore, there is no longer any reason to hold onto the fractions the association currently owns. We are going to put them up for immediate sale.

As promised, our owners will have first shot at the eight units. The prices have been determined based on current market rates. Owners interested in purchasing any of our units will get 8% off the listing prices, as the association will pay the 8% commission (you will still have some closing costs). We will wait three weeks before listing any remaining fractions with owner Tom Carr, to the general public. If you are interested in any of the units, please contact me via email ASAP.  

The Aspen Mountain Residences Condo Association owns the following units: 

Winter:

Studio / 1 Bath: Unit 23A / Week 8    (458 Sq Ft, 2nd Floor, Sunday check-in)        =$36,000  

3BR / 3 Bath: Unit 30 / Week 9          (1,925 Sq Ft, 3rd Floor, Saturday check-in)   =$170,000

Studio / 1 Bath: Unit 44C / Week 10 (436 Sq Ft, 4th Floor, Sunday check-in)         =$40,000

2BR / 2 Bath: Unit 18 / Week 11        (1,186 Sq Ft, 2nd Floor, Sunday check-in)     =$149,500

Summer:

2BR / 2 Bath: Unit 12 / Week 27        (1,369 Sq Ft, 2nd Floor, Sunday check-in)     =$145,000

1BR / 1 Bath: Unit 23B / Week 28      (1,058 Sq Ft, 2nd Floor, Sunday check-in)     =$110,000

1BR / 1 Bath: Unit 23B / Week 29      (1,058 Sq Ft, 2nd Floor, Sunday check-in)     =$110,000

2BR / 2.5 Bath: Unit 50 / Week 35     (1,753 Sq Ft, 4th Floor, Sunday check-in)      =$125,000

All monies from the sales of these units will go towards our 2024 legal bills. If by chance we wind up with a surplus, it will be applied to either our operating budget or our reserve fund depending on our needs.

This is a great opportunity to grab units that have not been on the market for many years!

As always, any member of the board stands ready and eager to address any queries or concerns you may have. May you eagerly anticipate the arrival of the upcoming winter season! Pray for lots of snow!

Al Kenney                                                                                                                                                                   
President, The Aspen Mountain Residences HOA Board
860-354-7979
al@bluewaterfractionals.com

Board Members and Owner Director Contact Information:

Joe Ferguson – jferguson@rjrcapital.com

Tim Hall – timhl9999@gmail.com

Tom Kaplan – tkaplan@kkladvisors.com

Peter Wells – petercwells@yahoo.com

Bruce Clay – bjc2115@gmail.com

Trust – Appointed Member to the Board:

Jami Champagne – Jami.Champagne@vacationclub.com