The End of Foreclosures in Park City?
April 5th, 2011 Categories: Around Park City, Auctions, Foreclosures, Golf, Neighborhoods, Real Estate
If you have been waiting for the Park City market to bottom out so you can buy your dream home, condo, or land, it is time to recognize the reality of what is happening all around Park City. This market is heating up…
Inventory is being snapped up by savvy buyers, at great prices, and is not being replaced. Many of these great deals have been distressed sales, or simply very motivated sellers, but the buyer’s advantage in Park City may be nearing its end.
- In Hidden Meadows, Deer Valley, there are only 2 homes on the market today…and 5 sales over the past year.
- In The Colony at White Pine Canyon, inventory was reduced by more than 42% in the past 120 days.
- At Promontory, there is less than one year of supply of available lots for sale after more than 70 parcels sold in the past 12 months. See below…
How much more evidence you need that many neighborhoods in Park City have hit the bottom and prices will turn around soon?
Pre-Foreclosure Notice of Defaults and Trustee sales are down markedly in Summit County, Utah.
That is not to say there will not be more foreclosure properties that come to market, but they will be fewer in number and the competition for them will be greater. Already this year we have seen numerous multiple offer scenarios on bank owned properties as soon as they hit the market.
If you are not actively following the market; or, more importantly, don’t have a local real estate agent working for you, you frankly do not have a chance of scoring the great deal you are dreaming about because the competition is too fierce for the best deals.
One telling example of the change in our market that began last year and is really manifesting itself now is at Promontory.
Promontory: From ‘REO Row’ to ‘Picked Over’
This luxury golf course development has been through well documented travails in the past, however, the jokes of a couple years ago regarding inventory there are long forgotten. The future is bright and the days of buying homes for pennies on the dollar there are numbered. Bank owned inventory is down to its lowest level in years, with just a couple bank controlled properties now on the market!
In 2010, there were 53 homes and 71 lots sold in Promontory. Thus far in 2011, there have been 17 homes sold or pended (eleven of those in the past 30 days!) and more than 40 lots have sold or pended. That leaves less than a year’s supply of homes and lots in this exclusive area, representing a staggering change in the market dynamic there. Indeed, the price of homes is rising, despite the sale of many bank owned properties
A membership drive offering incentives available through the end of April 2011 (call us for details) and a forthcoming new clubhouse are adding value, convincing more and more buyers that the time is now to pursue the dream of owning a piece of this world class resort community.
Park City 2011 Looking ahead to a Seller’s Market
Other neighborhoods and areas in and around Park City have similar story lines, while there is still plenty of inventory overall, properties are selling every day, the best deals are going quickly, and there are fewer distressed properties to put pressure on other sellers to reduce their prices. Eventually, the advantage buyers have now will shift back to sellers
This year could very well be the turning point in Park City…what are you waiting for?
Allow us to help you achieve your goals. Call or email us today and tell us what you are looking for in a Park City and we will help you make it a reality.
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Park City Utah Luxury Home Auction
August 13th, 2010 Categories: Auctions, Deer Valley®, Foreclosures, Park City, Real Estate, The Canyons®
Park City & Deer Valley Estate Home Auction
On the heels of their two previous successful auctions in Deer Valley, Utah this year (Silver Strike Deer Valley Auction and Lookout Deer Valley Auction), Accelerated Marketing Partners (AMP) will be holding a Sealed-Bid Auction for 11 Luxury Park City Estates.
Park City Estates Sealed Bid Auction
The sealed-bid auction for the 11 luxury homes located in some of Park City and Deer Valley, Utah’s most exclusive neighborhoods will be held on August 27th.
The sale is comprised of nearly $80 million worth of one-of-a-kind estates, each complete with an array of amenities more commonly found in the most highly-appointed residences of the Hamptons, Montecito and Monte Carlo.
Several of the homes feature ski-in/ski-out access at Park City’s acclaimed ski resorts or are located in exclusive golf communities.
The estates are being sold by motivated individuals ready to commit to the highest bidder through a transparent buying process with published reserves; these reserves range from $1.495 million to $15.875 million and are up to a 54 percent slash in price.
Park City Auction Minimum Bids:
Published reserves for August 27th sale range from $1.495M to $15.875M.
“As the nation’s largest sealed-bid, published reserve auction, this watershed event offers a once-in-a-lifetime opportunity for prospective buyers around the country to purchase preeminent mountain homes at unbeatable prices,” said Ken Stevens, west coast CEO and co-founder of Accelerated Marketing Partners, a national, full service real estate marketing firm that has conducted high-end new development auctions around the country.
All 11 estates being offered at the August 27 sealed-bid auction are available for immediate occupancy.
The properties are…(drum roll please)
DeerField Estate, Deer Crest Deer Valley
This 15,000-square-foot estate,was previously the most expensive listed property in all of Deer Crest when it was taken off the market a year ago. DeerField Estate overlooks Park City and Jordenelle reservoir. The home has seven master suites and 11 bathrooms, a private gondola for ski-in/ski-out access, indoor swimming pool, billiards, theater, family room with open truss cathedral ceilings and a wine room with 18th Century French cast-iron doors.
DeerField Estate has a published reserve that’s a 54 percent slash in price from the previous asking price.
Deer Crest Home
This 9,657-square-footestate on 0.66 acres is situated on the Jordenelle reservoir view-side of Deer Valley® Resort and features six bedrooms and seven baths. There are multiple dining areas, radiant heated floors, and the estate is fully landscaped with terraces, patios and decks.
Deer Crest has a published reserve that’s a 19 percent slash in price from the previous asking price.
The Colony at White Pine Canyon
Nestled among the Aspen trees along the ski slopes of The Canyons Resort®, this 7,000 square-foot fully-furnished estate on 6.24 gorgeous wooded acres is located within The Colony, a gated ski-in/ski-out community. The home features six bedrooms and eight baths, an open-showcase kitchen, five stone fireplaces, a wine cellar, and a state-of-the-art theater system.
Published reserve is 32% less than previous list price.
Promontory
Located in Park City’s exclusive Promontory golf community, this 8,224-square foot estate on 2.5 acres features six bedrooms, six full baths and two half-baths. There is a home theater with a trestle wood ceiling, wood mantles carved by a local sculptor and a wine closet with custom mahogany racks as well as a separate upper level apartment for guests that is complete with kitchen, sleeping quarters and bath.
Promontory has a published reserve that is a 31 percent slash in price from the previous asking price.
Old Town Park City
This newly built 4,400-square-foot estate is situated in the heart of Old Town Park City, conveniently located a few feet from Park City’s Historic Main Street and the Town Lift. This spacious four-bedroom and six-bath home includes four custom stone fireplaces, a master suite with a home office area and a private elevator to service the living spaces, as well as an oversized three-car garage.
The published reserve for this estate is is 33 percent slash in price from the previous asking price.
Tuhaye Home
1.88 acres of hillside land and surrounded by open space and scrub oak with incredible views of the Jordanelle reservoir, Deer Valley® Resort, Mt. Timpanogos and O’Meara golf course. This 7,000-square-foot estate includes six bedrooms and eight bathrooms. Additional amenities include seven fireplaces, a media room, wet bar and a gourmet kitchen with a wine room.
Tuhaye has a published reserve that’s a 22 percent slash in price from the previous asking price.
Knoll Estate
As part of Deer Valley’s Knoll Estates, an exclusive gated community located in Silver Lake Village, this 7,218-square-foot estate has six bedrooms and five baths. The home also features five fireplaces, gourmet kitchen, ski prep room, fitness room with sauna and hot tub, attached two-car garage, and heated walkways and driveway.
Knoll Estate has a published reserve is a 30 percent slash in price from the previous asking price.
The Lookout
This new 5,866-square-foot estate at upper Deer Valley® Resort offers spacious mountain living and is located within minutes of Silver Lake Plaza via a private shuttle service. The home features five bedrooms, 5.5 baths, an elaborate gourmet kitchen, stone fireplaces, vaulted beam ceilings, oversized decks, and a spacious two-car garage.
The Lookout has a published reserve that is a 54 percent slash in price from the previous asking price.
Old Town Park City
Just an easy walk from the renown Park City’s Main Street and Park City Mountain Resort® lift is this 3,100-square-foot home featuring three bedrooms and 2.5 baths, a fully equipped gourmet kitchen, two fireplaces, a home theater and a private outdoor hot tub overlooking Park City.
This Old Town Park City home has a published reserve which is a 23 percent slash in price from the previous asking price.
Midway, Utah
Located only minutes beyond Park City in breathtaking Midway is this 7,500-square-foot estate provides 360-degree views of Herber Valley, mountains, lakes, hot springs and golf course. The home boasts soaring 23-foot vaulted ceilings, three bedrooms and baths, five rock wall fireplaces, two fully equipped gourmet kitchens and an attached guest suite and three-car garage.
Midway has a published reserve that’s a 53 percent slash in price from the previous asking price.
Stag Lodge
With private Deer Valley® Resort ski-in/ski-out access, this 3,397-square-foot condominium is situated in the ideal mountain location. The four-bedroom, five-bath home is luxuriously furnished and features four fireplaces, fitness room and outdoor pool, as well as clubhouse shuttle service.
Stag Lodge has a published reserve that is a 24 percent slash in price from the previous asking price.
Park City Estate Auction Deadline to Bid
Sealed bids must be submitted to Accelerated Marketing Partners no later than August 27th at 5:00 p.m. MDT. Bidders may thoroughly view all properties prior to this deadline.
Want to Tour the Park City Auction Homes?
If you are interested in previewing any of the homes in person, please contact us immediately at Toll Free 877-838-2805 or email us at: auction@parkcityrealestateguide.com and we will make arrangements for your family to take a personal tour of the luxurious residence(s) that caught your attention.
Preview Minimum Bids Now!
For more information on the Park City estates sealed-bid auction, including the minimum reserve bids for the 11 available estates, please complete the form below:
When you submit your request, you will be directed to a page that shows all of the properties and their bid details.
Don’t forget to check your email for your SPECIAL BONUS:
We will send you a link to the auction website where you can browse disclosure documents, floor plans, photos, virtual tours of the homes, inspection reports, etc…
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Park City Best Buy World Cup
June 17th, 2010 Categories: Auctions, Foreclosures, Park City, Real Estate
Three of the properties we planned to feature in this week’s Park City Foreclosure update are already under contract.
So are BOTH of the featured properties from our last Foreclosure update–one of them had 4 offers! But this post is not about us being right…
It’s about helping you profit from the current market conditions.
Are You Tired of Park City Real Estate “Insiders” Grabbing the Best Deals?
The best deals come and go quickly. There are obviously plenty of smart investors waiting on the sidelines, cash in hand, for the best deals to come along.
Are You Ready To Beat The Park City Real Estate Insiders at Their Own Game?
In celebration of the World Cup, our team selected the 32 best bargains in the Park City & Deer Valley marketplace.
Included in the list are:
- A ski-in/ski-out home in The Colony that’s going to Auction
- Bank-owned condos in Lower Deer Valley that are walking distance to the slopes under $700k
- 2 Walk-to skiing condos at Park City Mountain Resort under $180k each
- An Old-town Park City home under $300k
- The least expensive 2 BR condo in Deer Valley–by over $200K!
To have the complete list delivered to you instantly via email, please complete the form below:
Related Articles:
How To Get A Great Deal On Park City & Deer Valley Real Estate
Get Weekly Park City Foreclosure Updates
Park City Real Estate Auction
Park City Real Estate Sales Statistics
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Flagstaff Deer Valley Condo Developers React To Auction Prices
June 2nd, 2010 Categories: Auctions, Foreclosures, Park City, Real Estate
Flagstaff Deer Valley Slashes Prices!
Since the Silver Strike Auction took place on January 17th, the Village at Empire Pass neighborhood has experienced a surge in attention from smart value investors.
If you act soon, you can still grab a gorgeous brand-new ski-in/ski-out Deer Valley condo at 30% to 50% off!
The numbers don’t lie… 38 Empire Pass condos have sold/pended since Jan 1st!
According to the developer of Flagstaff, “We’re selling these properties below our cost.”
Welcome to 2010, when developers define success as return of their investment not necessarily return on their investment.
We’re confident that buyers who step up to the plate this winter and secure these ultra-luxurious condos will be the same people who have reason to brag to their friends in 5 years about their wisdom to purchase at the bottom of the market!
Here’s the ironic part…
The prices are distressed, but the properties are not.
Trophy Deer Valley Condos at Distressed Prices
These are not distressed properties. They’re some of the finest Deer Valley has to offer.
However, the market conditions have hit developers hard, and construction lenders are getting anxious to take come of their money off the table.
Could this be the chance you have been waiting for?
Flagstaff Deer Valley Condo Interiors
Check out the master bathrooms in Flagstaff!
We have toured quite a few families through Flagstaff over the past few months, and without fail, they all comment that they’re the most luxurious condo bathrooms they have seen!
Families love the option “Bunk Room” that offers each bunk their own personal televisions, complete with headphones and a privacy curtain!
Flagstaff Lodgekeeper
Larry the Lodgekeeper
Not only are the Flagstaff condos gorgeous, the lodge includes about 5,000 square feet of common area on the lobby level for the exclusive enjoyment of owners, guests, and renters at the lodge.
There’s a small exercise room, internet workstations, comfortable living rooms with grand fireplaces, a ski-locker room, game room, and even a pub!
Flagstaff lucked out when they convinced long-time local Larry Dodge to become the in-house lodge-keeper!
He’ll set out the complimentary continental breakfast in the morning, and he serves beverages in the pub apres-ski!
Flagstaff Condo Liquidation Sale!
Here are the remaining Flagstaff Condos For Sale.
Don’t get sticker shock when you see the list prices. We can likely save you hundreds of thousands–even millions– of dollars off the list prices. Call us to find out how…
Toll Free 1-877-838-2805
This is not one of those wait-around and hope the prices drop further kind of situations. The lender has given their approval for just a few more of these 40% off condo sales, but we’re not sure how long they’ll continue to allow the developer to sell properties below their construction cost…
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Park City Real Estate Auction Update
May 14th, 2010 Categories: Auctions, Foreclosures, Park City, Real Estate
Wow! We got such a great response from our auction update a couple of weeks ago. Thanks to all of our readers for your inquiries.
In fact, Greg’s out touring today with some buyers who passed on the auction and felt they could get better deals elsewhere in our market, which may be true…
Park City Auction Results
The Park City auction went about as well as expected. More than half of the Park City & Deer Valley auction properties had interest at the auction–18 of the 30 properties received bids.
The prospective buyers, sellers, and auction facilitators are now in the process of converting the winning bids into actual purchase contracts. We’ll keep you posted as the sales close in the weeks ahead.
Park City Real Estate Auction Compared to National Benchmarks?
The national average for real estate auctions is that about 37 % of the properties sell.
So far, Park City has been even more successful than that, with 100% of the Silver Strike Deer Valley auction condos sold, and 50% of the Lookout Deer Valley Auction properties sold, about 35% of the Westgate condos sold.
Crazy Good Deals on Park City Real Estate?
We shared How To Get a Great Deal on Park City Real Estate in a recent post, in case you missed that…
If you have been watching Park City real estate from afar and you would like a little personalized help sorting out the great deals from the rest, give us a call today (Toll Free 800-485-0218) and we’ll point you in the right direction!
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5 Killer Strategies to Get a Great Deal On Park City Real Estate
May 7th, 2010 Categories: Auctions, Deer Valley®, Foreclosures, Park City, Real Estate
Every one of our clients who scored amazing deals on Park City Utah real estate over the past year used one of these five strategies to successfully beat other smart investors to the best deals.
Park City Real Estate Guide’s Success Strategy #1:
Write an Offer on Properties Owned by Desperate Sellers
We get emails every week from readers of our blog wondering which sellers are the most desperate, need out, are teetering on the edge of bankruptcy, etc.
Some sellers advertise their motivation with shocking low list prices. And these properties sell quickly. These are the low-hanging fruit, and you better be watching the MLS on a daily basis (or hire us to watch it for you) if you want to grab one of these obvious winners.
But this strategy doesn’t always uncover the BEST PARK CITY DEALS. How to you find the less obvious bargains?
Park City Real Estate Guide’s Success Strategy #2:
Write Offers on Foreclosures & Bank Owned Properties
Everybody wants to buy a foreclosure these days. But don’t fall into the trap of assuming that this is your only way to grab a super Park City home or condo at a below-market price. This common Park City buyer mistake could actually cost you money.
True, banks are in the business of liquidating properties these days, and some of our clients have found smokin’ deals on bank-owned properties. If you have cash that you’re ready to invest, this can be an outstanding strategy, but it’s not the only play in our playbook.
Park City Real Estate Guide’s Success Strategy #3: Write an Offer on a “Short Sale”
Like the first two strategies, this one works too. Don’t be attached to any specific time frame, because this process could take months. It’s not hard, it just takes patience and know-how, which we can share with you.
So if you don’t care if you own a Park City property this year or next, and you don’t need a loan to make a deal work, this could be the strategy for you.
But it might not be the best way for you…or even the best deal!
Park City Real Estate Guide’s Success Strategy #4:
Write an Offer on Properties Where Sellers have Equity to Spare
Most buyers overlook this most effective strategy. They’re so focused on chasing short sales, competing with other buyers for foreclosures, and waiting for a well-priced property to hit the MLS that they miss some of the best properties–at the best prices–in the Park City & Deer Valley marketplace.
Buying a property from a billionaire who no longer needs a condo in Deer Valley for whatever reason isn’t such a bad idea.
They can afford to sell, they want to sell, and you can structure these types of deals on time-frames that work for you. You’re free from all the hassles and heartburn of dealing with banks who ignore your offers.
Park City Real Estate Guide’s Success Strategy #5: The ULTIMATE Success Strategy
Have you noticed the pattern yet?
In order to get a great deal, write offers.
Yes. It is that easy!
We’ll find out soon enough…
- Which sellers are indeed desperate to sell
- Which banks want the property off their books this month
- Which lenders will accept partial payoffs
- Which sellers can actually afford to sell
BONUS TIP: Don’t trust wimpy order-takers to manage your investment process.
Securing the best properties at the best prices requires tenacity, determination, and experience during the negotiation process. We write lots of offers–we’re efficient and strategic about the process.
We’ve had offers ignored, shreadded, spit on, torn-up, and rejected. But we don’t care…because we’ve gotten a lot of them accepted too!
When you work with us, you won’t wonder if you could have gotten the property for less.
You don’t need to be here in town–we can handle all the paperwork via email or fax. We’ll take as much time as you need to feel comfortable with us and the process during the first go-around, and then on subsequent offers we’ll work together like a well-oiled machine.
If you have been researching Park City or Deer Valley real estate from afar…
And you recognize the signs that the market is turning…
And you’re finally ready to stop dreaming about owning a Park City property and ready to make it happen…
Contact Our Professional Real Estate Concierge at Toll Free 1-800-485-0218 for a FREE Confidential Consultation About Your Investment Objectives.
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Park City Real Estate Auction
April 26th, 2010 Categories: Auctions, Foreclosures, Park City, Real Estate
You are invited to attend…
Park City Luxury Property AUCTION
These sellers’ loss is your gain!
Now is your chance to own a beautiful luxury resort property in Park City, Utah at a fraction of the value, with instant equity. The inventory includes bank-owned properties as well as properties to be sold ABSOLUTE (no minimum bids).
These Park City, Utah properties are not “left-overs” that desperate developers are liquidating to appease their construction lenders.
Join us for this auction where luxury properties will be sold to the highest bidder. Properties have been selected for location, value and opportunity for qualified bidders to get a SUPER PRICE.
The May 1, 2010 auction will feature homes, condos, and land in assorted neighborhoods around Park City & Deer Valley.
Park City Auction Prices
Prices range from $49,000 to over 2 million. A property and price range for everyone!
Park City Auction Properties Include:
- Mrs. Fields (Cookies) mansion being sold ABSOLUTE to the highest bidder; no minimum, no reserve
- 61 Acres in Deer Valley next to the former home of Mitt Romney
- 8,300 sq. ft. grand lodge – site of a recent Hollywood movie
- Premier Deer Valley home where many of the A-list have stayed and played
- Several Ski-In, Ski-Out mountainside condos
- Best value Grand Summit condos at The Canyons
- Large 8 bedroom Bed & Breakfast or family home with 8-car garage; 1.5 blocks from Park City ski area
See All Park City Auction Properties
To view all properties being offered for sale please complete the form below.
We will immediately email you the complete auction property list.
FREE ATTENDANCE & FREE REPRESENTATION FOR BUYERS
Our experienced Buyer’s Agents will help you make the best informed decision for your Park City Real Estate investments. Don’t miss this opportunity to find the perfect mountain luxury property in Park City, Utah.
If you are interested in any of these auction properties, please complete the form above.
Good luck in your research into Park City auction properties!
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Lookout Deer Valley Home Auction
March 26th, 2010 Categories: Auctions, Deer Valley®, Foreclosures, Real Estate
Let’s be clear…
The Silver Strike Auction and post-auction Deer Valley Condo Fire-Sale in Empire Pass revived the ski-in/ski-out Deer Valley condo market like a turbo-charged defibrillator!
Smart developers jumped on the bandwagon…
…And reacted decisively to the auction-level pricing, including Flagstaff and Lookout at Deer Valley.
Lookout at Deer Valley Home Auction This Weekend
Do you remember the last time you could find new-construction in Deer Valley for under $300 per square foot?
It’s been about 20 years…but now you can grab one of these gorgeous homes at a shocking low prices:
Lookout Deer Valley Auction Process: Quick & Easy
Buying a Deer Valley home doesn’t get any easier than this…
There’s no need to invest the time and hassle to fly to Deer Valley and get caught in auction hype!
Simply submit your bid via email or in person.
It’s a no-risk, sealed-bid, “best & final” offer opportunity for you to purchase a premier Deer Valley home at a price that YOU determine, not the seller.
Deer Valley Home Auction Minimum Bids
No bids below the minimum bid will be considered, and homes will be offered without furniture. Furniture packages are available for your convenience after the auction.
Want to Bid on Lookout Deer Valley Auction Homes?
Please complete the form below, and we’ll immediately send you an official bid form, along with a broker referral form.
Lookout at Deer Valley Home Auction: No Risk Bidding
You don’t even need to submit an earnest money deposit to submit a bid!
Lookout Deer Valley Auction Process
If your bid is the winning bid, we’ll complete a purchase contract within 48 hours of your bid’s acceptance, and you’ll wire a 5% earnest money deposit.
You’ll close on the acquisition of your new Deer Valley home within 30 days, if you bid on one of the 5 completed homes.
Custom Deer Valley Homes At Auction Prices?
Two of the homes (#29 and #30) are completed exterior home shells, awaiting your vision!
You get to choose the cabinets, floors, paint colors, etc. Note: these properties have some of the best and most-unobstructed mountain and forest views in the entire 44 acre neighborhood!
And you won’t need to pay the entire purchase price until construction of the home is complete!
Lookout Auction Time-line
The developer’s plan is to have sold all 7 of the homes by Sunday night, March 28th. Yes…just 72 hrs from now.
We visited the properties earlier today, and they have already received bids on many of the homes.
Sorry, this isn’t one of those opportunities you can sit back and chew on for months before you make a decision. But don’t worry, we will make the process easy for you every step of the way!
Please complete the above form, and we’ll expedite your bid process.
Lookout Deer Valley Auction Seller Disclosures Available NOW
We can send you an online link to all of the Seller Disclosure documents, so it’s not impossible for you to make an informed decision, even with so little time for research.
Contact Us About the Lookout Deer Valley Home Auction
If you want to speak with us immediately, please call 435-640-1854 and we’ll answer all of your questions.
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Deer Valley Condo Auction Results
January 18th, 2010 Categories: Auctions, Deer Valley®, Park City, Real Estate
No more need to speculate…
Buyers Say Deer Valley Condo Auction Was a Success!
The Silver Strike Lodge Deer Valley condo auction took place at Stein Eriksen Lodge last night, and the developer successfully contracted for the sale of all eight ski-in/ski-out Deer Valley condos as planned.
Over 100 registrants were present at the auction, and about 25 bidders competed with one another to grab the available properties.
No doubt the developer would have liked to have seen the winning bids be higher…
Winning Bids for Silver Strike Deer Valley Condos
Winning bid prices ranged from 10.8% to 26.2% above minimum bid prices…or 41% to 45% below the original list prices for the condos.
In our opinion, the winning bidders locked in some great prices on luxurious ski-in/ski-out Deer Valley condos at the auction. Since the average sales price per square foot for condos in Empire Pass over the past few years is $992 per square foot, the winning bidders who paid between $734 and $776 did grab some good deals!
Looking at the history of Deer Valley condo sales over the past few years, average condo sales prices are typically within 90% of list prices, even during the tough economy in 2008 and 2009:
Silver Strike Deer Valley Condo Buyers Will Close Soon
Having completed their due diligence prior to bidding at the auction, winning bidders have placed 10% non-refundable earnest money deposits into escrow, and they now have 30 days to close on the sale of the condos.
Deer Valley Condo Market Post Auction: Where Do We Go From Here?
Sales prices of the auctioned condos will be disclosed across the Park City MLS for use by local appraisers, real estate agents, and prospective buyers and sellers. It will be interesting to see how owners and developers of neighboring properties react to the auction.
Other Empire Pass condo owners have already dropped their prices significantly:
Empire Pass Price Reductions
It is safe to assume that today’s Deer Valley condo buyers will be able to negotiate significant discounts in the months ahead.
We’re seeing occasional bank-owned properties and other motivated sellers, even in ski-in/ski-out locations where most owners have significant staying power.
Want Updates About Distress-Price Opportunities in Park City & Deer Valley?
Related Articles:
6 More Silver Strike Condos Released at Near-Auction Prices!!!
St. Regis Deer Valley Condo Sales Update
Montage Deer Valley Update
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Deer Valley Condo Auction – Silver Strike Lodge
December 10th, 2009 Categories: Auctions, Park City
Deer Valley Luxury Condos for 50% Off?
In the most shocking announcement so far this year in Deer Valley, the developers of Silver Strike Lodge will be auctioning off 8 units on January 17th at Stein Eriksen Lodge in Deer Valley, Utah.
So don’t be shocked when you see the press releases about the auction in newspapers across the country. The auction house is spending hundreds of thousands of dollars to promote the auction in the New York Times, Miami Herald, Wall Street Journal, LA Times, San Francisco Chronicle, Variety, and other publications.
Silver Strike Auction Minimum Bids
They condos will not be sold at “Absolute Auction.” There will be minimum bids for the 8 luxury condos. Minimum bids will be roughly 50% off the most recent listed prices.
Minimum bids will start at $1,150,000 for a 2 bedroom condo, or just under $700 per square foot.
If you can grab one for this price, you’re getting a great deal in a neighborhood where sales prices have averaged $992 per square foot over the past 5 years.
Which Silver Strike Deer Valley Condos Will Be Sold At The Auction?
Don’t bother searching the Park City MLS for Silver Strike Condos for sale–they have all been removed from the MLS until after the auction.
The eight units that will be sold at the auction include 2, 3, and 4 bedroom floor plans. We can get you a list of the specific units, and their opening bids.
Please complete the form below, and we will be in touch with you immediately with auction specifics!
PRIVACY POLICY: All requests are strictly confidential. We will never share your contact info with anybody!
Related Articles:
6 More Condos Released at Auction-Level Prices!!!
Deer Valley Condo Auction Results
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