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?
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