The first question you ask yourself when you're looking for ski resort property is "Am I getting a good deal or am I getting taken?" But buying a condo at auction solves that dilemma. The group together establishes the fair market value. Silver Strike Lodge at Empire Pass Developer Matt Mullin understood that thinking when he decided to auction off eight units in January, 2009, so that gouging wouldn't scare off potential buyers. All but one of the Deer Valley condos sold. Now, Westgate Resorts at The Canyons will try the same thing. Forty-four condominium residences at The Lodge at Westgate Park City Resort & Spa go on the block March 28.
Westgate managers are itching to unload the unsold whole-ownership units. Minimum bids for the homes will range from $149,000 to $995,000, less than half of the last asking prices. If they could get 20 percent of assessed value- what the Silver Strike Lodge condos sold for- they'd be psyched. Advance registration for the auction is required and on-site conventional financing is available.
Seven "homes" in the Lookout development near Silver Lake Village will be sold March 27. The 4,317 to 5,866 square feet will definitely go for less than market price given the climate in Park City. The starting price comes out to about $287 per sq foot. Compare that to the $700+ per sq foot for the Silver Strike units and we're talking a smoking deal for anyone with that kind of dough to begin with.
Developers aren't scared that auctions will drive real estate prices down even further in Park City. So far, only these two properties will be sold in this manner and owners are confident buyers will snap up the current supply leaving the next wave of buyers (in four to sixth months) ready to pay more.
Lookout at Deer Valley , or call 888- 898-5883