Silver Strike Lodge Auction Finds Gold
Sometimes a condo auction can be a positive thing for a development. The auction of eight prime ski-in/ski-out condos in Park City, Utah turned out to be a boon for the project. The Silver Strike Lodge at Empire Pass units were auctioned off on January 17, racking up nearly $13 million in sales in just a half hour. Homes sold on auction day for an average of $1.620 million.
There are 34 units in the ski-in/ski-out condo hotel and although almost half the units sold when the project was launched in 2006, there were still quite a few available. The units qualify for Talisker Club Membership and the $100,000 fee was covered by the developer for all the winning bids. Following the sale Matt Mullin, principal of Ironwood Resort Development said that after the auction they have reset the prices for the remaining homes. Compensation for the membership activation fee will continued to be covered with all post-auction sales. Accelerated Marketing Partners, which also held a new development auction for Vornado's Bryant Back Bay in Boston that also sold multiple units well above the $1 million mark, sees this as a positive sign for luxury real estate.