Deer Valley, Utah Auction Property

Silver Strike Lodge at Empire Pass, Park City, UT

The auction of eight Silver Strike Lodge condominiums at Empire Pass in Deer Valley was held on Sunday January 17^th, 2009. The developer (Ironwood) considers the results of the auction a success. The auction was attended by 32 prospective Buyers and lasted approximately one half hour. All eight units were sold and a ninth was sold a day later by the developer.

The developer auctioned the units and was not forced to do so by the bank. Sales within the Silver Strike condominiums had been reduced to one in the past 12 months after a relatively successful grand opening and early sales in 2008. Original pricing and recent sales had the price of Silver Strike at Empire Pass averaging well over $1000 per square foot. Prior to the auction, the prices at Silver Strike were approaching $1400 per square foot. Prices at auction for the Silver Strike units averaged approximately $760 per square foot.

The Silver Strike at Empire Pass condominium developer plans to offer the remaining units of developer inventory at the per square foot price of the auction. This represents a discount of approximately 40% from previous pricing. Currently there are 60 other condominiums listed for sale on the Park City MLS that are in the Empire Pass at Deer Valley area. Only 10 of the 60 condominiums for sale in Empire Pass have an offering price under $1000 per square foot.

The local Park City real estate market has Buyers that were waiting for the results of the auction to see what prices may reset to in the area. Whether or not the sellers will respond is yet to be seen. The fact that there were only 32 bidders at the auction which was heavily promoted might indicate that there are still relatively few Buyers in the marketplace. Most area REALTORS® feel that Buyers are coming back into the Park City Luxury Resort and Second Home market, the auction may be the impetus for renewed interest in ski-in ski-out homes in Park City.

For more information contact a YouInParkCity.com Park City real estate professional.