Silver Strike Auction results Deer Valley

Posted by Rich Fine on Friday, January 22nd, 2010 at 11:09pm.

The Silver Strike Auction is of course the big news in Park City real estate, and the good news is that it was a great success.  The developer of Silver Strike made the decision to auction off 8 of their new luxury ski-in/ski-out condominiums in an effort to jump start the market.  If you have been in town these last 4 weeks you probably noticed the "AUCTION" open house signs as everyone did - has been the talk of the town in the real estate community.  All the open houses, and the extensive advertising led up to last Sunday night's auction event, held at Stein Eriksen Lodge.  It only took about a half hour to sell all 8 units offered for the event, and each unit sold for well above the auction's lowest set prices.  In fact, on each unit, the bidding went so fast, that for many of the buyers attending (and some on the phone) the price quickly escalated beyond their maximum amount to spend.  We attended the event and found it to be very interesting, and quite exciting.  SOLD AUCTION UNITS AND PRICES: Unit 401        4 Bed/4.5 Bath    2302 Sqft    $1,785,000Unit 504      3+Den/4 Bath    2181 Sqft        $1,631,000  Unit 505         2+Den/3 Bath    1697 Sqft   $1,285,000

Unit 507     4 Bed/4.5 Bath    2255 Sqft     $1,750,000

Unit 601        2+Den/3 Bath    1689 Sqft    $1,299,000

 Unit 604         3+Den/4 Bath    2181 Sqft    $1,660,000

Unit 606  4 Bed/4.5 Bath    2255 Sqft       $1,656,000

Unit 704   2+Loft/Den/3.5 Bath  2487 Sqft  $1,887,000  The success of this event has had much influence on our market.  The excitement of this auction brought buyers back to the table who were eager to buy but waiting for "the deal".  Some of these returning buyers have made purchases in other Deer Valley locations, rather than waiting to be involved in the auction.  They started with Silver Strike, and most likely were able to use the auction advertised prices as a arguable comp for pricing as they looked at other similar options.

Besides moving a lot of real estate quite fast, the additional benefit of the auction was to finally establish a "bottom of the market" number, from which to eventually work our way up again.  The winners at the auction got the best deals seen in Deer Valley in a long time.  With this new bottom of the market established, there will probably be a few more great opportunities to be found, as other properties working to get sold this winter will have to compete with these auction results.  If you missed this auction, you may still be able to use their momentum, and work a great deal of your own.  We know of some good opportunities, so call us to talk.    NEW RELEASE PRICES AT SILVER STRIKE - CALL RICH  435.640.2124!  Unit 301    4 Bed/4.5 Bath  2302 Sqft   $1,785,000Unit 304     3+Den/4 Bath   2181 Sqft   $1,650,000Unit 305    2+Den/3 Bath  1697 Sqft    $1,265,000 Unit 307   4 Bed/4.5 Bath   2280 Sqft   $1,715,000 Unit 502  4 Bed/4.5 Bath    2291 Sqft   $1,825,000Unit 706     3+Den/4 Bath  2232 Sqft    $1,695,000

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