It is no news that condo auctions can sometimes be a great thing for development. Recently, in Park City, Utah, auction of eight prime ski-in/ski-out condos was a great boon for the project. Silver Strike Lodge at Empire Pass units which were auctioned off fetched almost $13 million in just 30 minutes. 34 units were sold off and the units qualify for the membership of Talisker Club.
The membership cost $100,000 and it was covered by the developer. Matt Mullin, principal of Ironwood Resort Development revealed that the remaining homes’ prices have been reset after the auction. This actually reveals that real estate is not doing very badly and people are always prepared to buy property when they have money, and also when they are running short of money. It is quite amazing that all the condos were sold off in just 30 minutes while many people wait for months to discard their properties. This shows that when a property is located in an area that encourages skiing and other such activities could fetch more money in times of recession that a condo in the middle of a huge city.