Park City Real Estate Trends

 Silver Baron Lodge Park City, Utah - Trustee Sale April 15, 2011             The courthouse steps auction of 16 developer owned units of the Silver Baron Lodge in Deer Valley, Utah took place yesterday at the Third Judicial District Court in Summit County, Utah.

             

            While the sale did produce many onlookers, it did not have many registered buyers. Buyers were required to submit certified funds of $25,000 to the trustee before the sale and the purchase price was due at the end of the day Friday. These requirements likely kept many potential bidders away from the sale.             In the end, two units were purchased by bidders offering more than the initial offer from the bank. The four bedroom five bath penthouse model with expansive private rooftop deck was purchased by an investment group. The Silver Baron penthouse model was listed for sale in 2008 for $2.15M. The other Silver Baron condominium that sold to interests outside the bank was the two bedroom model located directly below the penthouse; it had an original asking price of $1.25M.

            The fourteen Silver Baron condominiums which are now bank owned will likely be available in the very near future. A look at the area comparables while adjusting for differences in the subdivisions would indicate that anything under $400 per square foot represents a great value at the Silver Baron Lodge (the least expensive active listing is currently $425/sq ft and the most recent comparable sale sold at $451 per square foot).

            For more information about the Trustee Sale of the Silver Baron Lodge developer owned units and information regarding purchasing condominiums at the Silver Baron Lodge or any other Park City, UT area property contact a real estate professional with the YouInParkCity.com Group of Keller Williams Park City at (888)968-4672.