(Newswire.net — November 13, 2014) Park City, Utah — Once upon a time, Park City, Utah was a place of ski country real estate bargains. This formerly sleepy mining town is changing. Blame it on 2002 Winter Olympics exposure. Or Hollywood stars flocking to the Sundance Film Festival. Or luxury resort operator Vail, now running Canyons and Park City Mountain Resorts. Property bargains are happening less frequently—but this weekend, someone could be going big. Saturday, November 15, one or maybe two lucky buyers could be scoring a multi-million-dollar real estate win at the nation’s #1 ski resort. The question is: to auction or not to auction?
Readers of Ski Magazine repeatedly vote Deer Valley® Resort the nation’s #1. This weekend two houses are up for grabs in the resort’s exclusive Deer Crest Estates community. They’re ski-in/ski-out homes, and as you expect: they’re both big and expansive. Both sellers are moving on to other projects. Are these homes going to be pennies-on-the-dollar bargains?
We’ll see on Saturday.
That’s when DeCaro Luxury Real Estate Auctions is putting 3468 Crest Court West on the block. It’s an 8-bedroom, 12-bathroom, 11,575-square-foot estate with sweeping mountain and water views. Daniel DeCaro, the company’s Founder and Auctioneer, says this “a rare opportunity…to own a trophy estate in one of Utah’s most exclusive, gated communities.”
The same day, Elevation 7 Park City Realty is taking offers on 9985 Summit View Drive. A 7-bedroom, 8-bathroom, 9,973 square-foot estate has equally impressive, sweeping views. Carol Anne Kret, listing broker, says while the house may be smaller, the value is enormous. “We’re already listing at the lowest price per square foot in Deer Crest at this high an elevation. This light-filled luxury home has wonderful open spaces, with soaring windows in the living and dining areas.”
Elevation 7 is billing this sale as “Better Than Auction.” Bidders are not operating within an auction structure. E7 is submitting all offers in confidence to the homeowner this weekend.
DeCaro’s sale is an absolute auction. Online real estate listings are showing a previous listing price over $13 million. There is no reserve for this auction. It could be going for any price.
Elevation 7 is selling a traditional listing. Previous online listing prices show close to $9 million. The listing price now is $6.25 million. Since there’s no auction, the homeowner could be refusing–or accepting–any offer.
Is a luxury home buyer winning big this weekend? Depending on your point of view…maybe. But the comps suggest that one and possibly two bargains are happening in a town where they’re becoming increasingly rare. And despite the challenge of actually getting in to see those homes (they’re being shown by appointment only), interested buyers are flying in and circling these mountainside roosts. Whatever happens, either of these homes could end up being a great deal for whomever wins them.