Local Area And Real Estate News

 Sealed Bid Auction with Published Reserves for 11 Luxury Park City Residences             Another Park City Real Estate auction is set for August 27,2010. This marks the fourth or fifth such auction for the calendar year. This one may prove to be a bit different from the others.             This auction is different in that it is confined to a small number of luxury Park City, UT area properties and that all of them have set a published reserve price. Reserve prices in most cases are millions less than the highest asking prices these homes have seen in the past. The properties for sale in this auction represent some of Park City's truly exclusive addresses. These luxury homes are in Upper Deer Valley, Deer Crest, Old Town, The Colony, Tuhaye and Promontory. Unlike some of the other auctions we have seen, these properties are not developer owned, or bank distressed sales. These owners have grouped together to share marketing costs to try and create a buzz. Published reserve prices range from $1.5M to just under $16M.             The auction is being publicized nationwide through print ads in the Wall St Journal, NY Times, Chicago tribune and the like in most major metropolitan areas that represent the homes or workplaces of many Park City and Deer Valley second homeowners.             The Sellers will sell the property if an offer comes in above the published reserve price. The auction is a sealed bid auction rather than a live auction. Sellers will open all bids, if there is more than one bid above the reserve price, potential buyers will be notified that they are in a multiple offer situation and will be asked to bring their "highest and best offer".             As was the case for some of the previous auctions in Park City, the results of this auction may help to reset pricing in the luxury homes sector of the Park City real estate marketplace.             For more information about the homes to be auctioned, pricing and placing a bid for a home, contact a real estate professional with the YouInParkCity.com Group. 1(888)968-4672.