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Condo auction may make history

 (Park Record) A real estate auction in Park City is often the smoke that suggests a fire sale. On Jan. 17, eight units of the Silver Strike Lodge at Empire Pass will go on sale. What makes this different, insists developer Matt Mullin and auctioneer Ken Stevens, is these are brand new units.

They believe this is the first time brand new units will be auctioned in Park City.

It has nothing to do with a relationship with a bank, insists Mullin of Ironwood Resort Development. It's a marketing strategy that he believes will create scarcity for the remaining units, bring a market correction to forces driving down prices in Empire Canyon and make buyers involved in the pricing of the real estate.

There are 34 units in the ski-in/ski-out condo hotel that qualifies for Talisker Club membership. Almost half the units sold when the project was launched in 2006, Mullin said. There are still 19 unsold units.

"Sitting around with an 'Open House' sign for the past three years hasn't sold a lot of real estate in Park City especially not in the last 12 months," Mullin said. "We're looking for a good response for our marketing dollars in a short period of time."

This is not a foreclosure or liquidation sale; it has nothing to do with Ironwood's lender and it's not an attempt to dump the property, Mullin explained.
"This is a partnership decision a means to an end," he said.

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