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It isn't every day one must ride a ski lift to buy real estate.
But that's what happened as buyers boarded the Flight of The Canyons Gondola in Summit County, Utah.
Within ten hours, the launch of the Sundial Lodge condominium project at The Canyons Ski Resort was completely sold out.
The Grand Summit Resort Hotel at The Canyons was also nearly doubled in size from its original design to accommodate buyer demand.
The additional development at the Sundial Lodge and the Grand Summit added approximately four months to the expected construction period of the properties, but enabled the American Skiing Company to generate more sales, says Angus.
Total value of the real estate under contract: $42.6 million, making it the biggest one-day ski resort condominium sale ever recorded in the United States.
"We knew this was going to be big going in," said Angus Beavers, a top Park City realtor and savvy Park City real estate investor.
"The Canyons is an incredible resort and a fantastic property. Still, it's an amazing experience to sell that much real estate in one day."
Company officials had reason for high expectations.
More than two hundred realtors and prospective buyers, some of who stood in line since midnight, placed refundable $5,000 deposits on the right to select units at the then-unpermitted Sundial Lodge project.
The turnout was so successful that American Skiing Company more than doubled the first phase of the project, which got the green light for construction several weeks ago. The event saw the conversion of non-binding reservations into binding contracts.
In all, 150 condominium units were sold at prices ranging from $149,000 to $498,000. "There were 212 reservation holders," Angus says.
"And some purchased two units while several other buyers would have purchased more than that, if the resort had not limited it to two.
More than 100 prospective buyers who were turned away from the sold-out first phase had special access to the next phases of development at the resort a few years ago.
The lucky few that were able to buy were delighted, says Angus Beavers, a Park City realtor in Park City. "Wealthy people buy quality and they were excited to get in on the ground floor of what they consider a hot deal," Angus said.
Sundial Lodge is a landmark building in a permanently privileged location right in the very heart of the village.
Rising four stories, the curved shape of its architecture defines a marvelous sunken amphitheater where cultural festivals and competitions will be staged throughout the year.
The lobby is dramatic and yet intimate with a hosted check-in desk, a massive wood-burning fireplace with cozy seating. There are long and short-term ski lockers for owner and guest use.
On the third floor, owners will luxuriate in two outdoor whirlpool spas or dive into cool plunge pools while observing all the excitement in the amphitheater below.
Sundial Lodge is just as magnificent on the inside.
From the intimate lobby to the roof top hot tub and plunge pool, it reflects the best in mountain lodge design.
All rooms, from the studios to the family size, multi bedroom condominiums, are luxuriously appointed and furnished.
Sundial's minimum standards include 5 GE Profile kitchen appliances including washer & dryer, dishware, coffee maker, and dual phone lines with fax/modem capability, video player, cable television and much more.
Most condominiums have fireplaces and balconies and, all have at least one whirlpool bath and magical Rocky Mountain or village views.
On the mountain, the resort built three new lifts including a new high-speed quad to Peak Ninety-Nine 90.
The new lift will increase vertical descent at The Canyons to more than 3000', and the additional ski able terrain made The Canyons the largest resort in Utah.
More and more each year it has become obvious to the developers, American Skiing Company, that the Canyons is not a residential development where people are staying and living; it is a place to come and have fun then leave.
Summit County would have resisted such a huge project as The Canyons is building had it hinged on full-time residential development, which typically places more demands on public services than it contributes in taxes for those services.
Resort dollars enhance the tax base for the rest of the Park City community.
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