In order to regain access to capital faster, we were retained by American Ski Company to expedite the sale of their fractional condominium shares at the Grand Summit condominium hotel located at the heart of the Canyons Resort in Park City, Utah.
We conducted a two-month marketing and sales campaign during the peak post-holiday ski season, leading to a live auction sales event. The marketing efforts promoted that a 30% portion of the condominium shares would be sold Absolute, regardless of price. This strong selling message attracts the largest market possible, which is necessary for a live event where competition drives pricing. Note: We utilized the Buyer’s Choice Method of Bidding. Our team has utilized this strategy for every condominium sale we’ve ever conducted as there are several benefits to it, including maximizing price and ensuring a higher closing ratio.
The six-week auction program produced the following results:
- 2,000+ Inquiries
- 1500+ Open House Attendees (Parties)
- 400+ Due Diligence Packets Sold
- 300+ Auction Attendees
- 100% of shares Sold for $23 Million
Outstanding Pricing – Closeout Sale of Property
The developer could have stopped selling after 30% was sold, but he chose to sell all of the shares, as American Ski was very happy with the pricing.