Luxury resort turns to Internet
It’s the next generation of marketing tactics in a slow industry — and one of the first in Canada for a major company that specializes in resort properties.
Five suites in the luxury resort community of Legacy on Mara Lake by Calgary developer Sable Resorts are up for sale on eBay.
Online auctions are common — and successful — in the U.S., but rare in Canada, says Sable developer Sam Boguslavsky.
“Developers need to be innovative if they want to move ahead during this time of transition from a bottomed-out market back to an escalation real estate market, which has already started with suites at Legacy,” says Boguslavsky.
The five units are selling with starting reserve bids up to $240,000 less than the appraised value.
One 1,059 square foot, twobedroom unit with a deck that offers eastern mountain views, for example, has been appraised at $499,900.
It has a reserve bid on eBay of $289,000 and that includes a den and a boat slip in the private marina — an amenity valued at as much as $50,000, alone.
On-site amenities include a pool, children’s wading pool and fitness centre — and it includes 400 feet of sandy beach.
The suite has features such as granite countertops, top-of-theline stainless-steel appliances, quartz countertops, and a jetted soaker tub.
The completed complex is a $60-million, seven-storey concrete-and-steel structure on Mara Lake in the Shuswap valley of B.C. near Sicamous.
The auction is open until the evening of October 28th.
The project is close to sold out. The other remaining suites are being sold on Sable Resorts’ website www. legacyonmara lake.com on a best-offer basis.
The decision to go on eBay follows the latest success in auctioning of resort properties in the area.
Just a month ago, an American auction house, Kennedy Wilson Auction Group, brought down the hammer on 40 Pointe of View condo units in Windermere Pointe in Invermere.
“We see the success of the Windermere Pointe auction and we’re taking it one step further by adding in the eBay component,” says Boguslavsky.
“I really feel it’s only a matter of time before more developers turn to auctions. It’s no longer only for homes facing foreclosure; it’s a resourceful technique to sell premium waterfront suites at a discount to the appraised value.”
Check the website www.ebay.ca under real estate and shuswap.