Luxury resort auction extended 10 more days
The eBay auction has been extended for three suites in the luxury resort development of Legacy on Mara Lake.
The project — headed by Calgary’s Sable Resorts in B.C.’s Shuswap valley — had such interest, company president Sam Boguslavsky has added another 10 days to the offers, which will close the evening of Nov. 13.
“After offering a selection of our luxury suites on eBay earlier, we had more than 90 bids from interested buyers,” he says. “We realized that 10 days was not a sufficient amount of time to run an auction of this magnitude, so we have decided to extend the auction on some of the suites.”
The units include one suite that contains three bedrooms and 1,379 square feet of space that is south-facing.
The unit, which has a view of Mara Lake, was valued at $649,900.
All suites come with a boat slip, an amenity that is valued at as much as $50,000 alone.
The bidding starts at just one cent. Reserves are in place — but the units are still expected to go at far less than appraised value, says Boguslavsky,
“Along with the previous bids we had on eBay, our phone lines and website registrations have been at near peak volumes, with people inquiring on the available suites,” he says.
The decision to offer suites online comes after a similar live auction at Windermere Pointe earlier this fall. Kennedy Wilson successfully sold a number of units for Pointe of View for that development in Invermere.
“After a strong summer of sales, we needed to develop a unique approach to sustain our formula for debt repayment and value creation for our customers as we work through fall sales,” says Boguslavsky.
“Online auctions are extremely successful in the U.S., but are still very rare in Canada. By auctioning off our luxury suites on eBay, we are positioning ourselves ahead of the curve and offering buyers the opportunity to bid on a suite from the comfort of their own home while using a wellrecognized website to do so.”
The developer notes that interest in recreation property has blossomed once again.
“This is the strongest fall we have witnessed in a couple of years,” he says. “The real estate recreational market door has opened once again for business, and customers are looking to secure deals and put their money into something tangible.”
Sable is also offering a sell-off on its own website — www.legacyonmaralake.com — of some of the other remaining suites in the $60-million, steel-and-concrete development.
An online auction for three suites at the Legacy on Mara Lake will close on Nov. 13.