Lux­ury re­sort auc­tion ex­tended 10 more days

Calgary Herald - Calgary Herald New Condos - - Recreation & Investment Properties - KATHY MCCORMICK

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.

Cal­gary Her­ald Archive

An on­line auc­tion for three suites at the Legacy on Mara Lake will close on Nov. 13.

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