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Solitude Real Estate Auction

post #1 of 16
Thread Starter 
In the NY Times today is an add for auction, 32 Luxury Condo's at Solitude. Original price 300K-800K, suggested opening bids now 100K-350K. I skied there last year end of Feb Sunday, the place was TOTALLY deserted. What give up there?

post #2 of 16
I've got no idea but we were there mid week just this last week and there was nobody on the mountain. The runs nor the lifts were crowded. I think perhaps because it's a bit smaller it is less popular but there is great skiing there and there is always Brighton right down the road to mix it up.
post #3 of 16
I like Solitude nice place to ski. The Problem might be that it isn't what you would call a happening place. there isn't any night life to speak of or much else up there besides skiing. The orginal price of those condos might have been a little out of line for that mountain. In Park City area there are tons of condos on the market for around that price.
Brighton and Solitude both take a back seat to Alta / Bird and Utahs only real ski town here in Park City. There is a lot of resort product on the market right now and more coming on line at Snowbasin plus all the condos up by Powder mountain in Wolf Creek development. There new lake side condos going in around the Jordanelle just east of Deer Valley
post #4 of 16
I skied Solitude on Saturday, no crowds, no waiting on the chairs, great terain. I heard somebody say that was busy day for the resort... I wonder if they make any money there. On the other hand, how hard is to maintain 8 lifts and don't have to worry about snowmaking and grooming too much? They have the mountain, quality of terain sells good enough. Great place to be on weekends!
post #5 of 16
Some serious taxes on those properties! 350/mo!!! Plus another 150 condo fee!
post #6 of 16
Intrawest originally was brought in by the Solitude owner (Gary DeSeelhorst) to develop three condominimum buildings (Powderhorn, Eagle Springs East, and Eagle Springs West) and the village build out. They did that. It is likely that they wanted to gain a part or all of the operations but that did not come to pass in any way shape or form. As they completed the 3rd building (Eagle Springs West) they started to pull their presence from the village. They are now gone. They have decided to auction off the rest of the units as a way to quickly capture what capital potential they have left there and completely be out of the village.

Rentals this year at Solitude have climbed appreciably. Units have been at a high rate of occupancy for most of the season with essentially complete rentals over the holidays. From that perspective Solitude seems to really be taking off.

I don't think Solitude will ever be crowded. They have decided not to cater to local crowds and are working to attract destination skiers to fill the villlage. With the development that has occured parking has actually been lost so there are very finite limits on how many local skiers can get there at busy times. (Over Christmas the lots were full with overflow parking on Big Cottonwood Canyon to the very small extent possible). This is the nature of Solitude.

Many owners there finally see the place turning around in a financial sense. After the auction there will be no new units left (which Intrawest has been offering with sizable discounts such as all howeowners and village fees paid for the first 2 or more years). At that point it seems like a true real estate market for resale will develop in Solitude and combined with the increased occupancies, return visits, etc. it seems like it may do quite well.

Solitude is a niche resort. There are very few places like it. A few good restaraunt options (Creekside, St Bernard's, Silverfork Lodge), a bar, and a little bit of retail (also a yurt dining experience). With time there will probably be another shop or two and perhaps a couple more restaurant options but not much more. It attracts people who want great snow, good (great if you are a good skier who knows the mountain well) terrain, no lift lines, a very family friendly environment (especially with Club Solitude), easy access to a big city and airport (as easy as it comes), and many other attributes (like unbelievable back country access - not a biggie for most). It is not a resort in the mold of the biggies most think about.

Certainly the owners pretty much all share their interest in this type of niche ski resort. Interestingly, almost 100% of visitors I talk to feel the same way. The option for a simple but beautiful little village, very nice accomodations, great snow, etc. but no big shopping or expanisve ski village or town and no huge night life is attractive to some but not all.

IMHO solitude is a niche resort that's going to make a great name for itself.
post #7 of 16

fees and taxes

Phil is right:


A look at the unit fact sheets show a 2 bed/ 2 bath unit w/ $341 condo fees, per month, 483 per in tax and 155 in "VA" (Village Association?) dues and fees.....
thats almost a grand a month before you make a mtg payment. Is that correct?

Is Park City typically a high property tax local as well, or is this just Solitude?
post #8 of 16
The taxes are part of Salt Lake City and based on valuation like all property. Valuation will become more in line with reality when all new units have been sold and the resale market becomes the basis for valuation.

I'm not that familiar with other developments but I think the homweownaers association (HOA) fees are on the higher side but not out of line with other new ski resort developments. In my own building (Powderhorn) it is very possible that HOA fees will be going down over the next few years as our reserves become fully funded. The Village Association fees are definitely an extra here and a result of building a little village under private ownership where ther was none. It is likely that they will go down some with time as all units are sold but it will always be an extra burden at Solitude.

Except for the village fees I don't think Solitude is an outlier in these regards but I am no expert.
post #9 of 16
I spent last week at Solitude. We had some of the best snow (quality, not quantity) that I have ever had in my life. There is NEVER a line to wait for a chair. And, as far as terrain goes it's one of my favs - not the biggest place, but certainly doesn't lack for much as long as you're willing to work for it.

Then there is the whole "connecting Alta, Snowbird, Solitude and Brighton with one single lift" talk, which would turn the place into a mega resort destination.

I was kind of hoping that the auction was a secret ... We'll be there ... will anyone else?
post #10 of 16
What does "offered with reserve" mean?
post #11 of 16
Just like Ebay - they have a minimum price and they will not sell them below that price if the bids come up short.
post #12 of 16

Solitude Auction was Saturday

Did anyone make it to the Solitude Condo auction over the weekend.

I am curious to see how prices shook out relative to suggested prices??
post #13 of 16
In general the "cheap" stuff ended up going for market price, but the "expensive" stuff ended up being a good deal. There were a few idiots that didn't do their homework and so ended up paying more than they should have (they chose poorly).

... I got nuthin, nuthin I tell ya!
post #14 of 16
We were looking at that auction also, but the carrying costs seemed INSANE

What did the cheap units end up going for? Would you please provide a range?
post #15 of 16
The average sale price including the 10% auction commission was 81% of the LIST price. This was very similar to the deals being offered previously that included payment of all fees for periods of time, lease backs, etc. Intrawest got a little less (73.5%) when the commission is removed. If anyone wants to know the sale price of a particular unit let me know and I will PM them.
post #16 of 16
Originally Posted by jalexander
We were looking at that auction also, but the carrying costs seemed INSANE

What did the cheap units end up going for? Would you please provide a range?
The one bedrooms plus den ranged from $226,000 to $275,000 (including the 10% commission).
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