Residences selling out fast
June 13, 2014
The Stein Eriksen Residences on Deer Valley Resort’s Silver Dollar trail began accepting reservations in January. Listing agent Dena Fleming said approximately 30 of the 54 units have been reserved.
The development requires additional government approvals, including sewer and water, before the reservations will be turned into sales contracts.
"Everything that has to do with development has to be approved, and the city of Park City is essentially the steward of that," Fleming said. "Once the plat records, all documents will record with it."
Both Fleming and Regent Properties Executive Vice President Daniel Gryczman said the plat should be recorded shortly.
Regent Properties is developing the project after purchasing the property several years ago, according to Gryczman. The 14 houses and 30 condominiums will be built on Silver Dollar Trail as it approaches Last Chance trail.
Fleming said construction of the houses has begun, and the condominiums will be built later. Magleby Construction will build the homes while Layton Construction will put up the condominiums.
When reservations started in January, the first release of units sold out almost immediately. Prices on the units continue to increase, and once the plat is recorded, the reservations will become contracts.
"Buyers will then have to put up 20 percent of earnest money, which will become non-refundable," Fleming said. "There are about 28 reservations, for both homes and condos, that will move into firm contracts."
Stein Eriksen Lodge will manage all of the residences’ amenities, including a "world-class" spa, fitness center, dining, bars, skier services, valet and a concierge. The management is noteworthy, Fleming said.
"We’ve started earth work and the clearing and grubbing of the property, getting it ready for the big parts of construction," Gryczman said. "It is just unbelievable how fast these units have been reserved."