80|50 Mammoth, owned by iStar Financial, is auctioning off 25 shares of its Private Residence Club by the end of next month, according to Kathy Richardson of Mammoth Village Properties.
Mammoth Village Properties is serving as the broker for 80|50. Richardson is the Director of Sales.
Five three-bedroom shares, 12 two-bedroom shares and 8 one-bedroom shares are available.
The shares are for a 1/8th fractional interest in the units. Each share guarantees two dedicated winter weeks and two dedicated summer weeks each year. There are also additional usage opportunities based upon “space available.”
80|50 is also a participating member in Elite Alliance, allowing owners to trade weeks through a broker for timeshares at other resorts around the world.
The minimum bid prices are listed as follows:
Three-bedrooms … $249,000
Two-bedrooms …… $119,000
One-bedrooms …… $69,000
Prior to the auction announcement, prices had been set at $275,000, $148,000 and $89,000, respectively.
The annual HOA(Homeowners Assn.) fees are approximately $12,000 for a three-bedroom, $9,000 for a two-bedroom and $7,000 for a one-bedroom.
Any purchase includes a waiver of HOA fees for one year.
Sales will be all-cash. Bidders will have to show proof of funds for 20% more than their submitted bids.
According to Richardson, approximately 40% of the 224 possible shares in 80|50 is currently sold. The auction will effectively sell another 10% of the inventory.
The bidding deadline for the sealed-bid auction is Oct. 15.
Richardson said the auction is designed as a “trigger” to motivate those who have previously stayed on the property or who have otherwise expressed interest.
She added that 80|50 has a “very healthy HOA,” and that escrows are anticipated to close before ski season begins.
As a bit of background, Auberge Resorts had been brought in by iStar in 2011 to manage the property, however, Auberge’s decision to aggressively try to rent the inventory rankled the existing owners, who reasserted control of the property and established an HOA.
“If you were ever considering it, this is a great time [to buy 80|50],” said Richardson.
For more information, contact Richardson @ 800.421.7005 or Kathy@MammothVillageProperties.com.