80 firm sales of 83 suites sold at Touchstone On Lake Muskoka during three month online auction
TORONTO, Aug. 28, 2013 /CNW/ - Touchstone On Lake Muskoka, Ontario's most luxurious five-star, four season fractional ownership resort, has sold all but three of its residences through an unprecedented online auction for its remaining vacation homes.
A total of 83 developer inventory fractions were available throughout the auction; 80 were sold in the auction this summer. The last three remaining fractions are available on a first come first served basis for $68,750 for ultra-luxury 4-bedroom Treetop Villa cottages.
Touchstone opted for an open, transparent online auction system and McOuat Partnership, the company responsible for the sales and marketing, selected Kingston, ON's Gordon's Estate Services to manage the auction. The online approach allowed potential purchasers to make bids from the comfort of their homes without feeling the pressure of an in-person auction process.
"One of the best decisions, contributing to Touchstone's sell-out success was to retain a Canadian auction company to administer the auction. Gordon's Estate Services is Canada's leading real estate auction broker and has successfully sold nearly 2,000 properties at auction across Canada," said VP Client Service Lianne McOuat, of McOuat Partnership.
"Over the course of the three-round auction, with the assistance of McOuat Partnership, we attracted 156 registered bidders. What made this auction spectacular was our ability to overcome the right of rescission factor. In other Canadian resort auctions by US companies working in Canada, the seller ended up rejecting many of the bids and many more buyers rescinded on their purchases. Because of the transparent structure of the online auction and the timing of the three rounds, we were able to generate a near sell-out with no rescissions. This was tremendous for the seller, every new owner, Touchstone On Lake Muskoka and the Canadian real estate auction industry. Collectively, this was one of our top 10 most challenging projects, which makes it an even bigger Canadian success story," said real estate broker/partner Manson Slik of Gordon's Estate Services.
Selling prices for each one eighth fraction are available at www.gogordons.com, under Round One, Round Two and Round Three Results.
"Sequel Hospitality Investments Inc. recently purchased Touchstone and will focus on condominium development for what is reported to be an additional 56 lakeside whole ownership condos, which is more good news for Touchstone," added Slik.
ABOUT TOUCHSTONE ON LAKE MUSKOKA
Touchstone On Lake Muskoka is Ontario's most successful five-star, four season fractional ownership resort. Touchstone is ideally situated on pristine Lake Muskoka and is between Port Carling and Bracebridge and just two hours north of Toronto. The Resort amenities include a spa, restaurant, infinity pool and sandy beach. Touchstone features four luxurious cottage styles: Grand Muskokan, Cascades, Grand Lodge and Treetops Cottages. www.TouchstoneAuction.com
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