MUSKOKA, ON, Oct. 1, 2015 /CNW/ - Muskokan Resort Club located on the outskirts of Port Carling is one of Canada's top tier shared ownership resorts and has opted to sell out the balance of the remaining developer owned units by online auction.
Walter Prychidny, the developer says that there are 210 1/10th fractions situated on 42 acres with a pristine deep and natural sandy shoreline built out in 21 extraordinary cottages. Available in the auction will be the last 12 developer owned fractions to round out this phase of the resort.
Manson Slik, Broker/Partner with Gordon's Estate Services managing the auction says "more fractional ownership resorts are investigating auction as the way to finish off stalled fractional developments."
Prychidny admits that sales have slowed in the past 24 to 30 months at the resort and Slik confirms that he has proposals out to several other high end fractional projects in Canada experiencing the same sales slump in the luxury segment.
Slik says "the fractional world has moved in the past decade away from the model that was intended into the space of ultra-luxury resorts. Developers build out different models in a multi-phase development to see where the market is. Once they figure this out, they complete the development with what they know will seep deepest into the marketplace. The units that typically turn out to be the most difficult to sell are at the top end and size of the luxury scale. The developer never knows where this top end is, until he/she hits it and is stuck with the inventory, like at the Muskokan."
Opening bid prices ranging from $35,000 to $70,000 compared to pricing in January of $99,000 to $199,000. Minimum bid prices are universally 65% off of the advertised prices at the beginning of 2015.
Bidding closes October 28. Open Houses Sat. Oct. 10 and 17 from 10 am to 2 pm and Fri., Oct. 16 from noon to 4 pm. Sales office open Mon to Fri 9 am to 4 pm. The Developer is obligated to accept any bids that exceed the published minimum bids.
About Gordon's Estate Services
Gordon's Estate Services Ltd., Brokerage has sold over 2,000 properties at auction across Canada. 1-800-267-2206. www.gogordons.com
About Muskokan Resort Club
With magnificent lakeside villas and extensive recreational amenities on 42 scenic acres with a sandy beach and massive waterfront pier. www.muskokanclub.com
SOURCE Gordon's Estate Services
Image with caption: "Muskokan Resort Club on Lake Joseph - Developer Close Out Auction (CNW Group/Gordon's Estate Services)". Image available at: http://photos.newswire.ca/images/download/20150930_C5192_PHOTO_EN_511766.jpg
For further information: Manson Slik, 613-243-1777, [email protected]