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PARK CITY, Utah (AP) -- A bankruptcy judge authorized an auction for 42 condominiums near The Canyons ski resort.
A private developer left the Timber Wolf Lodge project in bankruptcy. Proceeds from the auction will go to nine creditors.
Interest is strong and could send prices to near market level for the two- and three-bedroom units, said auctioneer Robert Olson of Erkelens & Olson.
"This is the right time for an auction. The market's red hot," Olson said Friday.
He expects as many as 200 people to turn out for the auction July 28 at The Canyons Grand Summit Hotel.
No minimum bids will be set, but buyers must make a $25,000 good-faith deposit to join the bidding.
Most of the log-style units up for sale were built for single owners. Only five are being sold for fractional ownership, giving buyers use of the property for half to three-quarters of each year.
Adding to the cost of ownership are maintenance fees, which run from $460 a month for the smaller two-bedroom units to $700 a month for three-bedroom units.
(Copyright 2005 by The Associated Press. All Rights Reserved.)
