Tamarack real estate sales total nearly $500 million since 2004
The first 125 condominiums and hotel-condominiums offered as part of the Fairmont Tamarack sold out in less than seven hours on Saturday, raising $140 million, Tamarack Resort officials said.
The Fairmont Tamarack, to be built as part of the resort's central village, is a joint venture between retired tennis greats Andre Agassi and Stefanie Graf's Agassi Graf Development and Bay view Financial.
The condominiums and hotel-condominiums sold on Saturday ranged from studios to three-bedrooms for prices from $600,950 to $3.8 million.
"The overwhelming success of the first Fairmont Tamarack adds a whole new dimension to our resort as the pinnacle hotel offering and the first luxury hotel flagship in the state," Tamarack CEO Jean-Pierre Boespflug.
"The addition of The Fairmont Tamarack is a significant step in the development of our young resort, and is an additional jewel to complement all that nature has provided," Boespflug said.
Agassi attended Saturday's sale, which was held at the Grange Hall in the resort's Arling Center convention center.
"It's not often at this stage of your life that you have the chance to truly do something for the first time," he told those attending.
"All of us, including Stefanie and me, are playing a vital role in shaping the personality and culture of this young community at Tamarack,and this is something we should all be very proud of and excited about," he said. The Fairmont Tamarack will be the third phase of Tamarack's Village.
The secondphase, the six-building Village Plaza, willfeature 26 boutiques, shops, restaurants, a movie theatre, and 129 hotel condominiums.
The $91 million Village Plaza is fast taking shape and is scheduled for opening in the summer of 2008, a news release said.
The Fairmont Tamarack will sit adjacent to Village Plaza and be connected by a pedestrian bridge.
Tamarack Resort has now held seven real estate releases stretching back to January 2004. The resort has sold 656 properties, bringing in $499 million.
A significant number of in¬ternational buyers purchased property in Fairmont Tamarack, the release said.
A large portion of the international buyers came from Mexico and the top states where buyers came from were Florida, California, Idaho, Nevada, Washington and Texas.
Fairmont Tamarack is planning a second release in late summer prior to breaking ground in late fall or early winter. Completion is set for 2010.
