Fairmont Tamarack First Phase Sells Out
MARCH 26, 2007. Fairmont Tamarack, a joint venture development between Andre Agassi and Stefanie Graf's Agassi Graf Development and Bayview Financial, L.P.'s Real Estate Investment Group has released its first 125 pre-construction units, selling out in fewer than seven hours.
Fairmont Tamarack is planning a second release in late summer prior to breaking ground in late fall or early winter of this year. Upon its expected completion in 2010, Fairmont Tamarack will mark the first luxury hotel flag in the state of Idaho and will seek to be only the fifth five-star property in a United States mountain resort.
The sales event marked yet another milestone in the growth of the blossoming Tamarack Resort, an all-seasons jewel in Idaho located just 90 miles north of Boise (Sun Valley is 160 miles east of Boise). Prior to the Fairmont Tamarack sales event, Tamarack Resort had six consecutive real estate sell outs dating back to January 2004. Between January 2004 and April 2006, 531 properties have been sold ranging from condominium units to single-family chalet and cottage dwellings to estate homes and lots.
The success of the resort and its real estate has surprised many, particularly in the current market, but as Lynn Wiener, a buyer in the first release, commented, "I've watched the development of other resorts like Vail, Beaver Creek and Telluride and realized the opportunity to become involved in a young resort so early on doesn't come around very often." In fact, Tamarack Resort is considered the first master planned all-season resort developed in more than 23 years. Andre Agassi, standing in front of his buyers at an event on Saturday night echoed a similar sentiment, "It's not often at this stage of your life that you have the chance to truly do something for the first time. 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."
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