Luxury Ski Resort Homes....Over 70% Off
BOISE -- For Dallas retiree Richard Snyder, the thrill of his central Idaho getaway is gone.
Snyder built his 3,500-square-foot vacation retreat at Tamarack Resort four years ago, in an era marked by frenetic construction and new lifts whisking skiers to the 7,660-foot summit.
This week, he learned the lifts will be idle this winter -- another casualty of the deepest recession since the Great Depression.
"It's gone from, 'I can't wait to get out there, it's so great,' to 'Why go?'" Snyder said in a phone interview from Texas.
Tamarack has come to a standstill as a Credit Suisse Group-led lending syndicate fights to recover at least a share of the $300 million the resort's owners owe from a construction loan.
Tamarack's majority owner Jean-Pierre Boespflug didn't return a phone call seeking comment. Credit Suisse declined to comment.
Other Western ski resorts have also been hit by the recession. Southwestern Montana's Moonlight Basin, near Big Sky, filed for Chapter 11 bankruptcy protection this month. In addition, the owners of the swanky members-only Yellowstone Club, also near Big Sky, liquidated opulent furniture in November.
But Moonlight Basin and the Yellowstone Club will still fire up their lifts this month.
Before Tamarack's Christmas 2004 opening, Boespflug billed the place as America's newest four-season getaway.
Tennis star Andre Agassi pledged to build a luxury hotel. President George W. Bush visited in 2005, fishing on nearby Lake Cascade with then-Idaho Gov. Dirk Kempthorne, the man who would soon become Bush's U.S. Interior secretary.
Then came 2008 and the real-estate crash. Agassi double-faulted on his hotel plans and workers laid down their hammers as Tamarack's owners ran into trouble with their bankers. A court-appointed receiver running operations shuttered the resort in March 2009, as Credit Suisse refused to cover mounting losses.
Now, Bank of America is even fighting in court to repossess the ski lifts.
In a sign of just how far it's fallen, Tamarack has become a target for bargain hunters. One chalet that sold for $900,000 in 2005 recently changed hands for just $200,000.
Ski resorts shutting down
Golf courses shutting down
Luxury homes selling over 70% off
New home construction down 80%
Harley Davidson laying off 2/3 of workers at biggest production facility in one year
Hotel occupancy below 60%
ALL OF THE ABOVE WHILE WE ARE RUNNING A $2 TRILLION DOLLAR DEFICIT?????
And we are calling the current environment a recession?????