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alstry (34.92)

Luxury Ski Resort Homes....Over 70% Off

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December 06, 2009 – Comments (4)

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.

http://finance.yahoo.com/news/With-ski-lifts-idle-Tamarack-apf-1446690329.html?x=0&.v=2

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?????

4 Comments – Post Your Own

#1) On December 06, 2009 at 8:56 AM, alstry (34.92) wrote:

 MOUNT VERNON — The typical homeowner would face a $119 property-tax increase under a proposed 2010 city budget that includes layoffs.

The $87 million proposed 2010 budget released today lists a 3.93 percent property tax-rate increase. The city's proposed spending for 2010 represents a 0.9 percent increase from the 2009 adopted budget.

The budget envisions the elimination of 25 positions citywide, 18 of which are currently vacant.

http://www.lohud.com/article/20091204/NEWS02/912040396/1018/news02/Mount-Vernon-proposes-3.9-percent-city-tax-hike-plus-some-layoffs

In addition to layoffs......there is a growing trend for employers to eliminate vacant positions......close attention should be focused whether this trend continues in the future.

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#2) On December 06, 2009 at 10:34 AM, alstry (34.92) wrote:

BUILDINGS TURNED INTO PARKS........

RICHMOND - Virginia National Guard is marking the official closure of the Richmond and Roanoke armories with two ceremonies.

The Guard says officials will conduct closing ceremonies this weekend for the two armories.

The decision to close the Richmond armory was part of Gov. Tim Kaine's 2010 budget reduction plan. The Roanoke armory is being torn down as part of a city parks and recreation plan.

Officials say closing both facilities will save about $115,000 in 2010.

PARKS TURNED INTO GREEN SPACE......

Thousand Springs park may close if state orders more cuts.

AS ZOMBULATION SHUTS DOWN OUR ECONOMY......WE WILL SEE MORE AND MORE CUTS TO HEALTH CARE...

VALHALLA — Employee representatives at the Westchester Medical Center say they fear more hospital jobs will get cut if government support wanes and the projected $94 million in lost revenue worsens.

The concern comes after 400 job cuts and the closing of the Taylor Care nursing home earlier this year.

"The nurses are working harder than ever. We are doing more with less, and I have no idea where they would cut. There are really no excesses," said Samuel Caquias, president of the New York State Nurses Association, one of the hospital's largest unions.

WE ARE NOW IN THE FINAL STAGE OF CONCENTRIC CONTRACTION....THE GOVERNMENT/HEALTHCARE COLLAPSE

 

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#3) On December 06, 2009 at 1:01 PM, jddubya (35.16) wrote:

Other than your added commentary - not too bad of a blog regurgitating the news.

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#4) On December 06, 2009 at 6:39 PM, ReadEmAnWeep (61.29) wrote:

Sweet, sounds like a good time to pick up one of those houses.

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