I'm assuming that since it's the loan notes that sold for Pronghorn, and not Pronghorn itself, that someone took a bath. At the very least, no blue sky.
Love how they spin it as a good thing. The lender "selected" the buyer -- um, because they actually had the money?
But I always look for this phrase: " He said he doesn't expect the deal to impact members."
You know, the "nothing will change" reassurance they always include, just before they change everything.
Having been turned away at the gates like a barbarian, I have very little sympathy for these guys.
And while I'm throwing water on things -- I liked the announcement the other day that the developers of Eagle Crest and a couple of other resorts were spending 3 million on updating each place and concentrating on the "resort" elements. Is 3 million supposed to be a whole lot? How much do they usually spend on just maintenance anyway?
Resort -- you know, the way it was supposed to be, instead of the subdivision real estate that it really was. The real money was in the buying and selling of real estate. Now they have to do something with those pesky things that were actually built....
Welcome to the tourist economy, folks.
So are there any of these newer destination resorts that HAVEN'T been dumped?
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sorry I'm not up to date with the news. What is actually going on with Pronghorn?
"Pronghorn Lender Sells Homes."
Bulletin, 12/14/11.
"The lender for Pronghorn Club and Resort has selected a developer based in Hawaii to buy $3 million in loans for property at the 640-acre resort."
that's 43 million, sorry.
... And the Deschutes County Commissioners continue to wink and nod as one extension after another is issued letting the developers have a pass on the over night lodging requirements. Destination Resorts are nothing more then subdivisions outside the UGB.
Ironically, though, I wonder if tourism isn't the only way these places will ever recoup their money?
The people who thought they were buying gated communities?
Tough.
"Love how they spin it as a good thing."
That's The Bullshittin's specialty. If the South Sister erupted and buried half the town they'd hail it as urban renewal.
As expected the Destination Resort properties have taken a bigger hit then those inside the UGB. I always thought it was odd a Brasada lot was going for 10x what a larger lot just outside of Brasada was going for. Now there has been a big equalization.
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