This picture was taken at Tamarack two weeks ago.
Last week the Bankruptcy Judge made a stay in the case for 10 days to let lawyers filing the case have time to write closing comments.
If the bankruptcy judge determines this case has merit, the foreclosure hearing and all other motions at the state level will be put on hold as this case moves to federal court.
Under the foreclosure proceedings which are scheduled for this month, Credit Suisse would likely be the first to get repayment for monies owed.
Proponents of this bankruptcy petition say it will be faster than a foreclosure and will give smaller contractors and creditors a better chance of seeing some money.
One of the owners, Jean Pierre Boespflug, has told the media he will wait to make his comments in court, but he hopes this bankruptcy petition doesn’t delay the foreclosure case.
Banc of America says its owned more than $4.5 million in lease damages. It’s tried to repossess two of the ski lifts, but the judge won’t allow it.
Tamarack’s case is frequently compared to a similar situation at the Yellowstone Club in Montana. In that case, the bankruptcy judge said Credit Suisse had been “grossly irresponsible” in giving a $375 million loan to the resort. As punishment, the judge put Credit Suisse at the bottom of the repayment list.
In the end, all vendors and contractors were paid and the resort was sold.
WASHINGTON (AP) — A real estate industry group says home prices rose in 40 percent of U.S. cities in the fourth quarter of last year, as massive federal spending helped the housing market show signs of stability.
The National Association of Realtors said Thursday that the median price for previously occupied homes sold rose in 67 out of 151 metropolitan areas in the October-December quarter versus a year ago. That’s a sharp improvement from the third quarter, when prices rose in only 20 percent of cities surveyed.
The national median price was $172,900, or 4.1 percent below the fourth quarter last year. That was the smallest year-over-year price decline in more than two years.
The National Association of Realtors lowered its existing-home-sale projections for 2010 and increased those for 2011 in its latest monthly market forecast, released Thursday.
The association expects sales of resale single-family homes, condos and co-ops to rise 6.5 percent in 2010, down from February’s forecast of 9 percent. NAR expects a 3.8 percent increase in 2011, up from February’s forecast of 0.6 percent. The association also downwardly revised the annual percentage rise of resale home sales in 2009 to 4.9 percent, from 5.7 percent in its February report.
The association adjusted single-family new-home sales to a 22.8 percent decline in 2009, up slightly from an earlier estimate of a 22.6 percent decline. New single-family home sales are projected to sink 12.4 percent in 2010, which compares to an 18.8 percent projected decline in the February forecast. NAR forecasts a 49.4 percent rise in new single-family home sales in 2011, down from its previous forecast for a 42.9 percent rise.
NAR anticipates a 15.4 percent rise in housing starts in 2010 and a 62.1 percent rise in 2011 — that compares to its February forecast for a 21 percent rise in 2010 and a 60.6 percent rise in 2011.
NAR expects existing-home median prices to rise 2.8 percent in 2010 and 4.3 percent in 2011, with the new-home median expected to rise 2 percent in 2010 and 5.2 percent in 2011.
The association adjusted the median home price estimates for 2009 to reflect slightly lower prices for existing homes (to $172,500 from $173,900) and slightly higher prices for new homes (to $214,300 from $213,300). Existing-home-price estimates for 2010 and 2011 are $177,300 and $184,900, respectively.
For new homes, the projections are $218,600 in 2010, and $230,000 in 2011. Estimates for both years are slightly lower than those in February.
The association’s affordability index estimates stayed largely the same month-to-month, rising two points to 153 for 2010, and one point, to 130, in 2011.
Consumer confidence estimates fell somewhat month-to-month. The 2010 estimate fell to 54 from 57 last month and the 2011 estimate fell to 63 from 65 last month’s forecast.
The association expects unemployment this year will be at 10.1 percent compared to 9.3 percent in 2009 and will drop to 9.7 percent in 2011.
The McCall area saw a 11% growth in sales for the first two months of 2010. In 2009 Jan and February saw $23,349,354 in sales volume for the entire MLS, for the same period in 2010 sales volume was $25,990,106.
One area that has seen more sales then most is Spring Mountain Ranch with 14 homes sold in 2009. Here is a new listing we have in Spring Mountain Ranch for $339,000 3 bedroom and 2 baths, 1700 sq. feet. Visit our website to view more listings and other McCall information at 2ndhomes.com
