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What will become of Suncrest? - The Death of a Development

The Deseret News has reported that "Owners of the SunCrest development have defaulted on $58 million in development loans, and residents there are worried the developer could try to sell its remaining assets and leave the state."

Owners fear that amenities that the developers promised would be built (clubhouse, etc.) will never be built.

The promised clubhouse (from the suncrest.com website):

club

How would you feel if you had bought into such a development as many as 5 years ago, constantly being told the improvements were "just around the corner" and now hearing news like this?

Can anything be done to save the community?

Read the news article here: http://deseretnews.com/article/1,5143,695259163,00.html

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Posted by Benjamin Clark - Exclusive BUYER'S AGENT - Certified Negotiation Expert - SLC, UT on 03/08/2008 09:14 PM

Comments (4)

suncrest, utah, development, real estate, default, fear

Originally posted at: Buying a Home in Salt Lake City, UT: What will become of Suncrest? - The Death of a Development

This post has been included in Utah Information Salt Lake County, UT Information Draper, UT Information

4 Comments on What will become of Suncrest? - The Death of a Development

MAR

2008

Sadly, this is not new it is happening all over the country, these builders over built and now they are paying for it in spades

Unfortunately Dave in SO many cases it's not just builders and developers who are paying but hard working individuals who bought homes or lots in these developments. Bummer

Dave, Kathy - My understanding is that what is complete of this development after 5 years was supposed to be just the tip of the iceberg for what they had in their master plan. This isn't the only problem residents of the development deal with (It happens to straddle county lines among other things). STILL, I think it would make a tremendous community if somebody, somehow could come in carry out the rest of the development (even if it were the same developer).

I have helped a number of clients purchase in the community as many as 5 years ago when everything was rosy... For their sakes I hope things go well. It really has a lot to offer if they can work out the problems.

MAR

2008

Can anybody share any stories of big developments that went under in your area. (Morbid, I know...)

I'm just wondering if there are any success stories a few years later that might be uplifting...

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