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

By
Real Estate Agent with Homebuyer Representation, Inc. DRE# 5467433

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

If you are thinking about buying a home in the Salt Lake area, make sure you get an agent on YOUR side.

Homebuyer Representation, Inc. is the only Real Estate Brokerage representing Buyers ONLY in Salt Lake City and the Surrounding Area. We do not list any homes. We never represent Sellers. We work for BUYERS ONLY on the Buyer's side of the transaction.

We work to get BUYERS the Best Price and Terms when they Buy... 

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Dave Woodson
Dave Woodson - Chesterton, IN
Not the Average Agent
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
Mar 08, 2008 01:19 PM
Kathy Fisher Sells Lexington TN homes! 731.845.3413
Five Star Real Estate Services - Lexington, TN

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

 

Mar 08, 2008 01:30 PM
Benjamin Clark
Homebuyer Representation, Inc. - Salt Lake City, UT
Buyer's Agent - Certified Negotiation Expert

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 08, 2008 01:36 PM
Benjamin Clark
Homebuyer Representation, Inc. - Salt Lake City, UT
Buyer's Agent - Certified Negotiation Expert

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...

Mar 10, 2008 04:25 AM