Teton Springs in Trouble?
Maybe a clue to who these buyers are came out in the news last week. The headline in the Teton Valley News reads…”Teton Springs sued in U.S. District Court.” Over the past few months I have received numerous phone calls from worried buyers that were being told that they were going to have to close on their homes in the next few weeks or months. The buyers, all but one from Idaho, were sold a house/lot combination and were told that by closing they would see an increase in equity of somewhere between $200,000 to $400,000. This has not happened, a matter of fact their investment is worth less than $200,000 to $400,000 than the ibuyers are under contract for or have closed for and most of the plaintiffs are not in a financial situation to close. Even if they could close the case is questioning the developer (Nu Way Partners), the real estate brokerage (All Seasons Realty), the appraisal services (Rivers Edge Appraisal) and the lender (Eagle River Mortgage) on the way the transaction took place. You can read more about this situation at the Teton Valley News website: article written by Lisa Nyren.
With all of this said, Teton Springs is an excellent development. The golf course is known around the Jackson area as one of the best. The amenities are fantastic with beautiful ponds, streams, walking trails, cross country skiing and a state of the art fitness and pool facility. My hope is that all the negative press from the above mentioned article and court case work themselves out and that the development prospers in the near future. The Mountain Meadows area of the development has some adjustments to work out in inventory and price. There are some fantastic values in both the Mountain Meadows area and the estate lot homes so if you have interest in the development please do not hesitate to call me to discuss further.