I've been pretty quiet of late, but now that the story has hit the Baltimore Sun I might as well mention the continued distress atop Marsh Mountain. Read more here.
"Karen Myers, one of the three partners of Wisp Resort in Garrett County, said in a brief interview Thursday that the partners were having trouble negotiating the repayment of a $28.5 million loan with BB&T Corp. The loan was tied to the construction of an 18-hole golf course and a community near Deep Creek Lake, which is experiencing lackluster sales of home sites, Myers said."
A similar but more detailed story also appears in the Washington Post. The Pittsburgh Post-Gazette also reports that Wisp ski resort may be sold.
There are also a number of related posts on this blog on the subject:
Deep Creek Land Rush .. in Reverse ..
Distress continues in Kendall Camp ..
More signs of distress in Kendall Camp atop Marsh Mountain
Previously profiled property reduced again and now listed as a short sale ..
Don't forget to check out our sponsors and check back to Dan's Deep Creek Blog for your future updates on the Deep Creek real estate market.
4 comments:
Garrett County statistics for August are now out. 31 units sold in August, compared to 25 for July. The inventory went down from 885 to 870. Still more than two years worth of inventory, but finally a month where the stats are going in the right direction.
J.
Garrett County statistics for September are now out. 35 units sold in September, and the inventory went down to 824. That seems to be good news because sales are up and the inventory is slowly being whittled away. Less than two years worth of inventory--woohoo! Hey, I'll take any glimmer of good news.
J.
News release forwarded to me today
MCHENRY — The owner of the Wisp ski resort in McHenry says it has filed for Chapter 11 bankruptcy protection.
D.C. Development LLC said Sunday that its filing Saturday in U.S. Bankruptcy Court in Greenbelt gives it some breathing room to seek new investors during its reorganization.
The filing stems from the partners’ alleged default on nearly $30 million in loans they got from BB&T Corp. of Winston-Salem, N.C., to build a golf-course community near the ski hill. The partners say they’re financially strapped because the home sites haven’t sold as well as expected.
Karen Myers of D.C. Development says a sale of Maryland’s only ski resort remains the last option she and her partners would pursue.
Wisp General Manager Tim Prather says he expects Wisp to open Nov. 25, weather permitting.
Garrett County statistics for October are out today. 35 units sold in October, the same as the previous month, and the active inventory is down to 797. Still almost two years of inventory, but unless more "shadow properties" come on the market, it's a S-L-O-W move in the right direction. The average price dipped too, which means either that lower-priced homes are selling better, or sellers are gradually becoming more realistic (or maybe both).
J.
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