Truckee Real Estate – Old Greenwood, Grays Crossing
March 5, 2010
What’s New With the East West partners Properties?
As mentioned in my blog, several posts down, East West Partners has filed for Chapter 11. This has put excessive price pressure on the properties in Old Greenwood and Grays Crossing. There are some very good deals, with the associated risk, that are popping up. Shared ownership properties in Old Greenwood are selling for under $30k in some cases. Lots and homes in Grays Crossing are severely depressed from a year or two ago.
If you’re not completely risk adverse, let me know if you want to go check out some homes or land.
Truckee Real Estate – Tahoe East West Partners File Chapter 11
February 20, 2010
Source: Sierra Sun 2/16/10, By Greyson Howard
TRUCKEE, Calif. — A spiraling economy and sluggish real estate market led East West Partners to file for Chapter 11 bankruptcy on Tuesday for some of its Lake Tahoe developments.
The filing primarily affects three local properties: Old Greenwood, Gray’s Crossing and the Northstar Highlands, along with Tahoe Mountain Club facilities (all under Northstar Mountain Properties), according to a release from Blake Riva, who reps Lake Tahoe properties as a senior partner with East West Partners.
“The current economic conditions are warranting this filing,” Riva said in a Tuesday phone interview. “We’ve recently gone through changes in financial partners and concluded this would be best.”
The new Ritz Carlton Highlands, Lake Tahoe, and the Hyatt Vacation Club won’t be affected by the bankruptcy filing, the release said, nor will Northstar-at-Tahoe, which is owned by Booth Creek Ski Holdings and CNL Lifestyle Properties.
“Our filing includes a short-term financing plan to operate our business as usual during the reorganization, and we’ll work diligently to put a long-term plan in place,” Riva said.
That short-term plan comes in the form of $10 million, Riva said.
Looking toward the long-term, Riva said East West Partners doesn’t plan to sell off property.
“We’re not envisioning liquidation,” he said.
The roundabout intersection on Highway 89 north, already delayed by financial troubles with the Gray’s Crossing development, shouldn’t be further delayed, Riva said.
“The developer has placed certain funds in escrow for the construction of the roundabout, and we have a bond in place, so one way or the other, the town will have adequate funding to complete the roundabout,” Riva said.
Truckee Town Manager Tony Lashbrook said the roundabout is the only outstanding improvement from East West’s development, so impacts from Tuesday’s announcement to the town shouldn’t be severe.
“It doesn’t bode well for our property tax growth, but other developments have gone through this; it’s not an unusual process,” Lashbrook said.
East West Partners specializes in real estate development and is developing resort properties in Vail, Beaver Creek and Summit County in Colorado; Lake Tahoe, Calif.; and Deer Valley, Utah, among other resort communities.
Steven Holt, director of public relations for the Ritz Carlton Highlands, said that while the hotel is owned by East West, it isn’t affected by the Chapter 11 filing.
“The Ritz is not included in the filing, so it doesn’t impact our operations or business — we’re business as usual,” Holt said. “We’re having an amazing opening season.”
Kirstin Cattell, spokeswoman for Northstar-at-Tahoe, said the ski resort won’t be impacted.
“We won’t be affected, our operations won’t be affected and our guests won’t feel a thing,” Cattell said.
According to court documents filed early Tuesday in U.S. Bankruptcy Court for the District of Delaware, the company said it had $256 million in assets as of Dec. 31, 2009, according to a Tuesday story on Reuters. Excluding $189.4 million in contingent guarantee liabilities and bond obligations, it had $61 million in debt.
No Colorado impact
East West Partners founder Harry Frampton said the bankruptcy filing won’t affect operations in the rest of the company. In Colorado, East West is involved in the Westin Riverfront Resort & Spa project in Avon, still has interests in Eagle Ranch, and is doing projects in Breckenridge and Denver. In addition to Lake Tahoe, the company is also involved in a project in Deer Valley, Utah.
“We have 15 to 20 projects going right now, and this was 100 percent isolated from the other projects,” Frampton said. “We’ve always tried to finance projects separately, so if we have a problem with one, it doesn’t affect the others.”
Riva said East West Partners doesn’t plan to sell off the property, and Frampton said the company intends to complete the projects.
Frampton said the Lake Tahoe development was hit by a double whammy. First, the Nevada real estate market is one of the hardest-hit in the country. Second, East West lost its lender on the project.
Frampton said East West for years did real estate investment financing with Crescent, a real estate investment trust. That company was bought a couple of years ago by Morgan Stanley, which walked away from its Crescent investments several months ago.
Frampton said taking the Lake Tahoe project into bankruptcy was essential in order for the company to “clean up” financing and other problems. And, he said, the project will receive a $40 million cash infusion from Barclay’s Capital, which originally financed Morgan Stanley’s purchase of Crescent.
“That’s a real endorsement of the project,” Frampton said. “There are very few projects or companies that get $40 million in this environment.
“We’re actually going to have a toast to that tonight,” Frampton said Tuesday.
— Scott N. Miller of the Vail Daily contributed to this report.
Old Greenwood Screaming Deals!
January 10, 2010
Old Greenwood has Shared Ownership Homes for sale at great prices. You can buy 3-4 bedroom units with several weeks usage for $30k up to $100K. Price depends on the “reserved” week you buy as well as the size of the home as well as the owners target sell price. These are large units where you buy a deeded share.
Here is a search that you should look at for a list of available shared ownership properties. Contact Gary at 530-448-1100 or TruckeeRealestate@gmail.com for an appointment to view one or more of these homes.
Old Greenwood Shared Ownership Townhomes – $30K – Wow!
November 30, 2009
There are several 2 and 3 BR Shared Ownership Townhomes for sale in Old Greenwood at up to 1/2 the original price. The shared ownerships have 1 assigned week, 2 weeks that the owner signs up for and multiple short notice periods of use – in other words, call and if the townhome is not being used an owner can use it with short notice.
With use of the previously mentioned 3 weeks (assigned plus 2 reserved) plus use of short notice reservations, an owner can use his shared ownership townhome for 21 days up to 40-50 days depending on how many short notice stays can be used.
Prices range from $30K up to $100K, depending on the number of bedrooms and the assigned week.
Call me to find out what units are for sale and what the prices are.
Gary at 530-448-1100 or TruckeeRealEstate@gmail.com
Old Greenwood
August 20, 2008
Click here for a Map of Old Greenwood
See below for a list of new Old Greenwood listings during the last week
Old Greenwood lies to the Eastern side of Truckee among a forested 600 acres. This 4-season resort community features a range of ownership opportunities, and a pristine golf course as well. This community has been developed by East West Partners, whose resume includes such successful resort communities as Beaver Creek, CO and Deer Valley, UT.
Ownership options include the co-ownership of 3 or 4 bedroom cabins that feature true luxury throughout. Nestled along the golf course, the multi-ownership properties have beautiful furnishings, plasma screen televisions, hot tub, and billiard room. Old Greenwood also offers 2 and 3 bedroom homes with top of the line stainless steel appliances and granite countertops.
The Villas at Old Greenwood is an exclusive community comprised of 15 elegant properties. These properties can have 2 or 3 bedrooms, and all include membership to the Tahoe Mountain Club. The Villas come completely furnished from inside to outside, and include landscaping, security, snow removal and general maintenance, making it hassle-free for those who live primarily a good distance from the area.
The Jack Nicklaus signature Golf Course is truly a special feature of the community that elegantly entwines the Tahoe landscape and the manicured course. Also featured along with the course, are the golf academy, pro shop, practice facility, and the short game area.
Another special feature to Old Greenwood is the opportunity to join the Tahoe Mountain Club. Membership affords access to The Pavilion, golf at Old Greenwood and Coyote Moon, and special access to the 5 star Wild Goose Restaurant on Lake Tahoe’s North Shore, and the Northstar Ski Resort with Members Only amenities, such as the Alpine Club and Schaeffer’s Camp.
Old Greenwood and Gray’s Crossing are some of our areas premier golf communities and owners are eligible to be a part of the desirable Tahoe Mountain Club and associated amenities. Old Greenwood is a Jack Nicholas course surrounded by 99 single family homesites and several dozen cabins and townhomes that have been fractionalized.
Call me if you have any questions about the full or fractional ownership options or want to view some Old Greenwood properties: 530-448-1100, glabelle@ltol.com
