Pronghorn Resort seems to still be struggling. In December the State of Oregon foreclosed on a 6.5 acres piece of property at the golf resort. The resort has defaulted on a $1.2 million loan from the Department of Energy. The money was supposed to be spent on a solar electric generating plant.
Pronghorn also owes about $3.2 million in back property taxes of which $600,000 is interest. The back taxes are owed on the two golf courses, the clubhouse and a large number of unsold lot for single family homes. The unpaid taxes go back 4 years.
The Resort Group, a Honolulu based company, took ownership of the resort in February. My guess is this company has a large cash reserve but will still negotiate with state to waive some of the interest owing and maybe even some of the taxes if they can prove to the assessor the values were over assessed.
One of the problems of buying in Pronghorn is the large home owner's dues and required $115,000 golf membership requirement. This makes investing expensive with huge holding costs. We are recommending Awbrey Butte or Broken Top for quality homes. Bend Oregon real estate is a great investment but we are advising our clients to avoid Pronghorn Resort at this time.
If you’re thinking about buying real estate in Bend you should sign up for Jim’s free New Listing Notification Service or call or e-mail today. Jim Johnson is a Certified Residential Specialist and has been selling real estate in Bend Oregon since 1981.
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