Deb Tebbs Group

Cascade Sotheby's International Realty

Developers Scheduled to Start Building 50 Lodging Units at Southwest Bend Resort

The developers for the Tetherow Resort are scheduled to begin constructing two hotel buildings in within the next month. Both buildings will be dedicated to overnight guests. According to one of the owners of the resort, they will be located near the golf course clubhouse.

The hotel’s construction would be a huge step in time for the resort, which is located to the west of Bend. Resort owners have been trying to build lodging units for overnight guests for years now. This is a move that the state requires for all destination resorts.

Chris van der Velde is a co-owner of 98 home lots, Tetherow golf course and Tetherow clubhouse. The professional golfer announced that, “In four to six weeks, you’ll see the beginning of the vertical foundation.”

Currently, the developers are in the process of working with the county to obtain the necessary permits. Van der Velde chose not to announce very many specifics about the project. He notes that there will be a formal announcement made by the resort in the a matter of weeks.

The two buildings will be constructed just east and just west of the clubhouse. Van der Velde did state that both buildings are going to under the resort’s management and will include “the first 50 rooms of the Tetherow Hotel.”

One of the resort building is scheduled to include 26 units, and the other will include 24. The state requires that the amount of overnight units in destination resorts totals 150. However, overtime, units are allowed to be phased. Currently, the resort must meet a building deadline of 2014. But, this deadline could possibly be extended out to 2017.

The push for the Tetherow Hotel comes as a result of a modest increase in the resort’s sales and building activity.

According to the records of Deschutes County, 18 Tetherow vacant home lots sold in 2012. This was four more than in 2010 and six more than in 2011.

County records also show that there are currently 12 homes under construction, and 21 that have been completed. This is a very far cry from the original visions of the resort developers. Back in 2004, when the plans for the resort were first approved, they envisioned 370+ homes for the project.

There have been some substantial financial issues among more than one original developers. These issues have led to the Tetherow having four different ownership groups:

  1. iStar Financial, a New York investment company
  2. Virtual Realty Enterprises of St. Louis
  3. Joe Weston, a Portland investor
  4. Chris van der Velde

Recently, Van der Velde has been seeing positive signs at the resort:

  • The December sale of a home for $1.2 million
  • Another home sold for $829,000 in December
  • Several speculative homes sold within the $600,000 price range

Van der Velde says of the current ownership of the resort:

“I think where things were kind of fractured before, there’s more of a united effort now… My gut feeling is that people have kind of seen the bottom of the market. So now they’re standing on the sidelines, seeing low interest rates and saying, ‘Let’s buy and build.'”

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WSJ: It’s Finally Safe to Sell Your House

The Wall Street Journal just published an article stating that it is finally safe to start selling again. Citing prices have climbed 8.3% year-over-year, they say more and more families will start testing the waters of selling their home. This is phenomenal news regarding the housing recovery. Read more below:

http://online.wsj.com/article/SB10001424127887323764804578314550225871358.html

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