Monthly Archives: April 2012

According to a lcoal title company, Notice of Defaults in Valley County are down a whopping 84% from the first 4 months of 2012 compared to 2011.   Compared to 2009 and 2010, the NOD’s are down 90%.  What does this mean for home buyers?    The inventory of distressed properties in drastically shrinking in the Tamarack, Donnelly and McCall areas. The demand vs supply principle indicates the prices are back on the rise and there is more competition for the remaining homes on the market.  Most of my recent buyers (13 total sales to date in 2012) have pursued financing and are getting INCREDIBLE rates.  Contact me today for a list of lenders that would love to help you find your next dream home in Valley County!

Tamarack Municipal Association
April 17th, 2012

Foreclosure Update

Recent communications have confirmed that Credit Suisse is, indeed, pursuing foreclosure vigorously. Credit Suisse filed a revised set of papers to bring the matter to a final judgment and decree of foreclosure on May 9, 2012. Assuming that Credit Suisse proceeds as quickly as is prudently possible, the matter could be in the hands of the sheriff for a sheriff’s sale by early July 2012.
Although CS will be pursuing the Order allowing a sheriff’s sale, there is no present schedule for a sheriff’s sale. That is, it would be completely up to Credit Suisse, in its reasonable discretion, as to when and whether it wishes the sheriff to conduct a sale of the properties on which Credit Suisse holds the first, senior most, mortgage position.

A common misconception is that the judge’s foreclosure order goes directly to the Sheriff. In fact, the papers that require the Sheriff to sell the property come from the successful creditor, and nothing requires any creditor to move immediately.

State Land Lease

Representative Ken Roberts of Donnelly, Idaho House of Representatives Majority Caucus Leader, who represents the legislative district that encompasses Tamarack Resort, asked TMA President, Michael Carey and senior management, Tim Flaherty, Mike Drury and Legal Counsel, Steve Lord to engage in a process with elected State Land Board officials to reduce the annual lease rate.

Credit Suisse is aware and does not object to this process. A lower lease is helpful to TMA in the near term for so long as TMA continues to operate any activities related to the state land, which includes 2100 acres of ski terrain on the mountain and 20 acres on the golf course as well.

A lower annual lease payment helps Credit Suisse move along to a new owner who may have the capital to continue development, which is also in TMA’s long-term interest.
Senior staff continues to work with Idaho’s elected officials including Governor, Butch Otter, Secretary of State, Ben Ysursa, State Controller, Donna Jones, IDL Director, Tom Shultz, Attorney General, Lawrence Wadson and Superintendent of Public Instruction, Tom Luna.

TMA staff will address market conditions that would justify a substantial reduction in the lease amount at least on a near-term basis. Outside interests – Credit Suisse and buyers – may be of help, but the discussions are only in the preliminary stages at present.

65 Golden Bar Court is now home to a great couple out of McCall, ID! Enjoy your ski in/ski out townhome as you create many new lasting memories!

The Associated Press March 30, 2012, 8:43PM ET

Judge says Credit Suisse loan suit can continue



A federal judge on Friday denied a request by Credit Suisse Group to dismiss a lawsuit brought by homeowners at four luxury resorts in the West and the Bahamas that went bankrupt.

U.S. District Judge Edward Lodge ruled that some of the plaintiffs can proceed with claims of fraud, negligence and interference against Credit Suisse. He made an identical ruling regarding a second defendant, New York-based real estate consultant Cushman & Wakefield.

Lodge dismissed claims of breach of fiduciary duty.

The suit is from property owners at Idaho’s Tamarack Resort, the Yellowstone Club in Montana, Nevada’s Lake Las Vegas resort and the Ginn Sur Mer Resort in the Bahamas.

It is backed by Yellowstone Club founder Tim Blixseth. Lodge denied Blixseth’s motion to personally intervene in the case.

The plaintiffs allege Credit Suisse inflated the value of the resorts and issued loans to developers that were so large they could never be repaid, in hopes of foreclosing on the properties as part of a so-called “loan to own” scheme.

Lodge said in his ruling that the plaintiffs presented sufficient evidence to warrant further review of their claims. But the judge made clear he’s not wholly swayed, saying it “will be a much greater challenge” for the lawsuit to survive his ultimate judgment.

The four resorts went bankrupt after they received a combined $1.8 billion in loans through Credit Suisse.

The Swiss bank contends the lawsuit is baseless and that Blixseth is just trying to escape blame for the financial problems at the ultra-exclusive Yellowstone Club.

Cushman & Wakefield provided Credit Suisse with the disputed property appraisals. The firm did not immediately return a request for comment.

Blixseth, who lives in Washington state, pocketed more than $200 million from a $375 million loan Credit Suisse lined up for the club in 2005.

A federal bankruptcy judge in a separate case has said Blixseth bears much of the blame for the Yellowstone Club’s collapse, and in 2010 issued a $40 million judgment against the 61-year-old developer. A final order in that case before U.S. Bankruptcy Judge Ralph Kirscher is pending.

The lawsuit was first filed in 2010 on behalf of a group of resort homeowners, including Blixseth’s son, Beau. Tim Blixseth was not among the original plaintiffs but has acknowledged he is behind the litigation. The case is being fought by a team of his attorneys.

Lodge last year rejected most of the original claims against Credit Suisse and all claims against Cushman & Wakefield, but the plaintiffs amended their lawsuit to take another shot at the defendants.

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