Suncrest is open to bidding

The fate of Draper’s Suncrest development has been decided – or at least the next step to it’s eventual fate. A bankruptcy court has declared that the development will sell to highest bidder in an auction of Suncrest LLC’s assets.

Bloomberg has just reported that June 9th will the last day to submit a bid, and the auction will be held on June 11th.  Approval of the sale will be determined in a hearing held on June 16th.  Here is the original news story at Bloomberg (you have to scroll down a little bit to get to it).

I wrote about my feelings on this Suncrest bankruptcy issue a while back on this blog, so I wont’ repeat everything here.  I’ll just say that I hope the development  finds a better owner that the previous one, because it has some good things going for it up there.  It’s a shame to see any community experience something like this, because you have lots of people who have made serious commitments by living there.  So I hope that the residents will feel as little a disturbance as possible, so Suncrest can get out of the news and go back to just being a sought after place to live in Draper. 

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Suncrest experiencing some growing pains*

The Suncrest development atop Traverse Ridge in Draper is experiencing some growing pains. Suncrest’s developer, Suncrest LLC, has failed to meet its loan obligations with Zion’s Bank, which may result in them having to abandon the development altogether. I don’t know if there has been any recent news announced, but as of today, I don’t think they’ve announced anything official.

This is all too unfortunate for the residents of Suncrest , a neighborhood that has the potential to become one of Draper’s best. If location were the only issue in moving to this mountaintop community, then more people might be living there today. Unfortunately, geo-technical issues still cause worry there, roads haven’t been built to the highest quality specifications, and now the development has hit this big financial speedbump.

I’m not at all saying that buyers should stay away from Suncrest. I should just point out that there are issues now that face lots of communities when they are growing like Suncrest. I hope and believe that they will be overcome, and that someone will take over who will have a better relationship with residents, making it a better place to live.

For most, the promise of a successful resolve of these issues and the undeniably beautiful surroundings at Suncrest will keep them in their mountaintop homes despite the uncertainty that surrounds them at the moment.

*My service doesn’t stop here! In addition to maintaining The Salt Lake City Utah Real Estate Blog, I also help people buy and sell homes in Utah. When you need help with either of these, contact me!

Tags: Suncrest,Draper Utah real estate,Draper Utah

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