And Moonlight Basin Ranch in Montana is battling rumors of bankruptcy. “Pronghorn Resort near Bend, Oregon has also laid-off people, closed its Bend sales office and reduced its winter operations. And that’s where you see people left with this glut of development.’” Because people who might have bought that stuff don’t qualify can’t get that lending so they can’t buy. “Gregory Kolb: ‘While there would have been demand two years ago, there isn’t any anymore. He says the second-home market was oversaturated and now those once numerous buyers have gone away.” Gregory Kolb is a resort development research analyst based in Colorado. Getting credit was easy and there was a huge rush in real estate investment. These resorts were begun in happier times: Well-off Baby Boomers were looking for vacation homes. “From Colorado to Oregon chalets stand empty, resort hotels are closing down and large developments are in jeopardy. And my boyfriend wouldn’t be buying here if I didn’t think it was a good place to buy.’” And my sister wouldn’t be buying here if I didn’t think it was a good place to buy. Otherwise my dear mom wouldn’t be buying here if I didn’t think it was a good place to buy. “Charlotte McGinness: ‘I’m committed to it. And many of those sales have been to McGinness’ own friends and family.” “Still, owners of this resort have 650 homes to sell. She’s eager to point out all the special features of this lake-side home she’s selling.”
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Charlotte McGinness is a Realtor for Zillah Lakes - a second-home development just east of Yakima, Washington. Resort club houses are ‘closing for the winter.’ And several developments are trying to fight off foreclosure. Vast tracks of land sit idle without buyers. But those destination resorts are suffering big time under the housing slump and credit crunch. “In the last several years high-end resort communities have sprung up across the West.