Ponderosa Golf Course in Peachland

[yaktak]

Pretty clear, they need to sell living space to finance the golf course, not the other way around.

I have worked on two Golf course, subdivision projects. Both where successful projects, that where completed on time. And in both cases, the golf course was built to sell homes. Not the other way around. Capital was in place before the project started to complete the golf course. The last piece of property sold at both projects was the golf course. Then the developer moved on.

It is very difficult for realtor's to sell homes on a golf course, with no finished product of golf, or a reasonable time frame when the home purchaser, will be able to use that golf course.

[matai]

Today's Westside newspaper says on page 16 that Pinderonsa has run into "legal & financial problems, regulatory & multilevel". 4 occupancy permits have been given, but the remaining ones are on hold.

[WeatherWoman]

Why do you keep calling it pinderosa? Was there a name change?

[matai]

removed.

[Rjamer]

This post is taken from another forum by a poster :::::::::::::: I live directly above one of the Okanagan Valleys pride and joy complete with Greg Normans plastered all over the promo material.

18 holes designed by the Shark himself laid out over 400 acres of some of the most beautiful scenery/terrain the valley has to offer.. Of course these days golf courses of this scale are impossible without the accompanying “neighborhoods” and resort lifestyle built in. The plan calls for 2300 beautifully sculpted homes – in a town with a population of barely 5000. The ball started rolling here 5 years ago.

The golf course was supposed to be finished in 2012, then 2013 and now 2014. Phase 1 has been 67% sold out for 2 years. Developers were $1.5 million in arrears with contractors 2 years ago.. sales have plummeted – money has dried up and the next step is bankruptcy.

I went and toured a show home and viewed several under construction – laminate covering fiber board everywhere, cheap corners being cut on every material imaginable.

The developer is now headed for bankruptcy. I feel bad for the 4 new owners that purchased in 2011 and moved in this weekend.. they are surrounded by a dust bowl on land of broken dreams.

Needless to say, here in the Okanagan Realtors and Sales staff alike have really started to get desperate, they are not used to being bottom feeders in society and using Mastercards to make lease payments. Failed developments like Ponderosa Pines is just another kick in the face.

[yaktak]

I kind of figured this was the case last fall. Because I had talked with a couple heavy equipment contractors that were owed a lot of money. There has been no golf course construction going on for some time. I find it funny that an article in a local news paper referred to in an earlier post also stated that the golf course construction was continuing. Yet some one posted that they talked with a young man in a Ponderosa vehicle and he said all golf course construction had stopped. So why lie about it in the media. Just makes them look bad.

[dogspoiler]

I just went by The Ponderosa office in the Peachland Mall. It is closed and being renovated.

[Bsuds]

I just went by The Ponderosa office in the Peachland Mall. It is closed and being renovated.

Is it actually being renovated or just signs indicating that's why it's closed?

[jutt]

The developer screwed up, and is almost done. Barely hanging on by a thread. No can move in because their a bunch liens on the houses by contractors that have not been paid for years. This one is going to get nasty before the course could ever open.

[matai]

Anyone knows who paid for the underground infrastructire? Is it all paid for right now? If not, who will foot the bill if something goes wrong with the developer?

[dogspoiler]

I just went by The Ponderosa office in the Peachland Mall. It is closed and being renovated.

I went back to check, the sign says they have moved the office up to the showhome.

[dogspoiler]

Anyone knows who paid for the underground infrastructire? Is it all paid for right now? If not, who will foot the bill if something goes wrong with the developer?

It will likely play out the same way as a mining bankruptcy. The bankers do the banking, the investors do the investing, the promotors do the promoting, the miners dig the shaft and do the work..
When things go badly, the bankers,investors, and promoters grab everything they can and dissapear.
The miners get the shaft.

[matai]

From experience. When a mine goes vankrupt, the government is the one left with the bill...

[yaktak]

This is not a mine project. Its a development project, golf course and sub divisions. No real environmental hazards to clean up.
The town will be on the hook for nothing(so far the town has profited from this development,new intersection, and other DCC charges over the last 3-4 years). The people who will loose, will be the contractors who put the services in the ground and the companies who supplied the materials. And of course any money invested by tree group.
The town will just have an unsightly mess to look at for however long it takes to sort it all out. The only winner, will be the next company that decides to try and finish the project, when they buy it from the receiver or bank for pennies on the dollar. But don't hold your breath for that to happen anytime soon.

[darkaengel]

watching these developments fizzle out in peachland has been truly disappointing. i love peachland, grew up there, but when the time came to purchase a home, it was elsewhere.

"Can we flatten out a mountain and build a 5 star hotel?" you bet! *fizzle*

"Can we buy out the local golf and country club, close it, purchase 200 more acres and develop it into a super course?" You sure can! *FIZZLE*

"...but we also have to ruin pincushion trail, you know the one - it connects beach ave to the top of pincushion mountain" noooooo problem.

and still the zoning for new monaco gets passed and the project is in final reading (i believe). i'd like to think this project is somehow different but my faith is totally shot.

at this rate if greedy developers don't [get out] of Peachland, all that will be left is mountain top parking lots and ruined amenities.