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Large foreclosures set for today postponed

By   /  December 29, 2009  /  No Comments

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Today was scheduled to be a busy day for auctions of Teton County foreclosed properties, with five properties worth more than $14 million on the block, but none of them made it to the steps of the courthouse.

A few days before Christmas the Davies-Reid building on the Town Square had its auction rescheduled for Jan. 19, 2010. Opening bid is $2,763,715.67. It was announced yesterday the other four properties, all with the same owner, scheduled for auction today were cancelled due to a bankruptcy filing.

These four properties included:

• A Four Seasons unit with an opening bid of $1,792,771.
• A second Four Seasons unit with an opening bid of $1,457,115.
• A Granite Ridge (Teton Village) building site with an opening bid of $2,279,297.
• A Teton Village home with an opening bid of $5,613,885.

Jackson Hole Title and Escrow has been great about keeping Teton County Realtors informed about the latest foreclosure news via regular e-mail updates. Yesterday they provided a list of all announced foreclosures in 2009 and their current status. Contact me to have the entire document, and additional resources concerning short sales and foreclosures, forwarded to your e-mail.

Some highlights of JHTE’s roundup include:

• There were 30 completed auctions in 2009, with all properties reverting to lender at the conclusion of the redemption period, or still awaiting the expiration of the redemption period.
• The most expensive foreclosure was for four parcels of land south of Jackson with an opening bid of $22,743,564.
• The least expensive foreclosure was for a Teton Club fractional unit with an opening bid of $29,167.39.
• Seven new auctions including two Love Ridge condos and two more Racquet Club condos.
• The next scheduled auction is Jan. 5, 2010, for a Love Ridge condo with an opening bid of $813,015.43.

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