Portland developer Joe Weston and Netherlands-headquartered Velocity Capital BV have broken ground for a two-building, 41,000 square foot, 50 room lodging complex at the Tetherow golf resort and residential community on Bend’s southwest boundary.
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| Tetherow Lodges illustration |
The long-delayed lodge construction comes after Tetherow’s initial developers ran headlong into the real estate recession wall, triggering a number of loan defaults and ownership changes. Weston remained with the project and then teamed with Velocity.
Located within Deschutes county adjacent to Bend, developers were able to complete a 18-hole links style golf course and clubhouse as lot sales sagged closing years of the past decade.
County officials agreed three times to extend deadlines for construction of overnight lodging and some infrastructure as required in the project’s original master plan. A new plan requires lodging to be completed by 2017.
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| The great room of Tetherow clubhouse |
84 lot sales-$775,000 high 2008 to $125,200 at bottom
Statistics from the Multiple Listing Service of Central Oregon show there have been 84 total lot sales at Tetherow, out of approximately 370 lots in the 700-acre project master plan, with 49 sales in 2007 and 2008. The top priced sale in that period was a 0.610 acre lot at $775,000 in April of 2008.
There were only two sales in 2009, at $225,000 and $474,000, and none in 2010 during a period of shifting ownership. In 2011 there were seven sales in a range of $131,000 to $300,000. Since January of 2012 through mid April 2013 there have been 25 sales from $125,200 to $400,000.
Altogether there have been 10 sales of custom homes and townhomes, the first in July of 2010 at $845,000. The remaining nine were all in 2012, ranging from $565,000 to a high of $1,100,000 in October of 2012.
(An earlier post with a chart of resort land sales)
