Bank selling 60-acre subdivison after development halts

Bank selling 60-acre subdivison after development halts

EUGENE, Ore. - If you're in the market for a subdivision, you're in luck: Umpqua Bank says this 60 acre lot could be yours for the reduced price of $3 million dollars.

The bank said the developer took out a loan with them for almost $8 million about 7 years ago.

Since then, the developers put in some some streets and utilities but only sold 6 lots.

KVAL News tried to contact the developer for comment.

A broker with Windermere Real Estate told KVAL News that when the housing bubble burst, development stopped.

"I think a lot of people in real estate thought the down turn was going to be 2-3 years, which is normal," said John Hoops. "This was more like 5 to 6. This was a big one."

Hoops said he is optimistic that the economy is making a turn for the better.

"I think there's going to be a demand coming in the future for lots," he said. "Hopefully an investor will see that, get in, finish the development, get the lots ready for market so builders can get lots ready for new homes."

If you want to buy a single lot in the development, Umpqua Bank said you may be disappointed: the 60-acre subdivision is only being sold as a whole.