RECESSION WATCH: Upscale WV Real Estate Projects Bankrupt

(04/11/2009)

One more undeveloped upscale West Virginia housing project is going to the auction block. The long-planned Tuscan Ridge development near Canaan Valley will go to the highest bidder in front of the Tucker County courthouse on April 27. Melbourne Properties had proposed to build up to 200 houses on 500 acres near Davis. The developer defaulted on a bank loan. It's the third recent bankruptcy sale for upscale properties in West Virginia. Last fall a large development along the New River Gorge was put up for sale after the developers filed for bankruptcy. Several condos at Snowshoe Resort recently went for auction after the developer couldn't find buyers for the half-million dollar properties.

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