[kingcobra]

http://www.cbc.ca/canada/newfoundlan...sort-sale.html

Humber Valley chalets hit the market
Last Updated: Monday, October 20, 2008 | 1:12 PM NT Comments8Recommend49
CBC News

"For Sale" signs have been posted on almost a dozen chalets at a troubled high-end golf resort on Newfoundland's west coast, one month after the company that built the site was granted protection from creditors.

Humber Valley Resort Corp., owned by Newfound NV, announced in August it had been losing money for several years and would no longer run a hotel and tourism operation at the site, which also has separate properties bought up by individuals.

The company said it would also end the practice of helping those individual owners rent out their properties, instead leaving them responsible for their luxury chalets .

Now the chalet owners are trying to sell their properties for hundreds of thousands less than they paid.

Realtor Gary Bishop told CBC News that there are chalets on the market now for $390,000 and up that were selling for at least $750,000 in 2007.

"The big concern of course is who is going to provide the services such as the snow clearing, the water and so on," Bishop said. "I guess the owners that have come forward and listed with local real estate have tried the resort and I guess are dissatisfied with that service. And they have some reservations of their performance to date, so they're trying other avenues to try and sell their property."

Humber Valley Resort sought protection in the Supreme Court of Newfoundland and Labrador in September after a review of its finances and contractual commitments.

Newfound NV had offered chartered flights from Britain to nearby Deer Lake airport, giving European tourists easy access to the luxury resort, but the company announced those flights would also be affected by cutbacks.