A planned 40-unit development in Eugene called “The Crossings at Country Farm” is now back on the market at a severely slashed price.
A planned 40-unit development in Eugene called “The Crossings at Country Farm” is now back on the market at a severely slashed price.
The failed development shows how difficult Eugene’s residential real estate recovery has been.
The land was once the property of prolific Bend developer Mark Vukanovich, who gave it back to LibertyBank in 2009 when his cash ran out.
“Yeah, I took it in the shorts quite a bit,” Vukanovich said. “It’s been an interesting ride.”
The land was still in the LibertyBank’s portfolio a year later when the bank was declared insolvent. It has since has been lost in the pool of LibertyBank’s $13.7 million in defaulted properties.
Now Home Federal, which took over the failed bank, is a “motivated seller” trying hard to move the land — at a list price that’s $239,000 less than the $714,000 Vukanovich owed on the property.
Read more at The Register-Guard.
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