Wednesday, March 24, 2010

Developers try to revive Carey project

Waterford Park stalled during real estate crash


By TONY EVANS
Express Staff Writer

A group of developers is making efforts to revive a high-profile housing development in Carey that stalled after the nationwide crash in the real estate market.

Seattle developer Rick Ryerson is teaming up with local developers Charlie Holt and John Scherer to revive sales of the 66-lot Waterford Park subdivision in a plan they are calling "enterprise philanthropy."

Ryerson said the plan is to use investor capital to provide homebuyers with down-payment assistance in exchange for a share of profits when the home sells or is refinanced. Ryerson, who lives in Ketchum, said in the current real estate market a three-bedroom home with a garage can be built in Carey for $190,000.

"That would have gone for $239,000 when the market was good," he said.

Waterford Park was developed out of agricultural land adjacent to the Carey School in 2007 when the housing boom was nearing its peak. Though streets and a playground were built, the development has only four completed homes.

Ryerson joined Holt and Scherer to turn things around after hearing that Scherer's family had provided a similar "patron program" of down-payment assistance to workers on their ranch in California.

Ryerson said he is working with two private investment funds, as well as a bank, to make the plan work. He said homebuyers and investors would share title under a tenancy in common until a home sells or is refinanced.

"This is a form of affordable housing, but without deed restrictions," Ryerson said.

Before the plan can move forward, the developers will have to complete improvements to the city's water system, fulfilling their obligation to the city. Mayor Randy Patterson said those could be completed by next summer.

"I like what they've done with that development, but the timing was a little rough with the economy," Patterson said. "I'm all for creative ideas."

Tony Evans: tevans@mtexpress.com




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