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Teton County development plagued by credit crunch

04:07 PM MDT on Saturday, July 19, 2008

Associated Press

DRIGGS -- Fast-growing Teton County in eastern Idaho isn't immune to the housing crisis, illustrated by the closure of the sales office at an upscale development with hopes of adding more than 600 homes, stores and a golf course to the region's ever-more-suburban landscape.

Developer Bill Reid said a nationwide credit crunch prevented him from winning more financing for the 1,350-acre Huntsman Springs project.

Instead, crews will concentrate on finishing the first 24 homes, due to be on the market next spring.

Otherwise, it could be forced to discount prices now estimated at $1 million to $2 million, Reid said.

In their bid to win approval, developers donated 30 acres and some $2 million to Teton County to build a new courthouse.