Aftermath of the recession
Curating site, Oobject.com, outlined a variety of ghost towns that have been left behind in the wake of the economic recession. These locations were built but never home to any residents but have left behind the equivalent of real estate gravestones of abandoned projects that have become ghost towns.
The speculation game has changed dramatically over the last several years, but the most critical part of development is keeping cash flow and not losing bank funding but when credit froze up and banks collapsed, real estate developers were among the first to get hit which is why we now have sad, dusty ghost towns behind which are more than just an eye sore, it is a mark of the times.
Below are five ghost towns the recession has created:
Lonely model homes in Rio Vista, California- never occupied in an entire subdivision where streets were laid and it looks like even utilities were cut, but has since been abandoned.
Tennessee is home to Laurel Cove, a golf course community abandoned as a result of bankruptcy, which is unfortunate- the club house looks quite beautiful!
Little Egg Harbor in New Jersey features completed homes that have never been occupied. Perhaps funding was pulled, perhaps there was an issue with government backing, but either way, the project is currently on hold, it is unclear if it has been abandoned.
Nevada has been one of the worst hit states during this recession, as evidenced by the vacant Fountainbleau Casino which declared bankruptcy in 2009 and was only half way completed.
Commercial real estate has taken a major hit as well, especially in California. Millions of square feet sit vacant in this Natoma, CA project for reasons unknown.
What now?
With millions of square feet sitting vacant and unfinished, when will reconstruction begin? Will the original developers pick up where they left off or will the bigger developers pick up land and half finished projects at fire sale prices? Will lending loosen up to the point that bulldozers can fire back up or are we in for more developments breaking ground then becoming ghost towns?
