A half-built condo development near Orlando, Florida.
Cheryl writes:
I live in Las Vegas, the poster child for the housing bubble, foreclosures, and failed projects. Last year when the economy took its downward plunge, I saw communities stop building as developers went bankrupt. My boyfriend's community is one in particular where one day they were laying foundation and putting up walls, and the next day the builders were gone, leaving a 60% completed community surrounded by ghosts of the houses that could have been.
Now for the good news - a year after building halted on this project, a new developer has purchased the unfinished structures and will be completing them and selling them for fractions of what they were selling a couple of years ago.
The same thing is happening with a luxury condo development on the TPC golf course, where a new contractor will be finally completing the project. To me, this is a small glimmer of light in a depressing housing market. It's encouraging to know that there are investors out there who think that the time is right to put money into finishing these projects and feel confident that there will be interested buyers.
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