Recession leaves behind ghost towns, what now? [PHOTOS]
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.
![ghost town 1 Recession leaves behind ghost towns, what now? [PHOTOS]](http://agbeat.wpengine.netdna-cdn.com/wp-content/uploads/2010/05/ghost-town-1.png "ghost town 1")
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!
![ghost town 2 Recession leaves behind ghost towns, what now? [PHOTOS]](http://agbeat.wpengine.netdna-cdn.com/wp-content/uploads/2010/05/ghost-town-2.png "ghost town 2")
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.
![ghost town 3 Recession leaves behind ghost towns, what now? [PHOTOS]](http://agbeat.wpengine.netdna-cdn.com/wp-content/uploads/2010/05/ghost-town-3.png "ghost town 3")
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.
![ghost town 4 Recession leaves behind ghost towns, what now? [PHOTOS]](http://agbeat.wpengine.netdna-cdn.com/wp-content/uploads/2010/05/ghost-town-4.png "ghost town 4")
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.
![ghost town 5 Recession leaves behind ghost towns, what now? [PHOTOS]](http://agbeat.wpengine.netdna-cdn.com/wp-content/uploads/2010/05/ghost-town-5.png "ghost town 5")
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?
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This article published on Monday, May 24th, 2010 at 11:45 am | Contact the editor
Topics: Green
About this Columnist (Full Profile)
AGBeat Editor-in-Chief: Lani, named one of Real Estate’s 100 Most Influential, as well as 12 Most Influential Women in Real Estate, is a business writer hailing from the great state of Texas in the city of Austin. As a digital native, Lani is immersed not only in advanced technologies and new media, but is also a stats nerd often burried in piles of reports. Lani is a proven leader, thoughtful speaker, and vested partner at AGBeat.
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- Real Estate Feeds:
Recession leaves behind ghost towns, what now? [PHOTOS]: Aftermath of the recession
Curating site, Oobject.com, ou… http://bit.ly/aHXX9J - *Jeannie Hizon-Myron:
RT @AccessClosing: Haunting photos of failed housing developments – http://bit.ly/bDzDgq
- AgentGenius:
#agnow Oh, so THIS is what over-leveraged looks like. http://bit.ly/dCKxWC
- From boom time to ghost towns | New York Blogs:
[...] While plenty of developers were ready to build the American Dream during the boom years of the housing market, a recessionary crumble left so-called “ghost towns” across the country, according to curatorial website Oobject.com, with a handful of partially-finished, vacant homes and little else. Large-scale high rises, high-end housing complexes and a collection of New Jersey townhouses are among the reminders of a market bubble gone bad in a collection of photos of abandoned real estate projects. The list also includes international listings, in Ireland, China, Spain and beyond. [Oobject via Agent Genius] [...]
- AgentGenius:
#agnow [...] While plenty of developers were ready to build the American Dream during the boom years of the housing… http://bit.ly/dCKxWC
- Donna Brown:
RT @AgentGenius While plenty of developers were ready to build the American Dream during the boom years of the housing. http://bit.ly/dCKxWC
- Alex Allison:
RT @dotloop: Behold the ghosts of over-leverage: http://agentgenius.com/style-and-living/recession-leaves-behind-ghost-towns-what-now-ph …
- AgentGenius:
#agnow I do not believe the economy will return strong any time soon. Our economy is too tied into the global econ… http://bit.ly/dCKxWC
- Mr Branson:
#Recessionary ghost towns created http://tiny.cc/abq4o
- Bradley Chais:
@agentgenius Recession leaves behind ghost towns, what now? http://bit.ly/cVaiVb
- AgentGenius:
#agnow Add to those pictures the many high-end "broken" condo and condo-conversion developments now standing vacant… http://bit.ly/dCKxWC
Benn Rosales
Conal Campbell
Elijah May
Lani Rosales
Tara Steele
Marti Trewe
Charlene Jimenez
Wild. Great photos — I’m sure there’s millions more out there, too.
As for solutions, there’s a very interesting outfit from the UK called Spacemakers who co-ordinate with the landlords to create super-cheap studio space with an eye towards incubating new businesses: spacemakers.ning.com/
The solutions will have to be low-cost, high-comprimise, and involve the whole community acting as a community instead of trying to re-coup on a business transaction.
Add to those pictures the many high-end “broken” condo and condo-conversion developments now standing vacant in the Phoenix area, plus the devastated “ghost neighborhoods” (both residential and commercial) that Hispanic families have fled from in Arizona. This is the 2nd wave exodus, the first being the passage of a referendum called Proposition 200 a couple of years ago. Also note similar legislation earlier in Prince Edward County, Virginia. A great film documenting the unintended economically devastating consequences, plus a significant property tax increase, on the entire county, is “9500 Liberty” — trailer available at 9500liberty.com.
Be careful what you demand of your government — you might just get what you don’t want instead. Be careful of outside “experts” selling snake oil political “solutions”. Beware of community agitators who talk about “the people of this community” as if a significant portion of tax-paying community members no longer count.
There are sad scenes, dashed dreams and bitter tears sprawling across the planet. Lessons learned the hardway. Like mom said, no such thing as fair.
Oh, so THIS is what over-leveraged looks like.
I do not believe the economy will return strong any time soon. Our economy is too tied into the global economy to recover quickly. With that said, our housing market will too recover slowly. These ghosts towns are here to stay for some time, unfortunately.
that one huge ass development in rio vista is something id rather not look at. am i the only one that hates huge developments and compact neighborhoods? dont get me wrong, people need to live somewhere, but seriously, im sick and tired of seeing massive amounts of suburbs and townhouses pop up all around me. the land was so beautiful and the area was so nice and peaceful. there was no traffic or strict rules, and these people that think they own the place move in and start forcing the townships to do what they want. now i cant hunt anymore like i used to and have to drive an hour and half north just to get to a shooting range that doesnt suck. now the trails and woods i once ran through are just big imposing houses full of ungrateful yuppies and their even more ungrateful children. to be honest, i was hoping that the recession would make people go back to where they came from which is mostly new jersey or the city, but more realistically i was hoping it would teach people that they dont need huge houses to live happily. i was hoping it would show them that they cant always get what they want and that they need to fend for themselves. well i guess i was wrong, its done nothing. the same folks are buying stuff uncontrollably still, they are actually going on government welfare and foodstamps to keep said lifestyle moving. the only thing this has done is freezed development in its tracks, but now china’s gonna beat us in the global market so that isnt good either.