Monday, May 11, 2009

Abandoned Projects Everywhere

Calculated Risk has a post featuring a video of an abandoned condo project in Irvine, CA:

Yesterday, the Wall Street Journal had a story on abandoned construction projects. An excerpt:

No one tracks precisely how many construction projects nationally have been stopped by developers midstream. But an indication of the scale comes from New York-based Real Capital Analytics Inc., which estimates that there were 3,929 distressed commercial properties across the U.S. as of March 31 -- a 55% jump since Dec. 31, 2008. Roughly a quarter of the properties involve developments, unfinished, Real Capital said.

The story mentions a website,, which specializes in liquidating such sites. Here are some photos of featured properties:

The site also features an alligator farm for sale:

That seems entirely appropriate given the difficulties of jump starting a project which has been shut down.

Related Posts: Roads Before Roofs, Roofs Before Retail, When Real Estate is a Liability: The Movie, and Workouts 101: Complete the Project!