More On Abandoned Unfinished Residential Developments

The problem of abandoned residential developments languishing in an unfinished (and unwanted) state is described in these two Florida media reports:

• Central Florida: Some New FL Subdvisions are Awful Lonely (A couple hundred unfinished housing developments pockmark the region with empty lots and paved roads leading to nowhere. The construction crews and their trucks are gone. The collapsed housing and credit markets have left few new-home buyers. County property appraisers in Seminole, Orange, Osceola, Volusia and Lake reported 155,835 vacant residential lots this year. Most are lots in new subdivisions approved during the peak of the housing boom in late 2005 and early 2006.),

• Palm Beach County, FL: Even luxury real estate projects falling into foreclosure (Receivers are becoming an increasing presence in Palm Beach County housing communities. Appointed by a judge, they help keep developments functioning while lenders and developers duke out their legal battles in court.).