I took yesterday's photo from this spot. The condo buildings I showed yesterday had been completed and occupied. Further up the hill, however, were these condo buildings. They are empty shells, with sidewalks built, but the driveways were not paved. There was no sign of work being done on these buildings recently. It looked like the developer ran out of money, and it will take a real change in the market for someone to come in a finish the project.
During the boom years for Costa Rican vacation properties before the U.S. recession, it was common for developers to sell many of their units pre-construction, with one-third down, one-third when the roof was built, and one-third at closing. I do not know if and what the terms were for these condos, but I fear that there are purchasers who have their money tied up in a project that will not be finished anytime soon. Developers are not the only ones hurt.
Today is Sunday, so we have new photos posted on our Viva la Voyage travel photo site. This week we are showing one of our favorite places -- the town of Bellagio on the shores of Lake Como, Italy. It is much more beautiful than the Las Vegas casino that it inspired.
How long will a half-completed project stand up in that climate?
ReplyDeleteThere are quite a few scens like this in the Phoenix area but I suppose the finances here are a little different. Regardless, the partly finished buildings are sitting around empty.
ReplyDeleteHopefully the economy will come back sooner rather than later.
ReplyDeleteSo sad. I'm in process of reading a new book by Matt Taibbi, "Griftopia," which details the financial and housing debacle of the past few years - it was all one big scam ... fraud run rampant ... and the "common" folks got the shaft. Re the housing market, everyone was in on the grift...fraud at every level...an incredible story. Which ain't over yet, from what I understand.
ReplyDeleteReminds me of the greek way of building houses, little by little. You had something evry now and then, and, with some luck, it will only take 20 or so years to finish your house.
ReplyDelete