I know of a developer in Boynton Beach (Palm Beach County) that bought an 8.4 acre parcel of land, immediately adjacent to the Florida East Coast Railway mainline tracks in late 2005. They borrowed $12.4 million for the land and received permission to build 81 housing units (basically row-house condo units). The streets were laid out, underground utilities laid in, and what would have been the community center/pool house building was partially constructed. Then the plug was pulled, sometime in 2007. For 4 years there was a "Coming Soon, Spring 2008!" billboard hawking the property, along with weeds shooting up next to the PVC pipes jutting up from the sand where houses were supposed to be built. The bank foreclosed and after taking it into REO inventory - just recorded a sale of the property for $1.9M. So the bank ate $10.3M. Repeat this story ad nauseum
across Florida, Arizona and Nevada, and know that, in the end, you are paying for it.
To: Wally_Kalbacken; MinorityRepublican; All
I used to go to visit family in Miami in the 1990s and early 2000s. Every time I was amazed to see another bunch of Nice big houses being built. I kept thinking, where are they going to find the people to fill all these houses. Sadly that was a good question. Farmland is good, and we can export food and lower our balance of payments.
posted on 11/13/2011 10:26:33 PM PST
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