Far Too Many Half Completed Real Estate Development Projects Still – Heavy Financial Hit Indeed

Will the real estate industry ever fully recover? We all know things are pretty bad in many states in the residential market, places like Phoenix, Las Vegas, Southern CA, Florida, etc. – but the commercial real estate isn’t exactly breaking any speed records either. Meanwhile there are both residential and commercial properties out there barely started, half built, or never to be finished it would seem.The real estate in Florida has seen better days, that’s for sure and those poor folks in the hospitality industry I don’t know how they are dealing with it all, it was a tremendous negative hit to their economy. Not long ago, I was discussing all this with an acquaintance, and he said; “Heck, how about Atlanta?”Well, I am quite certain Tramwell Crow will come out of this in one piece, and ahead of the game, it’s the less savvy I worry about, and all those folks in the Atlanta suburbs living high-on-the-hog and on borrowed time who are history, and it’s the banks in GA I worry most about. Of course, Albany, Savannah, Columbus, Macon, Statesboro, Valdosta, and New Brunswick – ah heck the whole state of Georgia is screwed now.My acquaintance noted; “It’s like a grave-yard of commercial projects that never went past grading work… it’s something to drive by one monstrous lot after another that looks like they just got started, yet ‘just got started’ was a year or two past.” Yes, I was having that same conversation just yesterday in fact, in some of the areas near here. Kind of reminds me of Cape Coral, FL in the 90s.And I can tell you out here in CA, we have many such properties like that, it’s like everything was going great guns, and then just stopped all of a sudden. That’s what happens when bubbles burst. I also lamented that I’ve seen this all over in places like North Las Vegas, Buckeye AZ, Casa Grande AZ, Apache Junction AZ – I could go on and on.There are places like that all over America, builders got caught at the fuzzy edge of the bubble in full swing. But I have to think those developers realized the risks, it’s not like all this didn’t happen before – S and L crisis, Silicon Valley bubble burst. I mean every decade or so, we get a somewhat hardcore sector rotation in the real estate markets right?Indeed, I wonder how many bubble-to-burst decades do people have to live through until they get it? It’s as if people forget, so they swarmed like a mob, creating the very thing they fear most. Ah heck, you know let’s just use Tulips much more progressive? Paper and electronic money is so yesterday?And let’s not forget China is another case in point look, at their issues and runaway real estate challenges, what about Dubai? What like “everything is going to go up forever” imagine an Islamic nation which forbids debt, usury, or paying interest to get that deep in their own hypocrisy? Just call it something else and no one will be the wiser? Yah right – bet the UAE is would like to redo that decade of insanity in Dubai?Question is did humans learn their lessons yet? Or will they just have it happen all over again in the next decade? Please consider all this, and think on it, best of all study this, because soon it will all be history, and if you don’t you are doomed to repeat.