New Times Demand New Ideas
Most of us can fondly remember the housing bubble of the first decade. It seems that all you had to do was “build it and they would come.” Billions were invested in well thought out and not so well thought out housing developments, sub-divisions, and second home resort complexes. Each one seemed to build upon the success of the other. Of course, all that came to a terrifying close in 2008, and today the landscape is littered with evidence of the failure of over-development. People were millionaires one day and bankrupt the next. Individuals were secure in an ARM one day and facing foreclosure the next. Good jobs were lost and economics were drastically turned upside down across our land.
Today, many well-conceived housing developments of a few years ago lay dormant on the landscapes of lakes, rivers, mountain areas, and beaches. Lots cannot sell and developers are hanging on waiting for better times to return. However, economic indicators give little hope for that to happen within the staying power of many. But there is good news. It requires a change of vision, but there are opportunities to convert the investment in planning, roads, and infrastructure into a meaningful and profitable cash flow. It is time developers who are in the position of “hanging on” to re-think their investments and look to converting their developments into RV and Resort properties.