Failed Luxury Developments – Giving Way to Cheap Housing
June 5th, 2009
This comes as a second life to these failed properties the world over as governments and private estate firms work together to make sense of all the wasted development funding. These housing projects used to be offered as prime real estate but hit hard bu the recession, they are offered again, this time as low cost housing for those who cannot afford to buy single unit or condo units. Along with housing loans from the government, they are fast selling to people in need of them or to those who have lost their homes due to foreclosure, not being ablt to make their monthly payments and eventually defaulting on past loans.