California housing developments at a standstill
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Those stalled housing developments L.A. Land readers have been asking about are the subject of a story now on latimes.com: As projects grind to a halt, home sites turn to wasteland.
The Times’ Roger Vincent reports:
Nearly 250 residential developments with a combined total of 9,389 houses and condominiums have been halted in California, according to research firm Hanley Wood Market Intelligence. The units, worth close to $3.5 billion, were in various stages of development. Now, many are in bankruptcy or have been foreclosed by lenders. Developers have halted sales on an additional 370 new-home developments -- about 30,000 units worth $11.9 billion.’It’s a sad state of affairs,’ said Greg Doyle, regional director of Hanley Wood. LandSource Communities Development, the parent company of the developer building the 21,000-home Newhall Ranch community near Santa Clarita, filed for Chapter 11 in June.In Hollywood, a chain secures a seven-story building still sheathed in yellow insulation panels and surrounded by steel scaffolding.The Madrone condominium and retail complex at Hollywood Boulevard and La Brea Avenue had been scheduled for completion this spring.But the developer, John Laing Homes, stopped answering its phones weeks ago and on Feb. 19 filed for Chapter 11 bankruptcy protection.
Obviously, we have lots of previously owned homes available from which to pick. But the lost jobs in the construction industry -- those were the livelihoods of Californians. Not to mention the blight on the surrounding neighborhoods.
--Lauren Beale
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