The Times' David Gonzalez has a feature piece out on the spread of vacant newly constructed homes, especially in Far Rockaway, but also spreading out to neighborhoods in the Bronx.
Since most of these homes were built or planned before the recent subprime/credit catastrophe, the market for them has dried up significantly. Many single family homeowners who decided to cash out in the past few years and leave the neighborhood opened the door to developers to tear down their houses and build (usually ugly) 2 and 3 family homes. If you'd like to see how a block can change, visit Davidson and Grand Avenues in Kingsbridge Heights.
Gonzalez also interviews a Bronx homeowner that was a victim of deed theft, a practice that is now illegal in New York State.
The Daily News also is running a story in the Money section on homeowners in Queens that have been scammed. It's a good read to get the feel for how people are lured into these traps.
Monday, September 24, 2007
Vacant New Homes Spreading Throughout City
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