Photo of the Day: Resort Ruins

I visited Midway, Utah this weekend on an errand. While cruising around here last fall, I found a subdivision that looked like it had been abandoned by the developer. Curious about this place, I cruised by today and found that the abandoned homes are still there. Here is a photo.

In new construction, you have about six months to "dry-in" the home before you have to throw the framing away and start over. These homes have been sitting in the weather without roofs for almost 18 months. Take a look at the stack of sheetrock on the curb.

Judging from the footprint of the home and the location, on the golf course next to the Homestead, this home was probably a $800K-$1.2M project.

Now the framing needs to be demolished and whoever purchases the lot and foundation will need to start over again. Due to the demolition expense, the existing framing now has a negative value. The lot would be worth more without it.

It will be interesting to see how the resort markets correct now that demand for secondary housing is now significantly less.