With Lots in Short Supply, Builders Revive Abandoned Projects
Developers and investors are starting to resurrect subdivisions that were left half-finished after the housing collapse
When real-estate fund manager Drapac Capital Partners visited the Cameron Springs subdivision in Cobb County, Ga., in 2012, the landscaping was dead and weeds had sprouted through the cracked tennis courts. Discarded tools littered empty lots where construction workers had walked off the job in the late 2000s with only a fraction of the homes completed.
Drapac saw value in those abandoned lots. It bought the 101 remaining lots in the neighborhood for a total of $375,000 and spent about $550,000 finishing half-built lots...