Zombie Neighborhoods! Austin Developers Abandon Projects

Austin Developers giving up on projects around the Austin area? This video shows a neighborhood that a developers has "temporarily" left behind. What is happening in Austin?
#realestate #development #abandoned
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[@KristinaSmallhorn]

This is what happens when you bite off more than you can chew with a developer. Greed is evil.

[@JeremyAKnight]

Fact check. True.

[@19rstyle]

I worked for the roofing contractor that installed what you see on this video. I questioned this builder right after the first home was completed. I know for a fact the majority of the contractors haven't received payment for what was completed.

[@JeremyAKnight]

Wow! That isn’t surprising!

[@dreed7312]

It probably started with too much financing because the developer didn't have enough money. Then they used down-payment to help finance construction. Then everyone from tile installers to landscapers raised their rates because demand exceeded supply. Then they lost their credit terms with material suppliers plus those prices went up too. Then they missed payments and word got around. Couple this with buying new luxury cars and Colorado ski house or beachfront property. Suddenly the guy who drives a Mercedes (or worse) can't pay on Friday. He loses people. All the while the market is changing and not in his favor. These developments litter the world. There are entire cities in Spain and China that will never have residents. UAE also. Golf courses, hotels, malls, apartment buildings, and the list goes on. Scammer? Maybe just poor decision making, bad management, plus letting initial success go to their heads. Instead of driving a bare bones fleet model f150 with vinyl bench seat, he went all out at the dealership and didn't stop there until it was too late. Now he can't possibly fulfill his obligations and this will end badly for everyone who didn't pay a good lawyer.

[@alejandracmaldonado]

Love these documentary-style/vlog videos! interesting!

[@JeremyAKnight]

Me too!

[@tyswintonaustinrealtor597]

Great video. Thank you for the info.

[@JeremyAKnight]

Thanks!!!

[@TomCrockett-bl1gp]

Contractors need to get a lawyer and come up with a quick deed sale to satisfy the liens on these homes. Opportunity knocks.

[@WestCoasHaze]

Love it! I've been watching you longer than RealEstateMindset, but you both have quality content. Jeremy didn't first!

[@JeremyAKnight]

I just didn’t like how misleading his video was. No research, no context, no real information. If he wanted to talk to anyone about what’s happening. He should’ve reached out.

[@tighttdasbino2928]

I pass by those houses almost every day. Wow, I didn't know that the property went so far back. And no, I will keep just passing by and not stopping. I figured them to be hobo homes.

[@JeremyAKnight]

Crazy! Right!

[@MrLegobro]

Good place to ride your bike. I have been riding through here for the last couple of years.

[@JeremyAKnight]

There is that!

[@roo9685]

It is so sad to see those homes like that.

[@JeremyAKnight]

It is for sure.

[@ATXHotSauce]

great video

[@JeremyAKnight]

Thank you’

[@danielbishop4862]

Good video, I've driven by that area. From the other side of the fence I always thought, man that's going to be a great neighborhood... too bad I can't afford it :). Sad to see it though.

[@JeremyAKnight]

Y is may be able to afford it soon!

[@danielbishop4862]

@@JeremyAKnight fingers crossed! 🤞

[@tyerrascott6596]

I mean... it is a problem. This is one of two that I know of. I live near another one. The fact they keep pushing it off is very concerning. I feel bad for the people who were hopeful to get into one of these homes.

[@JeremyAKnight]

What’s interesting as the amount of developers that have reached out to me from just a couple short videos wanting to buy these properties.

[@tyerrascott6596]

@@JeremyAKnight I hope they do! And actually complete it. I'm an Austinite and this is a sad look. We have to do better

[@JeremyAKnight]

Yeah we do. I don’t create these video with the intent to talk bad about Austin. I do it because I want what’s best for Austin. I don’t think those at the top of our city can say the same.

[@johnsmanson1821]

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[@stefanforest7582]

Kind of interesting, but not unexpected. As you mentioned, all is about making profit and if it is known that such an area is a ghost town, the value goes even down much more. Redeveloping is not easy because I do not want to buy such a home that sits wet for such a long time. Mold.... is expected. Selling these homes may work with a huge discount or the buyer does not know about the history.

[@JeremyAKnight]

Yup. Going to be rough.

[@nesq4104]

No soace between homes. Bivgest issue between peace in neighborhood is soacing of houses

[@michaelvo966]

ABANDON NEW HOME ... BUILDERS just drop, No-reason to builds and there are NOT buyers out there to buy. Austin market ws HOT back in 2021/2022.. Houses was overprices.. from 400K. up to 700/800K. that almost 100% increase. Just wait for the next 6 more months, it will back down to where it was before...

[@muhdabdullah1]

There is a community in RR that had to host some condos. Some some condos are built and others are just lots.

[@JeremyAKnight]

There are s few!

[@nesq4104]

Same in parts of Pennsylvania unfortunately someone I know got stuck buying into an unfinished expensive development

[@rockingredpoppy9119]

But but but.....Mass layoffs do affect the local real estate market, that's not a question, that's a fact, and it's happening. Unless these laid off employees, owning homes, find new employment asap, foreclosures will follow. Foreclosures affect the real estate market. In an area where's there's a glut of new construction, add massive layoffs, that's a recipe for disaster in my opinion. It usually means, not rising home prices, but discounted prices. It will be interesting to see what happens in 3 to 6 months.

[@JeremyAKnight]

They do. There’s also an article showing that there are companies trying to hire and need the work force of those laid off.

[@JeremyAKnight]

@@Soozalou397I’m helping a lot of people buy homes that are not CEO’s. Austin is turning into a manufacturing city and the areas outside of Austin has prices that fit them.

[@justink8679]

What is the name of the developer, this is criminal. Stop these before it turns in NY. Where the demands will get the project finish but the shady practices make the homes horrible

[@JeremyAKnight]

Hmm

[@AgentContentCreators]

Wild

[@JeremyAKnight]

✅

[@mariusbuciuman307]

Once vandalized a builder will never return. Collect insurance and move on. Let’s be realistic

[@JeremyAKnight]

Who knows. You could be right.

[@jhnsb]

Happy to see it! that’s what they get for putting houses 2 centimeters away from each other 😂 I guess you could say these developers are “mid” 👀😉😉

[@JeremyAKnight]

🥸

[@gixxer750r3]

I am confused. Earlier in the video you said the developer paid $400,000 for lots and later you said the homes were supposed to sell for $450,000. That math doesn’t work unless you know how to build, finance, market and provide overhead and profit for $50,000 on those houses. Maybe a clarification?

[@JeremyAKnight]

I’m talking about 2 separate things.

[@JeremyAKnight]

@@Seriously140 this lots have been subdivided down from lots that were $450k+ an acre. A builder buyers that lot then builds a home on it. If they estimate a home will cost $450k to build with lot price. And the home is worth less or the same price. Then it doesn’t make sense to build. They have to make profit.

[@JeremyAKnight]

@@Seriously140 bless your heart. I’m typing and walking. I’m not on a keyboard being a warrior like you.

[@JeremyAKnight]

@@Seriously140 👍 you’re welcome.

[@user-tb4hr2ry3u]

What part of Austin is this neighborhood

[@JeremyAKnight]

I am not disclosing as I don’t want people to enter the community.

[@RK-hv2dh]

7874x

[@Phoenix-uz5us]

near bluebonnet medical rehabilitation hospital

[@JM-kv2kn]

@@JeremyAKnight lmao

[@chrism9017]

@@JeremyAKnight That reason makes no sense. Trust me, squatters already know about it. Even I could find it and I live in Florida. Now if you said "I am not disclosing it so I don't get sued for everything I've got"... that I can respect.

[@kitbiggz6135]

Is this actually in Austin or one of the suburbs?

[@JeremyAKnight]

Austin.

[@aaronflores1106]

I sure hope you were conceal carrying walking around like that.

[@JeremyAKnight]

This is Texas 🤓

[@verderriscursey]

What's wrong, they over paid for it? Typical ATX

[@JeremyAKnight]

True

[@verderriscursey]

@@JeremyAKnight u got a whale moving your way. You should link up with him. Brian Turner, long time host of bigger pockets. I'm sure he is gonna do some investing.

[@coryknight7669]

but DECEMBER 6th 2024 has not came yet is this video from the future

[@JeremyAKnight]

Haha. Her review was from the future.

[@DH-ll5mx]

Great message overall, but stop repeating yourself over and over to make the video longer. You stated a short board with some nails protruding was a “death trap.” Stop exaggerating. The general message of your video is great, but for the reasons I have given, I bailed out half way through.

[@JeremyAKnight]

Thanks

[@Jellybean0009]

It doesn’t matter whether it is a red or blue state. It is the corporations aka oligarchs vs working class.

[@BigRodd91]

No, it's Communism vs Capitalism!

[@GoBrand0n]

The Democrat Voters Are To Blame!

[@JeremyAKnight]

Interesting 🤔

[@myohmy0]

Nah...it's always the MAGAts and republikkans doing their dirty deeds in the name of God.

[@jabreck1934]

Texas developers destroying productive farmland the fastest in the country is because of Abbot. Wake up!!

[@rknow78229]

Another ignorant Republican comment as usual...😐 Please educate yourself starting with Microeconomics and then Macroeconomics. 🤦🏾‍♂️

[@user-gq7vj1gc5f]

Lol...is this SF? oh wait this is a red state. I live in a blue state and blue city and we look nothing like that. red states always struggle with income 😂

[@JeremyAKnight]

Blue city.

[@user-gq7vj1gc5f]

@@JeremyAKnight blue city in a red state ?

[@JeremyAKnight]

@@user-gq7vj1gc5f do you live in Austin? The red state doesn’t matter. The red state is the only thing keeping it from going completely crazy.

[@user-gq7vj1gc5f]

@@JeremyAKnight I live in a blue state and blue city and don't have that problem

[@JM-kv2kn]

Then why are y’all the only ones bitching about inflation and student loans

[@phammond8155]

This should be a 5 minute video, tops . . . .blah blah blah.

[@JeremyAKnight]

Sorry you don’t like information.

[@JeremyAKnight]

Actually. I lied. I’m not sorry.