In today’s installment of Yes There Is Too a Bay Area Bubble 4.0, we present a few signs what it looks like when a region is not in a real estate bubble. Notice that there is nothing like this in the Real Bay Area. When we have a recession here, homeowners simply don’t list their properties at a loss from typical RBA overbidding.
Not so in the “Gateway to the Delta.” Remember, you can’t spell Solano County without S-O-L. Thanks very much to Burbed reader Tom Paine for shooting us this article.
The Fiscal Times (Slideshow)
Rio Vista, CA
Once envisioned as an 855-home suburb with families populating the grid of freshly paved streets and sidewalks, now the only life you’ll see in this desert development are cows and eucalyptus shrubs. Thirteen abandoned model homes lie clustered in the center of the development, and streets like “Serenity Drive” stretch on past empty dirt lots into the barren distance. Construction was halted in November 2008 when developer Shea Homes abandoned the project.
Be sure to check out this older story from the Chronicle on this unsuccessful development.
There’s more of the death of this development’s boosterism on the Rio Vista Wikipedia page. The Census data for 2007 predicted the city’s population of 7,800 would swell to 20,000 by the year 2020. The 2010 Census update mentions no such expected population surge. Meanwhile, population dropped to 7,300.
This charming graph, courtesy of Zillow, gives you an idea of just what a “recovery” looks like far from the Real Bay Area. This shows the median sale price per square foot over the past ten years.
There are photos of other places on both sites further from exurban Bay Area. California City (Not Anywhere Near the Bay Area, Hell, Not Even in Northern California) has huge areas that were platted out but never built on.
Just wait until you get to the Florida pictures!