Monday, March 15, 2010

More Ruins (57/100)

Today, a couple pictures from within the historic Old Town of Riga. There was a huge run-up in property values here before the financial crisis hit, and Riga's real estate bubble suffered the same fate as the one Stateside. But the odd thing is that there is a pocket of old buildings in Old Town that are still crumbling ruins. Seemingly every corner of the historic, touristy old town was filled with an upscale hotel or over-priced restaurant. And yet these buildings were apparently so expensive to tear down that nobody wanted to bother. (Or, as a friend in the real estate business theorizes, the landowners didn't see a bubble, and thought that if they waited another couple years, they could get even more money from some prospective developer.) In any case, this isn't really prime real estate, but it could be with a little work.

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