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PROPERTY BUZZ TERMS Zombie Mansions

Category: Real estate, Posted:13 Jan 2010 | 06:00 am

Thought to be originated by the Wall Street Journal to describe the growing legion of vacant multi million dollar luxury properties in the United States.
As the financial crises continued to spiral over a two year period a combination of speculative building and the inability by developers to sell premium real estate coupled with financial defaults to banks with resulting foreclosures saw a rise in what has not become a phenomenon known as Zombie Mansions.
With no signs on the horizon in many markets for an upswing either in sales or those ill advised negative equity investments the growing number of these mega properties which are abandoned remains on the upswing.
There have been no reports from Hollywood yet as to whether either a reality based TV show or else movie franchise like the 'Twilight' series will be looking at incorporating the term into an entertainment offering.

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