Crumpling SunCal Paper

The crumbling the SunCal-Atrisco development will live in history as the poster child for the greatest real estate bubble and subsequent collapse in the history of the city of Albuquerque. 

So old Joe Monahan says.  He links to this Wall Street Journal story. 

SunCal is a great example of the political influence associated with land speculation.  The lobbying and advertising for tax benefits during the legislature should go down in history as among the most intense on behalf of one developer.  We can hope. 

But it's mostly crumpling that I hear.  Like paper promises.  Not crumbling, like hard infrastructure.  SunCal's bubble-riding development investors lost their paper development.  Boo Hoo.  No one lost their home.  Sure, the Westland Board made off with a bundle and gave most Atrisco heirs the equivalent of souvenir t-shirts, but that'd been coming since incorporation of the land grant in the 1960s. 

Albuquerque's Biggest Collapse Ever? Let's strike a hopeful tone and say it is.  What is more sure, and far more hopeful, is that the land, soil, water, history, place and people of Atrisco and their multifaceted potential haven't been wholly diminished because of some misguided speculation. 

You can be darn certain that crumpled paper will get ironed out and this dealio will come roaring back if the stupid market does.