I was going to post this in the PS2 section, until I realised this was footage from the Xbox 360.
As you can see, is seems to be abandonded modelling of a home and garage. When the car is parked in the garage it seems to be floating on water. Then, when in the house, there is no TV or anything. And there are holes were the windows are supposed to be.
P.S: If I rember correctly from reading the video owners comment, he said it is near to the entrance of Oahu raceway!
P.S.S: I have noticed something about the Oahu Raceway. On the PS2 version, you can get in the raceway even at rookie level. But on the Xbox360 and PC versions, you have to be at the proffesional level.