I'd say right about now condo developers nationwide are taking a look at the cancellations coming in, the percentage of their units reserved by speculators, the emails from their bankers asking for more data, and the general undertone of the market.
And they're formulating their exit plan.
Signaling a potential downturn in Sarasota's frenzied condominium market, developers proposing a 14-story residential tower on U.S. 301 have abandoned their plans.
Sarasota Main Street LLC's decision to scuttle plans for Washington Place marks what some believe could be a market correction and a shift away from escalating land prices.
Sarasota Main Street partner Michael Langton cited rising land prices and construction costs as the primary reasons for abandoning the 69-unit condo project, first proposed in July."What's happening in Sarasota is everyone has been getting inflated amounts for land, and it's gotten out of hand in the last six months," Langton said Tuesday. "That's what's killed this deal."
The 180-foot-tall Washington Place, where units were slated to sell from $400,000 to $1.2 million, isn't the only major condo project jeopardized by rising costs. CityPointe, with its proposal for 324 units north of downtown, also appears imperiled.
December 12, 2005
The first of so many - condo developments being scuttled in Florida
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Got this note today from a Phoenix realtor - note the units "coming back to market"... Here come the condo cancellations as investors bail...
PHASE 1 Units Available!!
Portland Place is a new mid-rise condo development located at Portland Avenue between Central and 3rd Avenues in Phoenix, Arizona.
This is a unique location set between two parks and within short walking distance of the future light rail, restaurants etc and easy access to freeways.
Phase One, a 6 story condominium mid-rise, has just broken ground and expects an 18 to 22 month build time.
A few units have come back on the market ranging from 900 sq. ft. for $318,900 up to 2829 sq. ft. for a luxury 2 story for $1,132,900.
If you or any of your friends are interested in purchasing one of these great units, IT IS NOT TOO LATE!
NEWS FLASH!!! A rare 2 bedroom/ 2 bathroom unit on the 11th floor has just come back on the market and will be gone by Monday. Priced at $699,000. call NOW if you would like to secure this unit.
The Housing Bubble has popped in Florida. What does it mean for windwood property? Either prices plummet and buyers rush in, or sellers take their homes off the market, or it's going to take a lot longer to sell a home. Read more ....
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