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 JAN 17, 2007
Major Cities see a slower Condominium Market
Some major cities that have recently had very active condo markets are currently experiencing a slow down.

According to area real estate professionals and developers, high inventory levels have caused once booming prices that have previously flattened-out are now actually falling.


A planned 2,500 unit condominium project in one major city has recently been cancelled.

The situation is worse in another city where it is predicted that 1/3 of a planned 49,000 new units- which are in various phases of construction-to never be completed as condominium projects. Some projects will simply never get to the constructions phase, others will become rentals.

Nationwide, the sales of condominiums has been hit harder than single family housing. Among the reasons for this is the fact that condos are purchased by more investors that do not actually reside in the properties. Also, in several major cities, do to land constraints, condo projects are easier to build than new subdivisions of single family homes.

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