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Drop in Condo Sales Slows Building Starts

BOSTON, MA-With Condominium sales dropping dramatically from October 2000 to October 2001, some developers have put large projects on hold, as they are unsure of continued financing.

By Sam Zisblatt | Updated on December 03, 2001

BOSTON, MA- Sales of condominiums fell a dramatic 10.7% in the year from October 2000 to October 2001, according to the Massachusetts Association of Realtors. The Association’s October Sales figures also showed a drop of approximately 6% in Condo sales from September 2001 to October 2001.

Plans to construct a $220-million mixed-use residential/hotel project have been put on hold because of lack of demand for the high-priced units. A smaller project to be built at 125 Tremont St. in Boston, which would have been a $25 million, 35 to 40-unit condominium building, has also been but on hold as the developer waits to see if demand for the luxury units increases.

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