Soft Market Has Developers Canceling, Selling Projects

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MIAMI-With continued softening in the housing market, some developers are canceling condominium projects or selling off a portion of developments to cope with the dip in the market.

Attorney Garry Johnson, a director with Fort Lauderdale-based Tripp Scott, tells GlobeSt.com that financing for condominium projects is becoming increasingly difficult to obtain because a perceived saturation of condominiums in the market. Johnson works with developers and other in assisting them to obtain financing and other aspects of commercial real estate. “Construction prices are continuing to escalate and land costs are high,” Johnson says. “You have developers that are selling off a portion of projects and some that are canceling projects.”