(To read more on the multifamily market, click here.)
MIAMI-With continued softening in the housing market, somedevelopers are canceling condominium projects or selling off aportion of developments to cope with the dip in the market.
Attorney Garry Johnson, a director with Fort Lauderdale-basedTripp Scott, tells GlobeSt.com that financing for condominiumprojects is becoming increasingly difficult to obtain because aperceived saturation of condominiums in the market. Johnson workswith developers and other in assisting them to obtain financing andother aspects of commercial real estate. "Construction prices arecontinuing to escalate and land costs are high," Johnson says. "Youhave developers that are selling off a portion of projects and somethat are canceling projects."
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