Developers Nix or Delay Condo Projects As Sales Slow, Costs Rise
Deseret News (Salt Lake City) › July 31, 2006
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Summary
PHILADELPHIA -- In a city cluttered with condominium construction, Old City 205 aspired to shine as an ultramodern residence for the well-heeled, with its zinc and glass facade, loft- style homes and windows that span floor to ceiling.
Too bad no one will get to move in now: The $40 million project in Philadelphia's Old City neighborhood won't break ground after the housing market softened and increasingly picky buyers balked at its price tags from $400,000 for a studio to over $2 million for a three- bedroom penthouse.See the full content of this document
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Developers Nix or Delay Condo Projects As Sales Slow, Costs Rise
Brown Hill Development, the company behind the project, noticed slower traffic and decided it didn't want to be left with unsold units, said partner Greg Hill.
From coast to coast, developers are nixing or delaying condominium project...See the full content of this document
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