The Palm Beach Post had an article ( link )this week regarding developers in Stuart Florida - the county seat of Martin County Florida. The city officials are bracing for an influx of developers looking for extensions on their development timelines.
Due to the market conditions they have been unable to continue their efforts to develop land that they purchased 2-3 years ago. Planned Unit Developments that are reaching the end of their original approved building timeline are now in jeopardy of ever being built due to the lack of financing available for new construction… and not just in Florida!
The biggest blow to development in this Florida market is that lenders are just not funding projects right now without major pre-construction sales numbers.
With the market prices dropping - especially on condominiums in major (overbuilt) markets, many buyers have walked away entirely from large cash deposits leaving developers, lenders and investors stranded.
To get the good news (not mentioned in the article!) that will help the market recover, follow this link -o-> Florida Real Estate Development Stuart and Martin County Florida