Walkaways increase at WCI condos [South Florida]
Builder WCI Communities said more buyers are walking away from its condos, though the company said it is ready to withstand what it called a `protracted downturn.’
WCI Communities said 17 percent of its condominium buyers have walked away rather than close on new units this year, the latest indication of trouble in the condo market.
That’s higher than the 8 percent to 10 percent rate WCI predicted at the beginning of the year.
With a record number of condo towers under construction and the housing market slumping, market watchers are keeping a close eye on how many buyers actually close on units they contracted to purchase. More cancellations mean more condos on the market, and more downward pressure on prices.