Condo Saturation Soaks Developers [Central Florida]
Condos For Sale. The loud signs flaunted from street corners across the Bay area are meant to grab the attention of potential buyers.
Developers advertise slashed prices and promise flat-screen TVs and computers. They put up inflatable gorillas and even pay people to dress as superheroes at busy intersections.
All the hype hasn’t worked.
The white-hot trend to change apartments into condominiums has long passed, and developers that overestimated the demand have found themselves with half-empty complexes. Some that tried converting them back into apartments aregrappling with foreclosure. Others are turning in their keys, leaving the lenders with unwanted residential properties they’re trying to sell themselves.