Condo Project in Naples, Florida Put On Hold

by Deidre Woollard (RSS feed)
Apr 18th 2006 at 3:30PM

Another condo project is in trouble. This time it isn't in the hot spots of Miami and Las Vegas but is instead in Naples, Florida. Naples News reports that the developer, Phil McCabe, has suspended sales at Intermezzo, a luxury waterfront complex because he is waiting for the market to improve. McCabe decided that the market is too volatile at the moment and has decided to wait out the recent real estate slump. McCabe says he will wait until at least next winter before resuming sales on the project. Intermezzo was to have 146 units in three building as well as a club with a fitness center, theater, pool and spa. A three bedroom unit started at $1.2 million. McCabe has deposits worth about $40 million. Construction will still start this summer but the speed of development will be much slower.

Tags: condo, condominium, florida real estate, naples florida, real estate