More
bad news for the Florida condo market, this time from Sarasota, Florida. Two high-rise condominium projects have been scrapped. The
Herald-Tribune reports that Premiere at Main Plaza, a two-tower condo development may now become a hotel. Tthe plans for turning the BB&T Bank building at 1740 Main St. into condos are also on hold due to the flagging market. The market for the million-dollar condo in the area is fading. There are still another 11 projects on the docket in the town but some developers are holding off on breaking ground until sales are more promising. The sudden rush for condo developments had been squeezing out the hotels but now hotels may be the saving grace for condo projects that aren't selling. Not great news for developers since condos are traditionally much better money makers than hotels.
