If it ain’t built - don’t buy it!
By: Marcus Burke
This week’s OBJ reports that the owners of Orlando’s Palazzo del Lago may be selling their 41 acres of condo hotel entitled land, suggesting that this may be the latest I-Drive project to go belly up. International Plaza dropped it’s sales efforts last year and others are not looking so good - with loans becoming increasingly hard to find on the condo hotel product. As usual, the developers are denying there is any problem - all of which solidifies the best piece of advice I’ve been able to offer in the last two years:
If it ain’t built - don’t buy it.
MLS wrote:
Great advice. Particularly in today’s market. I never even heard of this project. Were they marketing presales? When was is the development supposed to be scheduled for completion?
Posted 10 May 2008 at 7:01 pm ¶
Boston Condo Blog wrote:
Despite having a small handful of situations in downtown Boston over the past year develop that are of the same very high-level genre as Palazzo del Lago, we haven’t seen a high-end development take such a drastic turn.
We’ve seen developments switch before finish, or after, to rentals (Avenir and Harborview), and multiple push backs in opening dates (FP3, Battery Wharf), but there hasn’t been a blatant pull out once something is well underway.
Perhaps Orlando is a little less insulated than Boston?
Posted 11 May 2008 at 11:13 am ¶