Housing crunch affects Florida real estate
The slumping housing market has forced many developers to scrap or delay construction projects across Florida, but development slogs along.
September housing sales dropped 68 percent, accompanied by a 25 percent drop in the median sale price of existing homes, since 2005, Florida Today reported Sunday.
A plan to develop an 18-tower, high-end condominium complex in Melbourne, Fla., faced delays on 16 of the structures as site plans expire and construction costs continue to soar.
"They're continuing to move them along -- maybe at a slower pace than they would have moved through the process a year or two ago," said Cindy Dittmer, Melbourne's planning and economic development director. "But the majority of (developers) are continuing to keep them active." // Copyright 2007 by United Press International
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