Developers are hastily recasting flailing condo projects as rental properties across the U.S., the New York Times reports. The Times quotes National Association of Realtors‘ figures reporting that condo sales fell 13.6 percent from November 2005 to the same month in 2006, but notes that there is no comprehensive national data for new condo sales.
Hard hit are Washington D.C., Las Vegas, Miami and Boston, according to the Times, which doesn’t mention Chicago. We’ll have the latest on the Chicago market in early February when Appraisal Research Counselors releases its next market update.
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