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.
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?
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?