It’s been about a year since my favorite downtown-condo-in-the-making, The Monarch launched its sales effort.Â In this week’s OBJ, Anjali FlukerÂ reports that current market conditions may have the developers modifying their original plans. I doubt they’re alone.
Other new downtown projects include Tradition Towers, The Vue, 55 West, Star Tower, and the Paramount. Most of these are in some state of construction with only The Monarch and Tradition Towers not having broken ground.
In January, Eola Place folded, and it may not be the last, so rethinkingÂ could turn out to be a smart move, since it givesÂ developers the opportunity to alter the projectÂ before “going vertical”.
When I called in earlier in the year, the phones for the proposed 24-story tower were not being answered, but since then it seems that Jaymor-Reed Development have regrouped – although they remain tight lipped about their new plans.
There’s no doubt in my mind that Orlando’s downtown condos will succeed. But timing is everything, and developers who began their plans 3-4 years ago could not have foreseen current market conditions. It will not change theÂ futureÂ – but it may slow things down some.
Meanwhile,Â for buyers this could be moreÂ good news, because desperate developers, ever moreÂ frantic to make their pre-sale requirements, may be prepared to drop their asking price. For more on the best (and safest) Orlando deals, drop us a line here at CondoMetropolis.com.