Let’s get serious. Here’s another “the sky is falling” example from the press. Today’s Post has a good article on some condo projects that have been canceled, and how that situation leaves buyers in the lurch. Sure they get a refund, but no place to live, and no compensation for their efforts. (A good warning on the risks of buying new construction.)
Delta Associates is quoted in the article saying that developers had canceled plans for 22 projects in the 2nd quarter alone! Really…22?! I just don’t buy it…unless they’re using “plans” pretty loosely. (As an aside, it’s not a bad thing that condo projects get cancelled–it keeps inventory reasonable and supports prices.)
I’ve been hearing about these conversions back to apts for a year or more. And the same developments are always mentioned: the Joule in Arlington, View 14 in DC, the Bellmeade in Leesburg (Leesburg? That’s a VERY different market than Arlington or DC), Four Winds at Oakton, and a few others. Those conversions happened months and months ago. So where are the 22 from THIS QUARTER? Someone please find this list so we can map them out. I’ll bet they’re further away than this article would leave you to believe. And what counts as a “planned” development? My guess is most of these “plans” are on paper–units were years away from delivery anyway. We’ll never see that list in the Post though, because alarmist headlines sell more papers.