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A surging number of condo units have been deferred or abandoned as a result of weakness



During the first eight months of 2006, an average of more than 16,000 condo units were deferred or abandoned each month, compared to about 7,000 per month in 2005 (most of which occurred in the latter part of the year). That is a lot!

Notably, Boston had the highest number of units deferred or abandoned this year, followed by Las Vegas and Miami, the two poster-child markets for the recent condo craze. In Boston, condo sales volume was down 21.4% year-over-year through July, and the median selling price was down 4.1% to $276,00, according to the MA Association of Realtors.

Top 8 markets for deferred or abandoned condo units YTD 2006:
Boston: 8,341
Las Vegas: 7,903
Miami: 6,595
Los Angeles: 6,518
Atlanta: 4,475
San Francisco: 3,065
Philadelphia: 2,693
Chicago: 2,625

Source: PPR/Reed Construction Trak