Shouldering the costs

From the July issue: Most real estate developers agree that it’s taking longer to sell out residential projects, and that can spell trouble for a less-than-well-capitalized developer. If a condominium project takes just a month longer to sell out than anticipated, it means a developer has to make an extra interest payment on any loans and shell out for any real estate taxes and maintenance or common charges. Additional marketing expenses add to the financial burden. Since developers are reporting that some condo projects are taking as much as twice as long to sell out as they were two or three years ago, that can end up being a big chunk of change, or even threaten to derail a project.