The Real Deal Miami

Altman leaves condo business

November 06, 2008 09:52AM

Boca Raton-based Altman Cos. will stop building condominiums and return
to developing apartments, ending its foray into the other market.
Altman has been forced to reopen its sales center at a Delray Beach
project after half the contracts there fell through. And it has slashed
prices at a Stuart property by 50 percent. The company faces lawsuits
from disgruntled buyers at its Harborage project on the St. Lucie River
in Stuart. Buyers want their deposits back and say they were misled by
Altman’s sales pitch. Altman is trying to unload units at the Astor,
where all 90 units were presold but half of buyers failed to close, and
at the Harborage, where 49 of the 126 units are for sale. The company has
slashed prices at its properties.