The Real Deal Miami

Despite residential surge, Miami’s condominium ghosts remain

November 01, 2011 01:14PM

Despite rapidly-falling inventory and a new series of projects lined up
for development, South Florida’s landscape still retains a few ghosts
from the condo bust — “ghost towers in the sky,” as analyst Jack McCabe
called them. “In most of these cases, the developers had very little of
their own money in the construction financing,” McCabe said. “The
developers did not have much skin in the game. It’s very similar to why
people are walking away and allowing their homes to go in foreclosure.”
South Florida’s extant ghost buildings range from the stalled Brickell
Sunview project, which could see a future as an Aloft hotel, to the
Filling Station Lofts at the southern end of Wynwood. [Miami
Herald]