There are about 24,000 condominiums under construction and planned in South Florida, and pre-construction prices keep booming. The history of Florida real estate booms is that inevitably the boom ends.
In the past, when construction loans were financed with a single-source, institutional lender, the first sign of distress for a completed and sold project was the failure of sales of units to close at the pre-construction contract prices agreed to by buyers.
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