Every time I drive past downtown Austin and look out over the many new luxury condo towers, I comment that the developers of those condos must be ‘shitting bricks’ with the economic downturn.
Well, the Austin Business Journal reports today that “At least 700 condominiums — almost a dozen buildings — slated to be built in Central Austin are either on hold indefinitely or scrapped altogether.” Gee, who’d have thought?!
At least those developers can get out while the getting is good. The developers of projects that are already in development or completed aren’t so lucky.
Categories: Economics