It was reported on thenextmiami.com and on bizjournals.com that the Gulfstream Park Tower project in Hallandale has put the brakes on sales. The rising costs of construction seems put the pressure on the sales of the remains 20% of the units.
“ISG World’s December report said 80 percent of the units at Gulfstream Park Towers were presold.”
“Brokerage ISG World listed the project as “cancelled” in its second quarter report on the Miami/Fort Lauderdale condo market.” Read entire article.
The obvious questions are the following:
Will the project be built in the near future?
What does this mean for those that placed deposits?
Is this a sign for the pre-construction market or an isolated matter?