A new survey of 16 downtown Orlando condominium towers, with a combined 3,236 units brought to market since 2001, shows that about one-third of the units remain unsold — with most of those in four relatively recent projects caught in the ongoing real-estate slump.
Nearly 40 percent of the 1,054 vacant units are in one building, the 55 West tower on Church Street, said Paul Sexton, president of Sexton Realty Advisors Inc. in Winter Garden.
First proposed in 2003, 55 West is finally finished but still unoccupied. It is being repositioned for potential use as a hotel.
Sexton, who reviewed deeds recorded through December 2008, said 11 of the 16 downtown condo projects he studied are more than 90 percent sold out. And the downtown market overall sold $646 million worth of condo units, averaging $295,768 apiece, from 2001 through 2008.
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