A Boynton Beach condo conversion has this discount on craigslist. "Final days of the developer's closeout special at our St. Andrews at Boynton Beach condo conversion. The developer needs to close out this project and will now pay your 1st year's mortgage for you!. Buyer will also have the option of deducting the total developer contribution (the sum of the above mortgage payments) from the purchase price, or applying it towards closing costs and effectively eliminating them."

And the Sun Sentinel reports on what a failing condo project looks like. "In 2004, Jackie Badome agreed to pay $360,000 for a two-bedroom condominium at Eden, a former apartment complex in Boca Raton. She put down 10 percent in cash for the condo that was supposed to be ready in March 2005. But the developer, Ceebraid, didn't deliver, blaming a busy hurricane season for the delay. Ceebraid missed at least two more deadlines and now promises Badome can move in by September, except that construction on the job site stopped months ago."

"This is an example of the struggles area developers face as the once-hot housing market slows down. Increasing costs of materials are leaving builders in the lurch, and lenders are becoming more restrictive as the condo market tightens."

"'It's pretty disappointing,' Badome, said. 'You make life plans based on where you're going to live, and this puts everything on hold. I'm sure I'm not the only one in this position.' Badome, a real estate agent in Boca Raton, is one of an estimated 200 prospective owners at Eden wondering when, or if, the condo conversion will be finished."

"Would-be buyers also are questioning the future of another Ceebraid project, Bocara, also in Boca. Ceebraid is facing construction liens and lawsuits, but Adam Schlesinger, a company vice president, insists that Ceebraid will resolve those and finish both Eden and Bocara."

"A Ceebraid affiliate filed for Chapter 11 bankruptcy reorganization Feb. 10 in West Palm Beach. The filing is related to another of Ceebraid's properties, Holiday Isle Resort in Islamorada, Schlesinger said."

"Back at Eden, prospective buyers and real estate agents are fed up. 'This may be a house of cards," said (broker) Anthony Cutaia,. The Boca Raton real estate firm filed suit against Ceebraid, alleging the company failed to pay commissions for units sold at Eden."

"As prices and interest rates rise and speculators leave the housing market, demand for condos is waning, said Jack McCabe, a Deerfield Beach real estate analyst. Condo conversions were especially hot during the past few years, but those deals have slowed as well, McCabe said. 'It's a complete opposite of the feeding-frenzy attitude just last year,' he said."

"Joe Bova, (a banker) in West Palm Beach, said federal regulators want lenders to be more careful in 2006. 'The market is definitely softening; there's no question about that,' Bova said. 'If there are 30,000 units coming, and only 15,000 units will be consumed, what's going to happen to the other 15,000?'"

"Myra Rubenstein, a Boca Raton real estate agent, agreed to buy two condos at Eden as an investment and also has a client waiting to buy. Rubenstein said she and other agents are upset because Ceebraid's delays jeopardize their credibility with clients. As a result, she's shying away from preconstruction deals. 'It's put a bad taste in my mouth,' Rubenstein said. 'Why don't they finish what they start?'"