A Las Vegas developer talks about condos. "John Restrepo sat down with In Business Las Vegas to discuss the state of the Las Vegas..real estate market. 'I think we are going to a period of a more realistic view of our high-rise condo market here. We've had a period of irrational exuberance on the high-rise condo market, where we thought the demand would be a lot higher than it has ultimately proven to be. Over the next five years, we'll probably see 25 percent of the 60,000 (proposed) units actually built."

"'Most of the projects have been along the Strip corridor, they're essentially projects that serve second homebuyers, investors and speculators. That's why 80 percent of the time these units are dark.'"

"'A lot of the speculative guys that would tie up a site temporarily and then start flipping it and using a Web site and put a trailer on a vacant lot, those guys have pretty much gone away, for the most part.'"

MSN real estate looks at 'the great American condo glut.' "After several years of gung-ho development in south Florida, San Diego, Las Vegas and other major markets, the once-hot condo market is headed for a slump. Condo developers say they have been forced to throw in perks."

"'I don't think there's a market out there in which developers are not offering some kind of incentives,' said (lender) Arthur Nevid. Mountain and many other lenders say they have ceased funding most condo projects and are backing away from some projects they had already committed to. Some developers are even giving back the down payments or deposits paid by residents."

"There hasn’t been a condo boom like this one, economists say, since the late 1980s when rising home prices and out-of-sight interest rates spurred developers to begin churning out a flood of condominiums. Many of these properties wound up back on the market, pushing prices down further. Economists are concerned that this same pattern is repeating itself in markets such as Las Vegas, San Diego and Miami, where investors, rather than residents have bought many of the units."

"And more condos are being added this year, analysts say, putting more pressure on prices. In San Diego, 5,217 condo units were built since 2001, and another 7,235 are under construction or approved. Meanwhile, sales and prices in San Diego have peaked, agents say, and prices are beginning to head south."

"Owners are now taking price cuts, or renting out their unit until the market improves. San Diego Realtor Cindy Davis is now leasing out a client's condo that has lingered on the market for 80 days. 'I've told him now he's not going to get his price. Keeping it on the market and hoping for a miracle is stupid,' she said. Likewise, Hamrick said, prices have stalled in Las Vegas, and are poised to dip, should more units come back on the market."

"Even low-key Minneapolis, has been rocked by a condo boom that is threatening to go bust. Last year, 1,326 units sold in the area, up from 557 the year before. And there are currently 4,518 condos under construction or approved for downtown Minneapolis alone, said Mary Bujold."

And Inman News has the results of a related study. "Single-family homes have the most appeal for aging baby boomers, according to a survey released today. Of those planning to move, 63 percent said they are looking to purchase a single-family home, while 18 percent would purchase a condo or townhouse."