The collapsing housing bubble in Florida is impossible to ignore. "It's not a pretty picture over at the 550Q condo project planned for downtown West Palm Beach. The luxe condo with the artsy theme 'is being put on hold until we can rethink market conditions,' said Burt Minkoff, 550Q's sales director. Blame weak sales and rising construction costs for the move."

"'We're confident 550Q is a great project, but overconfident is not something we want to be,' said Ted Przbyla, development director. 'There's a lot of inventory (in West Palm Beach). We felt it would be prudent to stop and see what projects are not going forward.'"

"It's not just new construction that's in the doldrums. Consider Mizner Court at Broken Sound, a condo conversion project in the heart of Boca Raton. Last October, developer Skip Stoltz bought the former Coral Harbor Apartments complex for a pricey $105 million. Plans were to quickly renovate the apartments and sell them as condos. You know what happened after that."

"Of 450 units, only 67 have sold. Business remains slow, even though Stoltz is offering generous incentives toward closing costs or unit upgrades. So, like other developers sitting with unsold inventory, Stoltz is embracing apartments again."

The Sun Sentinel. "With demand softening in South Florida and across the nation, builders and real estate firms are laying off workers, shuttering offices and selling to moneyed buyers. 'Construction, mortgages, title insurance. We're seeing cuts across the board,' said economist Mark Zandi. 'It's going to be a long process.'"

"With cancellations up and orders down, builders have resorted to offering cars, cruises and other perks to stimulate sales. They're also cutting staff. The trend follows what's happening in Las Vegas, Phoenix and other formerly hot markets as builders trim fat to stay competitive. 'In a slower business market, it made sense to cut back,' said Steve Zenger, a WCI spokesman."

"Anthony Trella, a consultant to home builders nationwide, said the state will continue to attract Baby Boomers and other new residents. 'I don't see demand going away,' Trella said. 'A thousand people a day are moving to Florida. Where are they all going to live? They can't keep living with their brother-in-law.'"

The St. Petersburg Times. "The sneeze came first: Home sales in the Tampa Bay area dropped by a third from last year’s peak. For symptoms of the developing head cold, plunge into the exhibition hall at the Tampa Convention Center, where the Florida Association of Mortgage Brokers is holding its annual trade show."

"'A lot of people are getting laid off. They’re cutting back the whole real estate industry,' said Julie Durkee. Cammie Aucoin of said the new buzzword in the industry is for people to dump their adjustable-rate mortgages in favor of fixed-rate mortgages. Anything to drum up more business. 'Everything peaked out in November and December,' Aucoin said."

The Naples News. "'You sell to the market,' said Darin MacMurray, regional VP for Lennar Corp. in Collier. 'Home prices are decreasing and land prices will follow. I think there will be a correction on land pricing.'"

"For now, buyers are benefiting from falling land and home prices in the Golden Gate Estates. Since January, prices have dropped 10 to 15 percent in the Estates, said agent Elaine Ritchie. So, for example, a house that sold for $400,000 last year is now selling for $350,000, she said."

"Although prices are coming down, some buyers are still nervous the market will go lower and they will have overpaid. Ritchie said she’s had four buyers back out this year at the closing table. Some sellers are angry they missed last year’s frenzy, Ritchie said. 'Homes went too high. People can’t swing it,' Ritchie said."