A pair of reports from Florida. "In March, Russell Patterson bought a one-bedroom unit in the apartment-to-condominium conversion complex Oxford Place at Tampa Palms. Now, the developer has decided to turn the units it hasn't sold, about 180, back into apartments."

"The rents on those units are less than the $995 a month Patterson needs to charge to pay his mortgage and homeowner's association fees. Even more frustrating, he said, his contract forbids him to sell his unit before the developer sells all of its own. 'I'm stuck, and this complex is not what I was sold,' Patterson said."

"Nearly every converted apartment property has empty units, and some developers are changing course and renting units instead to keep from losing money or being forced into foreclosure. Some are taking drastic measures to compete with other condo sellers, a move that leaves people who purchased an apartment feeling trapped and fearing their property values will go down."

"'I'm not crazy about this. We'd rather have owners' in the complex, said Matt Carter, who bought a two-bedroom converted condo in New Tampa. 'At the same time, though, owners are renting out, too, so I guess this is going to happen one way or another.'"

"There is a glut of converted apartments, (developer) Tony Martin said, because too many developers jumped in on the condo craze. 'It's a tough business today,' he said. 'I don't think anybody predicted this.'"

"The conversions led to a reduction of 18,000 rental units in 2005. The result is predictable. Apartment rents have soared. Because many of these investors will be renting out their units, Bernard Markstein said, the inventory will swell again, and competition will force rental rates down. 'Real estate is cyclical,' Markstein said. 'This is the way it works.'"

From the News Press. "Bonita Springs-based builder WCI Communities has slashed an undisclosed number of jobs as the residential real estate market continues a rapid cool-down in Florida and across the nation."

"Asked about the geography of the layoffs, spokesman Steve Zenker said they had occurred to some degree in WCI’s primary markets of Florida and the Northeast and mid-Atlantic states."

"The job cuts came as no surprise to people following the real estate and construction markets. They said builders couldn’t scale back production as quickly as investors in new, multifamily developments got cold feet. 'In Florida, we have the potential for seeing a downturn that could rival that of the ’70s,' said Jack McCabe."

"Florida isn’t alone in its vulnerability. 'It’s soft everywhere,' said Ed Bonkowski, a Fort Myers-based commercial real estate broker. 'I was just in northern Virginia and in Cleveland,' he said. 'Both of those (residential real estate) markets have come to a standstill.'"

"Sluggish home sales in northern states have a trickle-down effect in Southwest Florida, Bonkowski said. Many baby boomers want to retire here, but some of them need cash from selling their northern homes to realize their dream. These days, 'cash is king,' Bonkowski said. 'For those who have cash, there are going to be some good buys.'"