A housing report from the Washington Post. "The on-again, off-again effort to bring a luxury Canyon Ranch condominium community to North Bethesda is now officially off, making the high-profile development the region's latest victim of a slumbering condo market that has claimed dozens of projects."

"In the past six months, developers of 31 condo projects with a combined 5,700 units have abandoned their plans, according an Alexandria consulting firm. Condos are taking much longer to sell, as speculators have all but abandoned the market and buyers have become cautious."

"Kevin Kelly, president of Canyon Ranch, said the deal fell apart because 'the market had changed on us.'"

"The development had sold just 30 of 434 units, for $59 million. 'I'm disappointed the market turned prior to us getting it out fully into the marketplace,' Kelly said."

"Most of the other canceled condo projects are being converted to rental buildings or reverting to apartments after unrealized condo conversions. About a third of the planned units were scrapped altogether. In Montgomery County, eight projects, not including Canyon Ranch, have been discarded or will become rentals."

"Despite the scrapped condo plans, there are nearly 24,800 new condo units on the market, up from 19,400 a year ago. Another 25,700 units are scheduled to enter the market in the next three years. At the current estimated sales rate of 8,000 to 8,500 units a year, the 24,800 unsold condos represent about a three-year supply."

"As the inventory rises above three years, there is a greater likelihood of price declines in some areas, Delta Associates said. 'This is a supply-driven problem, not a demand-driven problem,' said Greg Leisch, Delta's chief executive."

"Condo sales have been falling rapidly this year. In the past three months, 1,331 new units sold in the Washington region, the lowest quarterly figure in almost three years, according to Delta. About 2,600 units changed hands in the previous three months; 3,200 units were sold during the comparable period last year."

"'Prices are no longer rising. Buyers don't feel any urge to beat the price clock,' Leisch said. 'On the back of their minds, there's a fear that they might be the last fool to buy at the top of the market.'"