The Capital Times reports on the condo boom in Wisconsin. "With lots of seniors ready to give up their homes, Monona seemed the ideal place for a condominium boom. Now, developers of a string of condo projects are either retooling or dropping their plans. Blamed are a sagging demand for such housing and rising construction costs."

"Projects being rethought include Bert Slinde's Watertower Plaza; Kevin Metcalfe's Riverfront Condos and Metcalfe's Water Crest Condominiums; and Robert Niebauer's redevelopment of the Garden Circle apartments. In May, the Monona Plan Commission voted to allow owner Wes Crawford to temporarily rent out the remaining units through January 2008."

"Crawford's Landing, where 11 condominiums sit atop a retail center at Broadway and Monona Drive, also has seen rough sailing. Dane County property records show that just two of the 11 condominiums have sold since they became available last fall."

"'There's no question we are very concerned about the slowdown in the market,' Metcalfe said. 'Construction costs are up and sales and down; the two are working against you.'"

"'We've been hearing that from everybody, that the condo market's gone soft,' agreed Monona City Administrator David Berner."

"John Deininger, executive vice president of the Realtors Association of South Central Wisconsin, said 'we are certainly in a changing market. It has become more of a buyer's market,' Deininger added. 'Inventories are up. It's taking people longer to sell a house.'"

"Tonight, the Monona City Council will be asked to consider changes to Slinde's Watertower Plaza. It was to have first-floor retail shops and 13 condominiums on the second floor. Slinde's new plans call for the elimination of the condominiums and underground parking. Instead, the second floor will be office space. 'The residential real estate market has really slowed down in our area,' Slinde said."

"Slinde said The Monona Woodlands, his condominium project adjacent to the Watertower Plaza site, is only one-third sold. That project has 47 one and two-bedroom units."

"Metcalfe said construction of the Water Crest condominiums, which was slated to begin in October, has been put off until 2007. And the start of construction is dependent on the pre-sale of some of the 46 units over the winter. Metcalfe said no pre-sales have yet occurred."

"On Broadway, where Metcalfe has proposed a controversial plan to redevelop a mobile home park into a mix of housing, retail and office space, the wind also is shifting. 'We are reevaluating that project,' Metcalfe said."

"He said ithe said will include fewer condominiums and possibly less retail space. This is the second time that Metcalfe has changed the Broadway plans. Originally, the two-phase project included 202 condominiums. In February, he scaled that back to 116."