The Tampa Tribune reports from Florida. "The Bayshore Palms Apartments complex was supposed to make way this summer for the Merasol on South Bayshore town houses. Instead, developer Remmie Rann of American Design Homes decided to remodel the building and rent out 25 apartments."

"'We are putting it on hold right now because of the market conditions,' Rann said." "Plans called for 19 town houses priced from $620,000 to $710,000. The property's Web site showed eight of the 19 reserved. 'We had reservations,' Rann said. "We just did not convert them into hard contracts. Then we had a bunch of cancellations.'"

"He said he's following the advice of a longtime South Tampa real estate agent: 'If you build right now, you're digging your own grave. So we decided not to build.'"

"Brad Monroe, president of the Greater Tampa Association of Realtors, said developers are reassessing their plans until the market rebounds. 'I do see certain ones that were selling that are not selling and have gone back to rentals,' he said."

"Association statistics show condominium sales countywide fell from 337 in September 2005 to 192 last month. 'There's a softness and a lot of folks anxious to sell,' Monroe said. 'There is a lot of selection, and things aren't happening.'"

The Palm Beach Post. "The Opera Place condominium in West Palm Beach looks like a no-go. Opera Place could not secure a construction loan needed to start building the much-delayed project. That lender wanted more equity in the deal, said Seacoast President Jean Strickland."

"Other Stillwater plans for the 3-acre parcel include ground floor retail, commercial showroom space, medical offices, Class A office space and a few condos, in that order as one ascends the tower. Real estate expert Neil Merin is skeptical: 'It's like they threw everything up against a wall.'"

Also from Tampa. "A year ago, Dawn L. Molen quit her job as a commercial loan officer and set out to become a real estate agent. With three months' experience, the agent who had never listed a home closed her first sale Jan. 27 in a working-class neighborhood."

"Her buyer paid $45,000 more than the asking price. It stunned her peers. From then on, Molen brought in contracts by the stack."

"Molen found buyers willing to consistently pay $50,000 to $70,000 more than the original price, according to documents obtained by The Tampa Tribune. Collectively, the homes sold for at least $2 million more than originally listed."

"But there was something her boss said he didn't know: Some of the money wasn't going to the sellers. It was going to a third party with ties to Molen, sometimes without the knowledge of the lenders or the sellers."

"Molen's deals have several similarities to cases that have surfaced recently across the nation, some of which have resulted in investigations or prosecution for illegal activity. As the torrid real estate market has cooled nationwide, more industry professionals may take chances to make a deal, experts say. Lenders say they are bracing for a fallout in which buyers ultimately default on their mortgages."

"Local real estate agents fear future buyers in the neighborhoods involved in the transactions may not be able to afford homes or higher taxes as a result of inflated prices."

"More than a dozen sellers and listing agents interviewed by the Tribune said they felt uneasy about the transactions but went along after employees at the title company assured them they were legal and not unusual. 'As long as I got my $180,000, I didn't care what they were doing,' said John Dieumegarde."

"Now, other appraisers are stumbling across Molen's deals as they search for comparable home sales to help determine the value of nearby properties. On paper, the sales appreciation is astonishing, said appraiser Doug Nail."

"'This is not a $250,000 neighborhood,' Nail said, referring to one in St. Petersburg."

"Nail evaluated one of Molen's sales for the Tribune, without relying on recent sales represented by Molen. He estimated the house's value at about $145,000. One of Molen's buyers paid $250,000 for the house in September."

"Frank Gregoire, a Pinellas County appraiser and chairman of the Florida Real Estate Appraisal Board, said he has been getting phone calls about Molen's sales in recent weeks. Appraisers are unsure how to evaluate property because the inflated sales are skewing their appraisals, he said."

"'A competent appraiser would say, 'What in tarnation is going on?' he said, 'particularly in the market we have right now.'"

"One by one, the unsuspecting sellers are figuring out their transactions are stuck. Korri Prendergast, a broker in St. Petersburg, said the closing on her client's St. Petersburg home was postponed twice."

"Appraiser Caryn Blauser was astonished by what she found. Molen's sales are not isolated. She has found many local homes selling for substantially more than the original price. 'There's some weird stuff going on,' Blauser said. 'The buyers may chalk it up to creative financing, but we may soon see a lot of mortgage foreclosures because everyone wanted to make a quick buck.'"