The Herald Tribune reports from Florida. "Faced with continued sluggishness in the high-end condominium market and little reason for short-term optimism, the owner of the land at U.S. 41 and Gulf Stream Avenue downtown has shelved plans for a 17-story luxury residential tower. Kolter Communities' decision to suspend its Grande Sarasotan project marks the biggest casualty to date for Southwest Florida's slumping real estate market."

"Kolter officials said they intend to redesign their $210 million tower and its 144 units while the project is on 'hiatus.' 'If we are going to add additional units to a market ripe with condominium opportunities, they are going to represent a broader spectrum of choices and amenities for luxury-minded customers,' said Bob Vail, the Kolter Tower Division president."

"Palm Beach-based Kolter, developer of the 830-acre Woodfield Country Club in Boca Raton and $3.7 billion worth of property in Florida, has adopted a 'similar strategy statewide as it pulls back from several projects,' Vail said."

"'Every aspect of the real estate market and industry is going through adjustments,' said Michael Saunders, president of the regional real estate brokerage powerhouse that bears her name. 'They felt they needed to be honest and realistic about the market. They feel right now it's the right thing to do to take it off the market until they see some definite trending up.'"

"The luxury condo market has failed to pick up as anticipated, prompting Kolter to acknowledge it had miscalculated. 'What worked so well a year ago is less than the perfect solution going forward in today's market,' Vail said."

"Southwest Florida could net a healthy number of visitors this winter, but the local competition for their business is fierce. People who manage hotels and condos are starting to realize that visitors have many, many options. A glut of condos is drawing bargain hunters to the mainland. Second, small hotels are seeing less advance booking."

"Condos, which hold the bulk of beds in the area, are plentiful. Some condo managers are responding by holding rates in check, despite the wishes of their owners. 'When you're talking about rates, you're talking about a different market,' said Gloria Stephens, rental manager on Siesta Key. 'You're talking about how do you get visitors in.'"

"Occupancy rates in Sarasota, Bradenton and Venice apartment complexes dropped nearly 5 percent during the past year and could be an indication that average rents won't rise much in the months ahead, according to data released Thursday."

"'Such widespread declines in occupancy likely herald reductions in rent growth rates,' RealFacts reported. Sarasota-Manatee apartment complexes saw their occupancy rates drop from 97 percent to 92.3 percent."

The Palm Beach Post. "One in every 51 households in Palm Beach County - almost 11,000 properties, entered some stage of foreclosure last year, nearly double the national rate."

"In Palm Beach County, one of the most prosperous real estate markets in the nation during the boom, foreclosures rose by 29 percent last year, to a total of 10,915, up from 8,454 the previous year (one filing for every 66 households). The increases were higher in Martin County, according to a report."

"When adjustable-rate mortgages began to reset at higher interest rates the once-booming residential resale market began to collapse. This prevented financially strapped homeowners from selling quickly to avoid foreclosure as wary buyers began to wait for prices to hit bottom. Many are still waiting."

"'The declining home sales have made it less attractive for investors, and made them less able to rapidly resell a unit,' said economist Hank Fishkind."

The Orlando Sentinel. "The Home Builders Association of Metro Orlando kicked off a marketing campaign this week to encourage 'fence sitters' that now really is a good time to buy a home in the Orlando area. Valued at nearly $1 million, the six-week multimedia campaign is appearing on local television, in print, on billboards and on a Web site."

"Randy Noles, a local home-building magazine executive, characterized it as 'the largest public-awareness campaign this organization has ever done.' He said it comes at time when new-home sales are 'clearly in a lull.' The thrust of the campaign message, he said, is that the lull will not last. 'Smart people buy in the lulls,' he said. 'You just have more negotiating flexibility.'"

"As of Sept. 30, the region's 12-month start total for homes was off by 9.8 percent compared with the same period a year earlier, but the new-home inventory as of that date, 22,794 units, was actually down slightly and represented an 81/2-month supply."

"The category of 'finished but vacant' homes was up sharply, however, from a year earlier for a second straight quarter, surging 123 percent to 8,179 units."

The Tampa Tribune. "A slowdown in one industry can provide a big boost for another. There are so many homes for sale nationwide that the Bradenton-based company that makes the front-doorlockboxes used to gain access to housesis working around-the-clock to keep up with demand."

"One local real estate group ran out because it underestimated how many devices it would need. 'There are more homes on the market, and they are taking longer to sell,' said Jeff Antrican, sales manager for GE Security, which manufactures the electronic boxes. 'Our demand is higher than ever.'"

"GE Security produced 1 million electronic lockboxes in 2006, an amount sufficient to cover demand for the previous three years during the hot real estate market. Now there are 3.8 million homes for sale nationwide, up 30 percent from a year ago, according to the National Association of Realtors."

"In the Bay area this year, more homes are on the market than ever, real estate agencies say. There are 17,154 homes for sale in Hillsborough County, up from 5,279 this time last year. In Pinellas County, the number has doubled to 16,320."

"Local real estate groups that lease the devices to agents say demand for the boxes is at record levels. The Pinellas County Realtor Organization misjudged demand last month and exhausted its supply. Its agents have to wait until a new shipment arrives Monday."

"Carlos Fuentes, president of the Greater Tampa Association of Realtors, said the group goes through 150 boxes every two weeks. Demand increased dramatically during the summer, he said, and hasn't let up."