From: Fort Worth Star Telegram
By: Sandra Baker // September 28, 2009
FORT WORTH — Developers of the six-story luxury condo building Villa de Leon, perched on the Trinity River bluff along Samuels Avenue at the north end of downtown Fort Worth, plan to close their first sale soon.
At the opposite end of downtown, workers are feverishly completing the high-rise condo floors of the Omni Hotel, where owners want to start closing sales in November.
Both projects were started when the market for downtown condos and town houses was ripe for the taking. Neither developer, however, imagined just how much things would change — and not for the better — in the housing market in the past year. Nor did other new residential developers.
Today, sales are flat. At least one developer is leasing units to bring in income, rather than risk losing his project to the bank.
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