Well, well, well...guess the condo market isn't so hot after all? Check this out and wonder who'll be next?

Friday, September 12, 2008
Condo land lost to foreclosureOwner of site for $600M project misses loan repayment deadline
Philadelphia Business Journal - by Natalie Kostelni Staff Writer

The land slated for Bridgman’s View, a grand $600 million mixed-use project along the Delaware River, has been foreclosed upon and will be sold at auction.

The owner of the site, which consists of two contiguous parcels along Delaware Avenue in the Northern Liberties section of Philadelphia, missed a deadline to repay a mortgage loan

Kinda makes you wonder, when you read articles like this about atrocious local developments - some which were built, other which have obviously died on the vine:

Friday, August 8, 2008 | Modified: Tuesday, August 12, 2008
Suburban condo boom takes slower roadPhiladelphia Business Journal - by Natalie Kostelni Staff Writer

Developers who had high hopes of meeting strong demand for new condominiums along the Main Line a year ago have had to lower their expectations or are waiting out the current housing downturn.

At the beginning of 2007, at least eight condo projects were in various stages along the Main Line. Some developments have managed to come out of the ground and sell, others have been built and are struggling for buyers while yet others have remained on the drawing boards.

One of those yet-to-be-built projects, called Allaire, is on the market with permits and all if another developer wants to scoop it up for the right price. Barring that, Allaire’s would-be developer, architect Tom Hall, is ready to wait for the market to improve.

Hall’s Allaire project underscores what a difference a year can make in the residential real estate market.

Of course the fact that Allaire is a stupid project and I don't see millionaires finding it appealing to look over at Classic Autobody and Lancaster Avenue, never made it into the equation. This developer could be in a pickle - see the property being pimped on

LoopNet for $4,300,000 under property ID 15742953 :

Type: Multifamily
Mid/High-Rise
No. Units: 18
Building Size: 57,000 SF
Price: $4,300,000
Price/Unit: $238,889
Date Last Verified: 8/26/2008
Property ID: 15742953

and also on

CBRichardEllis as being :

DEVELOPMENT PARCEL

Allaire
1.348 acre site
Approved for 18 Luxury Condominiums
Haverford, Pennsylvania

Exclusive "Main Line" Location
Estimated average household income within 3 miles is $131,378
Offering Price: $2,500,000...Number of Units: 18

Terms of Sales: All cash at closing
Offer Due Date: September 24, 2008 at 3:00 PM
For more information visit: www.cbre.com/allaire

Call Corey Lonberger at 610.251.5114 or e-mail for details.

yeah...I'll be right over with my checkbook....