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Recession Crimps Plan for Posh Condos in Downtown Austin, Texas.
Byline: Shonda Novak
Nov. 30--Company officials once bragged that demand was so high, they had to raise prices. Now, because of dwindling demand, they've had to put one of Austin's highest-profile residential developments on hold.
Maritz, Wolff & Co., developer of the Four Seasons Residences -- a 28-story luxury condominium high-rise planned for downtown Austin -- announced Thursday that it will postpone the project for 18 to 24 months and wait for the economy to improve.
The decision is another sign of a faltering Central Texas economy and a slowing real estate market that has prompted several proposed residential and commercial developments to be pushed back indefinitely.
One proposed residential condo project -- The Monarch on Town Lake -- recently ended up in foreclosure when the developer …
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