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Article: Downturn puts the brakes on Florida Keys' land rush; 'Everybody's broke'; For inexpensive housing a reprieve, but it's left scars, too.(Real Estate)
- Article from:
- The Seattle Times (Seattle, WA)
- Article date:
- October 25, 2009
CopyrightCOPYRIGHT 2009 The Seattle Times. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Cammy Clark; Miami Herald
MIAMI -- Luxury developers with grand plans swarmed the Florida Keys during the real-estate boom, paying big bucks to gobble up campgrounds, trailer parks, marinas, mom-and-pop motels -- even renowned Holiday Isle and its World Famous Tiki Bar.
Many Keys' residents became alarmed that their "Mayberry-by-the-Sea" was heading toward extinction.
Then came the real-estate and credit crash. From Key Largo to Key West, at least 18 pricey projects screeched to a halt in 2007 and 2008. They included The Shore in Islamorada -- site of Home & Garden Television's 2008 Dream Home -- and Harbor Place, now a city block of ...