Wednesday, August 08, 2007

The Times They are A-Changing

Rapid growth, fueled by speculators, seems to have caught Keys uber-developer Cay Clubs in a classic trap. Rock Trueblood offers the analysis at his Watchworld blog, while the Miami Herald follows the day to day story here, and here , and here.

Cay Clubs bought the leases to city-owned restaurants Turtle Kraals and Half Shell Raw Bar on the city-owned Key West Bight, as well as the Conch Harbor Marina. They also claim to own more boat slips (900) in the Keys than any one else, and they pump these as condo slips as well.

The Singhs, the Spottswoods and the developers of Conch Harbor (nee Watermark) and Santa Maria are all involved in schemes similar to these, converting what were hotels into condotels that will be coming on to the market in the next 12-18 months. Will the buyers be there? Will the financing be there? I have my doubts.

What does it all mean for the tourist economy that is our lifeblood in Key West and the rest of the Keys? Watch for major changes.

1 comment:

Anonymous said...

Bob:

It's interesting that you use the word "schemes."

In my opinion, the actions of a sleazy operator like Pritim Singh are very different from the Spottswoods. I don't think it's fair to lump them all together.

 
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