Tight money squeezes condos.

• Position: Charlotte

Three years ago, downtown Charlotte's condo market was cooking. At least seven developers had high-rise projects planned or under way (Skyline Drive, June 2005). But one of four things, local real-estate marketer Emma Littlejohn warned, could cool things off: shrinking demand, higher interest rates, increased construction costs or cautious lenders.

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All four have been felt, but it's the last factor that has hindered Queen City developers, just as it has their peers across the state and nation. Several projects are on hold for various reasons, usually financial, and a 22-story tower went into foreclosure and was auctioned at the Mecklenburg County courthouse. Three contractors forced The Park into bankruptcy to delay the sale and recover $1.8 million they claim they're owed.

Carl Felson of developer Verna and Associates declined comment on what happened. In 2005, the project's estimated completion date was late 2006, but it's only 70% complete, according to court papers filed in August by the project's lender, Madison, Wisc.-based BB Syndication Services. When the developer stopped making payments earlier this year, $28. 1 million of the $30.7...