WCI is condo shy

WCI Communities was one of the condo kings during the real estate boom, with 21 residential towers under construction in mid-2006.

The Bonita Springs-based homebuilder built condo towers on both coasts of Florida, successfully selling them to speculators who flipped them for profits.

But when the real estate collapse hit Florida, the end of the condo boom was one reason WCI sought bankruptcy protection in 2008. Its most high-profile financial debacle was One Bal Harbour, the Miami-Dade luxury tower that was completed in 2007 and stricken with buyer cancellations.

Memories of the condo collapse likely linger in WCI's corporate culture today. In a recent conference call with investors, WCI President and CEO Keith Bass says the company isn't planning any condo construction soon even though demand has increased and it has the land on which to build them.

“We're going to watch it in 2014 and make a decision whether to sit on that land or bring a building on,” he says. For now, the company is focusing on single-family homes.

Still, in response to an analyst's question, Bass says he's noticed positive trends in the condo market in Florida. “That market's recovered a lot more quickly than we anticipated,” he says.