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Arrested Development

Supply and demand is such a mother. Out in Birmingham, they can't build enough fancy-pants homes to keep up! Says Kenneth W. Peterson, who specializes in luxury real estate, "There are no brand-new condos available in the Birmingham/Bloomfield area for under $1 million, and that is really where the market is. There is a pent-up demand from buyers. We've had more buyers than in recent years. The problem is what they want and what we have are two different things." Oh my goodness! Thank the heavens that the half-developed Woodland Villas condo project is finally going to finish. [Freep]