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Some property owners and downtown pioneers have benefitted as condo prices have risen. Mostly, the uptick reflects the surging expense of concrete, land and steel.

Some developers fear condos might soon become too expensive. A few new projects feature smaller condos with prices below last year's median. Most of the units at the Nash, a planned complex on Dawson Street, are to be smaller than 1,000 square feet; prices are expected to start below $300,000.

There have also been cutbacks. Empire Properties last month abandoned plans to wrap dozens of condos around a county parking garage after it had difficulty meeting open-space ordinances. The Boulevard Co. of Charlotte once talked about building condos at Hillsborough Street and Boylan Avenue. Now it says it might sell the $1.4 million site.

Sandreuter, the developer of The West, pushed for 200 units but now plans only 170. "You have to be able to sell them," he said. "You don't want to be short, but you don't want to build too much. It's like The Three Bears: 'Not too hot, not too cold, but just right.' "

Over the next few years, a surge of condos will fill the market. They will appeal to baby boomers, first-time home buyers and even the environmentally conscious.

Investors will have to be careful, said Bernard Helm, president of the real estate data firm Market Opportunity Research Enterprises. It's a tricky market with a limited appeal. "Developers who do their research and know who they're building for will do fine," he said. "For those who are building condos because they hear the market for condos is hot, there are going to be empty pockets."

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