The condo returns

Homebuilder and developer WCI Communities told investors recently that the average selling price of its homes fell 10.5% in the fourth quarter.

But there was one notable exception: Altaira, the condo tower WCI is building at The Colony Golf and Bay Club in Bonita Springs, is posting average sales price per unit of $1.8 million. That compares with an average selling price of $451,000 for all its homes.

The condo prices drew lots of questions on a recent conference call with Wall Street analysts because the profit margins on condos are fatter than single-family homes.