AgentIndustry News

Abandoning ship: Buyers forfeiting million-dollar deposits

From blog

On Thursday the New York Times dropped a bomb on the real estate world with its report, shrouded in mystery as to specifics, of a batch of new condo developments that could be auctioned off to the public come April. Now, the paper follows that story up with a second barrage in its sky-is-falling bloodbath: Buyers are walking away from six-figure deposits rather than close on apartments suddenly worth far less than when the contracts were signed. While that's not new information -- The Real Deal reported in December that more than 10 percent of scheduled closings just aren't happening, and telecom mogul Michael Hirtenstein recently