Abandoning ship: Buyers forfeiting million-dollar deposits

From Curbed.com blog

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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 informationThe Real Deal reported in December that more than 10 percent of scheduled closings just aren’t happening, and telecom mogul Michael Hirtenstein recently gave up millions on his One York assemblage — we do get some fresh gossip.