Buyers begin to boomerang
Some purchasers who ditched deals are now reclaiming the same units -- at a lower price October 19, 2009 04:00PM By Candace Taylor
From the October issue: When the buyer of a new development condo on the Upper West Side broke his sales contract last spring, he didn't regret forfeiting the $250,000 deposit. By his estimate, the $2.5 million condo had lost far more of its value -- some $800,000 -- since he agreed to purchase it. "He thought, 'I'm losing less money walking away from my contract deposit. I'm not going to throw good money after bad,'" said Steven Sladkus, a partner at law firm Wolf Haldenstein Adler Freeman & Herz, and the buyer's attorney. So Sladkus was surprised to get a call from the buyer a few weeks ago asking if the sponsor would sell him the unit after all -- for the right price. more
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