Dolly Lenz says Elliman losing deals because of Madoff

On Fox Business News, Dolly Lenz, a vice chairman at Prudential Douglas Elliman, discussed how the Bernard Madoff scandal is affecting New York real estate. Lenz said Elliman has already lost six deals because buyers who lost money with Madoff no longer have cash for down payments, and she expects more deals will fall through. Lenz said that in New York and Boca Raton, Fla., sellers whose deals have gone belly up are now looking to unload their homes to anyone who can pay in cash. And although there are fewer people buying homes, most buildings still want cash buyers, and won’t consider those who need financing. Meanwhile, Lenz said that although the median price in the city has fallen, the price per square foot is still strong.