Developers make deals to keep buyers from jumping ship, but quietly

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With the real estate sector beginning to show signs of improvement, some say developers are more willing to negotiate to keep buyers from demanding their deposits back. When buyers at large developments like the Brompton and the Time Warner Center began citing a provision of the Interstate Land Sales Full Disclosure Act in order to try to back out of their contracts, developers privately began making deals on the pricey condos. While the Related Companies denies allegations that any such deals have taken place at its 22-story Brompton, reports have said the hushed negotiations usually end once they are revealed. Joanna Rose, a spokesperson for Related, said two-thirds of the 193 apartments in the building have closed, “all at original contract price with no concessions.” [NYT]

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