Bubble Wrap
Entry
Domino Effect
The NY Times reports on Linden78, the latest building where buyers are walking away from contracts and getting their deposits returned because the developer did not meet a closing deadline.
“This is how the system is supposed to work,” said Steve Goldschmidt, a broker at Warburg Realty. “Funds were escrowed, a deadline wasn’t met and people got their money back.”
The developers were required to close on at least one unit by April 1. One buyer did close on a $3 million purchase on March 31, but the closing was not counted by the state attorney general’s office, since the building did not yet have a temporary certificate of occupancy. Those buyers too may chose to withdraw.
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posted about 6 months ago
