Florida Virtual Houses

Manhattan buyers walking away from deposits of more than $1 million

February 27th, 2009

You'd think that a home buyer who put down a deposit of $1 million would be pretty much locked into a purchase, even in the toughest circumstances. But, as The New York Times reports today, buyers in Manhattan's expensive condo market are having second thoughts about properties they agreed to buy before the financial crisis. Buyers are leaving deposits of hundreds of thousands of dollars to more than $1 million on the table, the article says.

Even more surprising, some of the buyers who abandoned their massive deposits are back in the market, looking for better deals elsewhere.

Entry Filed under: News