A recent client of mine walked away from a $250,000 contract deposit for a two-bedroom, two-bath apartment in a tony new Upper West Side development. She signed the contract over a year ago in a very different market, and what was worth $2.5 million last year is likely worth about $1.8 million today. Apparently, the pain of overpaying by $700,000 outweighed the quarter million dollar hit. She has since purchased a home that is larger, with better views, in a comparable new development for $1.7 million.The flailing Manhattan market is a breeding ground for buyer remorse these days.
By Douglas Heddings, July 27, 2009 WSJ

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