Monday, March 23, 2009

Up In Smoke

NOTHING TO SHOW FOR IT Louis Andriopoulos expects to lose a $100,000 deposit on a place at Fifth on the Park.

by Lionel Creech

Some of the buyers who thought they would be moving into new condominiums in the region this year are finding that those plans are in ruins as they are being forced to walk away from the hefty down payments they made a year or more ago.

They can’t complete their deals because the mortgages they lined up before the credit crisis took hold have evaporated and they can no longer get financing.

Elizabeth and James Pham put all their savings into the deposit they made on a $956,990 two-bedroom apartment at Maxwell Place, a new development in Hoboken, N.J.

They signed an agreement for the apartment in 2005, put down $93,199 and were preapproved for a mortgage for the rest of the purchase price....Click to Read More...

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