While many brokers and developers are hyping to the public that there are sales taking place, the truth, according to industry leaders, is that little or no sales activity has taken place since the fall of Lehman Brothers in September. The combination of layoffs, reduction in bonuses, the frantic stock market and the fallout of Bernie Madoff's empire is creating havoc in the fragile market.
And units that are closing, some experts say, are generally those in buildings that have made some headway in terms of construction.
Trade sources say that at least 10 percent of scheduled closings are not taking place due to purchasers' inability to secure mortgage financing. In the rare case where closings are taking place, developers are "overjoyed that closings have finally occurred," the managing director said.
Letter to Santa Claus: "Please help me sell my condo units"