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A Condo Escape Clause for New York Liberals

Posted by: Peter Coy on October 28, 2008

A New York condo developer is offering to let buyers back out of contracts signed between now and Election Day if Barack Obama fails to win the presidency.

The New York Times asks if this is a gimmick. I think I can answer that question. Yes, it is a gimmick. It’s going over big with journalists, but I wonder how it will influence people who have real money on the line.

Reader Comments

Miami Beach Real Estate

October 30, 2008 9:09 AM

It may be a gimmick, but it is a good one. I know people who actually did leave the country after the last presidential election.

Tom Fiori

October 30, 2008 4:37 PM

I hope it is not a gimmick and people take advantage of it. If O'Bama is elected they will have to back out anyway due to his policy changes

Roy Woods

October 30, 2008 5:32 PM

Betting on the wrong horse. If Obama wins we will slip deeper into this mess. It has all come about in the last year and a half since the Democrats to charge of Congress.

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BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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