In one of those "only in Florida!" stories, the Wall Street Journal reports that Lehman Brothers are offering buyers at their West Bay Club resort community near Naples a full refund after three years of condo ownership. Lehman is betting that prices will recover in Florida by then, and most of the 200 buyers will hold on to their condos. The units are priced between $480,000 and $2 million. Just imagine the chaos if this policy every spread to New York. "Um, Mr. Zeckendorf? Hi, I'd like my $45 million back, please. Yes, now." [WSJ, second item]
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