"The buyers are frozen," says Hamptons broker Enzo Morabito. "The Wall Street kids with the bonuses were the essence of this market, and now they're gone." And so, Morabito will auction off 15 Hamptons homes from March 22-25, some at starting prices as low as half their original asking prices. Meanwhile, a Florida woman might be out a $56,000 deposit she put down on a Bridgehampton summer rental (right), because the mansion?owned by a developer's company that is now bankrupt?is scheduled to be auctioned before the season begins. [NYPost]
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