A few blogs reported on this last week, now the Times has picked up on it, the ‘Obama clause’. It’s time to brace ourselves for the effect of plummeting real estate prices in New York. For those who surmise that they’ll be able to afford that huge loft space that was always out of read, you’re in for a rude awakening. But the really sad news is that developers, desperate to make a deal, are willing to inject such gimmickry into their prospectus. Let’s all pray that times get better real fast or pretty soon we’ll be seeing the sales pitches taking on a decidedly less sophistocated air:
‘The McCain-Romney clause’ – between now and Nov. 4, buyers will know if they will be able to back out of their contract, dependent upon the McCain’s campaign decision to keep or drop Palin at the last minute (Palin stays, the contract is binding/Palin goes, buyers are released from obligation).
‘The Santa clause’ – as long as every family buying into the new development in question is able to celebrate Christmas (or their winter holiday of choice), shareholders are released from their obligations to inhabit the units for 2 years or get stuck with a flip-tax.
‘The Britney-Madonna clause’ – buyers signing an agreement to allow famous people to live in the building are given a break on their common charges (unspecified).
