BROADCAST DATE : Jan 9, 2008

Condo Crunch

Great towers of glass and steel are going up in every big city in this country, and in many of the smaller ones too. If you're looking to buy your first home, or if you're looking to downsize, chances are good you're looking at condos. 

You may be surprised to learn that the beautiful rooms you see in the model suites are not necessarily like the ones you'll live in once your building is complete. The den on your floor plans may become a walk-in closet by the time you move in. Your ceilings may turn out to be a foot or two lower than the ones you saw in the model suite when you decided to buy. 

As Wendy Mesley reports, buying a condo is fraught with risk for you, the buyer. The developers? They're pretty well protected.