TWO weeks ago The New York Times ran a real estate story entitled “The Tax Man Cometh for Some Condos” highlighting an issue we’ve been worrying about for some time in LIC. In fact it’s been 18 months since we warned condo owners that the tax problems at the Citylights Building could come to bite them as well and they should start preparing themselves, and their building, way ahead of time.
Worse, not only should you expect to start paying more, a reality that is easily prognosticated for those whose heads aren’t in the sand, but you should also expect to start receiving less. That’s because buyers looking at condos with soon-to-be-expiring 421-a tax abatements are working the anticipated numbers1 and do not like what they see. Thus those buildings in this category are seeing their selling prices being clipped quite considerably in this softening real estate market. Needless to say Long Island City has quite a few condominiums of this vintage, so it may not be a very Merry New Year for those owners needing to sell in 2020.
The Tax Man Cometh for Some Condos – “A 10-year sales analysis of 7,238 condo units with waning 421-a tax breaks showed that their sale prices grew by 12 percent in that time, compared to a substantially stronger 29 percent in the overall condo market”
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- their monthly outlay w/ or w/o a mortgage [↩]