I've had my dad's condo on the market for 16 months. When it first went on the market, it was valued at around $400,000. That's what comparable units were marketed at. Well, needless to say, we all know the condo and housing market tanked and I had a offer well below what others had their units marketed at. Just over $300,000.
Long story short. Even though these owners are getting a condo well below all the others in the neighborhood, they've included another clause in the contract that the seller pays the buyers new transfer tax. Or the deal is off.
Looks like I'll be paying NEW transfer tax if we close in April. Just one more concession the sellers are having to make in the ever tightening housing market.
Wonder if those brilliant minds in city hall thought of that? Can you imagine all the other realtors and brokers that are going through this very situation at the moment? Our housing market is in the tank. Foreclosures are popping up, everywhere. The lending market is tightening the noose.
There is going to be a lot of pissed off realtors/brokers and developers come April. Especially if the potential buyers want the sellers to cover this tax or they won't buy. They've got far more housing stock. They'll be far more pissed off than I.
But, hey... at least the seniors get to ride the CTA for free!
9 comments:
Craig, I don't know if this tax will have any more depressing an effect on prices than the credit crises, but it sure doesn't help.
Wonder if the Braintrust at City Hall calculated how much more expensive goods and FOOD have become because of our new sales tax?
Did they bother to project how many more citizens will take their business to online stores or to distant suburbs?
Or if they figured out what they will do for revenue when half of existing business close up and either go online or move to someplace like Munster, IN or Kankakee, IL ? Or fold altogether?
It has been calculated that government employees at the local, state, and federal levels together now outnumber those of us employed in the private sector. How can we continue to support all this?
Laura said...> "Or if they figured out what they will do for revenue when half of existing business close up..."
Just got a call from a 20 year advertiser. He's closing shop. He said he's done dealing with all the city bullshit. Small business is sinking fast in this city.
It is life in Blue place. Punish people for owning property, and transfer some of that equity to the CTA's unions.
It is life in a Blue place. Punish people for owning property, and hand some of their equity over to the CTA's unions.
Talk about odd timing to the sellers woes. Wow! Check this story out.
The story looks grimmer in the Sun-Times.
I'm guessing a lot of these developers/realtors/brokers/builders will be contributing less money to the Alderman's campaign war-chest in the next few years. Or, one can only hope.
On one hand you're trying to make as much money off your place as you can, but on the other, you maintain a blog about how shit the neighborhood is... arent those two actions slightly at odds?
The property in question is located in Ravenwood. Not Rogers Park.
Sellers usually pay taxes on closing, which are pro rated. I wonder if the braintrust of an attorney has ever represented anyone in a closing? Didn't he tell this guy? This seems pathetic and has nothing to do with the market.
Real estate is one of the areas with the highest level of malpractice, because attorneys have dropped their fees so low that when anything looks questionable, they are sometimes too inexperienced to explain.
I may be brought back into the litigation fold to represent a client in a situation where the attorney is being sued, among others in the closing. However, even this defendant is too cheap to afford experience.
The attorney who is representing the plaintiff is doing it for contingency, but is likely not to make much in the exchange. Again, inexperience is an unfortunate thing.
Why don't we sue because the clouds did not part and 'The Force' did not swoop down to convince a few police offers to help from time to time? Jones v. Steven Spielberg, City of Chicago, et. al. 83 CH 348? What a fascinating equity claim? I guess that you have to have faith in Yoda.
Call and you might find some attorney willing to charge you to file your own pro se action. However, he'll or she may deny that he ever put you up to it!
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