--- In AsburyPark@yahoogroups.com, "fancypaaantz" <[EMAIL PROTECTED]>
wrote:
>
> city further abates taxes and the builders abate maint, crap! our
> values just dropped from say 350-370 to 2 something bc we don't
have
> abatements on either
>
Exactly. I thought of you as I wrote this.
Well I think N. Beach had a no maint for one year I think they took
that promo off.
Like dan said, NO TAXES until a CO is issued. So if a developer sits
on empty but completed units - there is no benefit to the city. Not
sure how they address the common areas of the building in realtion to
taxes. They should tax as soon as the first CO is issued.
So if the City gives a tax break (which has to be paid back), MAYBE
the units will sell quicker putting those vacant units on the books.
Same for downtown units. Get the people in, take a cut of the future
value jsut like the feds believe in.
This idea is no crazier then anything the gov has come up with.
Nothing to lose and a possibility of a gain.
And one thing in the bailout plan that Jen noted. The bailout goes to
primary home. So those that purchased a second home in a "resort
area" like Florida, CA, Arizona etc - those areas are still screwed
cause the bailout won't work there. Those values are down, upaide
down mortgages, and plenty to choose from.
I believe some of the other developments have been turned to rental
units by the developer like The Mercury. Others might be or could
soon be.
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