For prospective buyers who overlooked the "10-year" part of the phrase "10-year tax abatement," New York Magazine reminds us that the tax abatements on many new condo developments will end within the next decade, sending taxes on a condo from, say, $600 a month to $1,550 or more. Many buyers had used abatements as an opportunity to stretch their finances and buy more expensive property, counting on a profitable flip sometime before the abatement expired. Now, brokers are reminding clients that flips might not be possible. The things buyers have to think about these days! [NYM]
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