Incentives for renters may be drying up, but happily the free money isn't disappearing from the new development market quite yet. Enter our old friend Beacon Towers, the eight-story Harlem building that offered a $300/month cash "stimulus package" to buyers last summer. The development's latest sales gimmick with a name that alludes to federal economic rescue efforts? The Beacon Towers Tax Credit, which is not so much a tax credit as $8,000 in cash given to buyers at closing for contracts signed until July 31.
The money "can be used to cover the costs of general living expenses, can be applied towards the building's monthly mortgage or maintenance charges, or for the buyer's personal savings," says the building press release. (And remember, buy local!) We'd say use some of that cash to buy an iPad, but the building will give buyers one of those, too, if they sign a contract over Memorial Day weekend.
The building is apparently more than 80 percent sold (and move-ins have started), but there are still one- and two-bedrooms on the market for $275,000 to $607,000.
· Door Prizes: Harlem Building Will Pay You to Live There [Curbed]