How much of an impact would an extended first-time homebuyer tax credit have on NYC?
October 28, 2009 01:00PM
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Comments
Anonymous
Would help outer boroughs a bit; 1 bedrm/studio co-ops mostly
Comment #1 Posted By: Anonymous 10/28/09
Anonymous
almost useless in Manhattan. No one qualifies and the credit is such a minimal percentage of the purchase price. There maybe a indirect affect on the banks that provide financing, but probably change the market.
Comment #2 Posted By: Anonymous 10/28/09
Anonymous
It is not a very functional item for Manhattan. It is very helpful in the outer-boroughs and Long Island.
Comment #3 Posted By: Anonymous 10/28/09
Anonymous
Right. But it does still cover some closing costs, even for Manhattan, but certainly not a motivator to purchase home as it would be in other parts of the country.
Comment #4 Posted By: Anonymous 10/28/09
Anonymous
Sure, it is a plus to not have to pay certain costs, but if, when buying an apartment in Manhattan of, say $700,000 and above, $8,000 is the make-or-break item, then you shouldn't be buying the apartment. It would barely cover the mortgage recording tax.
Comment #5 Posted By: Anonymous 10/28/09
Anonymous
No manhattan purchaser would (or should) make the income limits.
Comment #6 Posted By: Anonymous 10/28/09
Andrew
It's almost useless in Manhattan. If you have an income low enough to qualify for the credit, chances are it is to low to qualify for the coop. Why not just give the credit to everyone?
Comment #7 Posted By: Andrew 10/28/09
Anonymous
It will actually bring down the median price in NYC. This credit helps studio buyers so more studio buyers will by now rather than wait. Because more studios will be bought the median price of an apartment will go down.
Comment #8 Posted By: Anonymous 10/28/09
Anonymous
forget too low to qualify for the co-op. What bank is going to write a mortgage for someone who qualifies for the credit if their income is that low?
Comment #9 Posted By: Anonymous 10/28/09