Sellers often picking up tab on levy
From the September issue: New York buyers love the nines. As in, $999,999. Or just anything below
a million dollars. That’s because the $1 million threshold triggers the
mansion tax, that 1 percent levy that’s so commonplace in Manhattan
real estate. It’s been around for two decades, but buyers have never
stopped trying to avoid it — perhaps now more than ever. In a market like this one, even sellers who aren’t willing to budge
on the price can sometimes be convinced to foot the bill — in some way
— for what is traditionally a buyer’s burden. Sponsors at new
developments, for example, have been known to absorb mansion taxes,
among other closing costs, as part of their concession packages. That
way, they can keep the price per square foot high without turning off
buyers who are expecting to find deals. [more]