Over at The Chicago Real Estate Local, a blog by regular YoChicago commenter Eric Rojas, he points to a two-bedroom two bath resale duplex for $295,000 in Old Irving Park, where the seller is dangling a Mini Cooper and parking space, a “fully loaded” penthouse with speakers and two flat-screen TVs and a vacation for two to Cancun.
Check out Rojas’ site for the wacky photos that the seller apparently posted on the MLS. Some may think this is a good deal, but Yo’s truly thinks the seller should just lower the price rather than trying to get a good price by off-loading a whole bunch of unwanted toys like some demented game show host.
Wouldn’t you end up having to declare all these incentives and pay taxes on them?
If the incentives are going to the buyer, no.
You don’t pay income taxes on things you buy.
Ah. I was thinking of them as gifts, rather than as part of the larger purchase (displaying my ignorance, clearly). Thanks for the clarification.
The condo mentioned above is under contract for $260,000. The other penthouse is available at $259,000. So, since I posted, a substantial reduction in price and more in line with the area.
Were all the “incentives” still thrown in?
Wouldn’t you have to pay sales tax for the incentives?
I’m guessing the developer bought retail and paid the sales tax.
Great. I’d like to see the bill of sale on that one, at the closing.