(I wanted to write a didactic article for my real estate blog about the possible effects of the 2011 Federal Tax increases on the New York City Real Estate Market. But I just couldn't seem to write it in a straight, formal essay format. The results are below. I hope this does not fail miserably.)
I'd like to think I won't be spending Friday night, December 31, 2010 stuck in some Real Estate or Bank Attorney's office like the rest of my real estate colleagues across the country. Maybe this won't happen say if Santa Barack (aka Santa ‘Bama) is able to stall the expiration of those nasty Post Bush Era tax decreases. These changes could stuff the American Taxpayers Christmas stocking`s with coal beginning on Jan. 1, 2011
But as a proud and privileged New York City Real Estate Broker, I'd like to think that I might be above all of the hoi polloi and fuss-"capital gains, smapital gains!! I should be sucking down egg nogs in the Caribbean and making champagne New Years toast in Tahiti.
Today however I am sitting looking at the NY Times Real Estate Classifieds alone and confused. Wondering when and where my next commission check will be coming from. The four Jewish holidays start tonight and the end of Ramadan so early this year. Before you know it October Fest, Thanksgiving, Xmas, Quanza, Chanukah-all caused by the tricks of the end of October:
Twas the day after Labor Day
And all though the housing market
Not a seller was stirring
Not even their accountants
The house ads seem barren
The web listings quite bare.
But maybe Obama Claus
Will save us the scare.
Now I don't know if I am going to be able to say to my sophisticated Manhattan clientele this winter-"oh if it hasn't sold in a week, take it off the market until January 15 or so. Then raise the price for a very sweet Valentines Day sale". Or-"don't worry, do a tax deferred exchange, be happy".
Just yesterday, for example, I started seeing graffiti like this scrawled on "subway walls and tenement halls":
The grumpy investors
Were not on the ball.
While riding the market
It took a great fall.
All of their brokers
And lawyers and friends
Couldn't make prices rise
Ever again.
(To be continued)
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