The Cleveland Condo Loft

Incentives for new condo buyers are increasing in many real estate markets. Everything from price cuts, free merchandise such as cars and appliances to a year’s free tuition are offered by anxious developers looking to get condo residences under contract and sold. In some markets, tax abatements are offered to new buyers. And then, of course, there is the $8000 tax credit incentive from the Federal government.

In Cleveland, tax abatements are offered to buyers of new construction, in support of getting the high number of newly constructed homes sold. The city of Cleveland offers a 15 year 100% tax abatement for newly constructed homes, but the buyer is still liable for tax increases on the land. For rehabilitated properties, the abatement is 10 years. This is a powerful incentive for new Cleveland condo buyers. Other cities in the region are considering similiar plans.

Take a look here at new Cleveland condo developments:
Battery Park Condos
Legacy at St Lukes
Payne Lofts
Stonebridge Towers

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