Four Reasons to Buy a Million-Dollar Condo for the Kids

kids apts Four Reasons to Buy a Million Dollar Condo for the Kids

Home sweet tax loophole. (Getty)

Graduation season just commenced, which means gifts for grads. In most of the country, that’ll be a new MacBook, maybe a car. Here in Manhattan, it means another Times trend piece about parents buying a $1.15 million condo—complete with rock climbing wall and spa—just for the kids.

Why would they do such a thing? Let’s let mom and dad explain:

  • A mother who is listed with her son on the proprietary lease for a studio that closed for less than $265,000: “With the interest rate and the price that we found, we couldn’t not do it.”
  • A dad who purchased a $250,000 studio in a co-op building with a doorman, for which his daughter will pay just the maintenance fee: “The whole process was long and painful, but I believe it was worth it, because we know she is living in a safe and good place.”
  • The dad behind that $1.15 million climbing-and-cleansing condo: “We didn’t buy this place for Olivia. We bought it as a family place.”
  • A dad who “took advantage of the gift exclusion,” buying his twins an $800,000 two-bedroom apartment to sneak under the $1 million cap: “It was a great price and it was a way for us financially to give them money without having to die.”

efoxhall@observer.com

Comments

  1. Danny Welsh says:

    I totally agree with this post. Basically, the parents are investing in real estate but putting it to great use by letting the children live it. Great idea in my opinion.

  2. Lift some more information from the NY Times, at least give Vivian some credit for the article.