Exact(13)
The tax on buildings and property other than land distorts resource allocation where older property exists.
First-time buyers are already competing with older property buyers, and coming off second best.
She adds that she had not been worried about leasehold because she had been in an older property in Bolton where the ground rent was £2.50 a year.
"More than anything else, a showcase gives people an idea of what can be done with an older property," he added.
LCP said buyers of new homes in the prime central London neighbourhoods of Kensington & Chelsea and Westminster were typically paying a premium of 20%, with prices averaging just under £2m compared with £1.66m for an older property.
Still, when the DLC Management Corporation of Tarrytown, N.Y., bought the older property in July 1999, it was 86percentt occupied, says Adam W. Ifshin, who, with his father, Stephen N. Ifshin, founded the development company in 1991.
Similar(47)
Muddled ownership remains a problem for some older properties in Turkey.
They run from around $400,000, for older properties, to the million-dollar mark for new construction.
A number of larger, older properties have been converted to two-family homes.
With little room for new building, developers are turning to older properties for condo conversions.
Even with less new inventory, landlords feel the need to upgrade older properties.
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