Provided below is sales data from the sale of 46 unrestricted taxi medallions as reported by the TLC for January 2018, which includes 34 medallions sold in a bankruptcy auction. The estate sales for $245,000, $176,000 and $170,000 may be too low a value because these sales reflect a sale by the estate of a taxi medallion owner who died, and those “desperate sellers” are selling for tax purposes or to quickly dispose of a depreciating asset. Factoring out the foreclosure and estate sales, the fair market value of a medallion based on January sales data appears to be approximately $186,000 based on the 34 medallions sold at the bankruptcy auction. Auction sales with a bidding process often reflect fair market value. Medallion owners with “underwater” medallions (where the loan balance exceeds the value of the medallion) should contact Jim Shenwick to discuss their options under the law.
Price
|
Type of Sale
|
Number of Medallions
|
$380,000
|
2
|
|
$380,000
|
2
|
|
$372,000
|
Bankruptcy
|
2
|
$372,000
|
Bankruptcy
|
2
|
$372,000
|
Bankruptcy
|
2
|
$372,000
|
Bankruptcy
|
2
|
$372,000
|
Bankruptcy
|
2
|
$372,000
|
Bankruptcy
|
2
|
$372,000
|
Bankruptcy
|
2
|
$372,000
|
Bankruptcy
|
2
|
$372,000
|
Bankruptcy
|
2
|
$372,000
|
Bankruptcy
|
2
|
$372,000
|
Bankruptcy
|
2
|
$372,000
|
Bankruptcy
|
2
|
$372,000
|
Bankruptcy
|
2
|
$372,000
|
Bankruptcy
|
2
|
$372,000
|
Bankruptcy
|
2
|
$372,000
|
Bankruptcy
|
2
|
$372,000
|
Bankruptcy
|
2
|
$250,000
|
1
|
|
$250,000
|
1
|
|
$245,000
|
Estate
|
1
|
$185,000
|
1
|
|
$181,000
|
1
|
|
$176,000
|
Estate
|
1
|
$170,000
|
Foreclosure
|
1
|
$170,000
|
Estate
|
1
|
$170,000
|
1
|
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