Provided below is sales data from the sale of 19 taxi medallions as reported by the TLC for December 2017. The foreclosure sales prices for the four medallion sales (two at $750,000, one at $400,000 and one at $210,000) may be inflated because banks “credit bid” at those foreclosure sales (they bid up to the amount of their loan balances); therefore, they may not accurately reflect the fair market value of a taxi medallion. Similarly, the estate sales for $160,000 and no consideration 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 December sales data appears to be $185,000-$200,000. 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
|
|
$210,000
|
|
1
|
|
$210,000
|
Foreclosure
|
1
|
|
$800,000
|
|
3
|
|
$750,000
|
Foreclosure
|
2
|
|
$400,000
|
Foreclosure
|
1
|
|
$313,958.06
|
50%
|
1
|
|
$225,000
|
|
1
|
|
$200,000
|
|
1
|
|
$180,000
|
|
1
|
|
$180,000
|
|
1
|
|
$160,000
|
Estate
|
1
|
|
$158,000
|
|
1
|
|
$155,000
|
|
1
|
|
$0
|
Estate
|
1
|
|
$0
|
Estate
|
1
|
|
$0
|
Individual to LLC
|
1
|
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