The
April 2018 New York City Taxi & Limousine Commission (TLC) sales results
have been released to the public. And as is our practice, provided below
are James Shenwick’s comments about those sales results.
1. The volume of sales continues to decline. In April, there
were only 23 taxi medallion sales (excluding stock transfers).
2. 12 of the 23 sales (over half) were foreclosure sales,
which means that the medallion owner defaulted on the bank loan and the banks
were foreclosing to obtain possession of the medallion. We disregard these
transfers in our analysis of the data, because we believe that they are
outliers and not indicative of the true value of the medallion, which is a sale
between a buyer and a seller under no pressure to sell (fair market value). Three additional transfers were family
transactions for minimal or no consideration, which we have also excluded from
our analysis.
3. The eight regular sales ranged from a low of $170,000 (one
medallion), to three medallions at $175,000, to two medallions at $180,000, and
two medallions at $185,000.
4. The low sales volume seems to indicate that at this stage
of the market, not many parties are involved in selling or buying medallions,
possibly due to the fear that medallion prices may further decrease.
5. The median of March’s sales was $177,500, a $2,500 (1.4 %)
decrease from March’s median sales of $180,000.
Please continue to read our blog to see what happens to
medallion pricing in the future. Any individuals or businesses with questions
about taxi medallion valuations or workouts should contact Jim Shenwick at (212)
541-6224 or via email at jshenwick@gmail.com.
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