Sunday, March 29, 2009

I can't afford to live in my free apartment

Recently I won this amazing radio station contest that claimed it would "change the life" of the winner. Prizes included a new car, dinner one a month for a year, lunch once a month for a year, weekend getaway once a month for a year, two watches a month for a year (? weird, I know), new wardrobe, cell phone bill paid, golden ticket to see all the live in-studio performances over the next year (arguably the coolest prize in the package), and an apartment ("loft") to live in for a year. There's video of me going crazy winning this package, but in the days following the win, I've been going crazy trying to figure out a way to keep it all

On top of the fact that I have to report the prize value as earned income on my taxes and have it leined at an increased rate, the Stadium Loft Anaheim people are claiming the value of the apartment at $4400 a month. $4400 dollars! Not pesos, not units, not cents, DOLLARS! Ridic! I looked up comprable units in the surrounding area and the median rate for a comprable space is $1900. At a modest 30% taxation, I would pay over $1300 a month for my "free" apartment....that I am not allowed to sublet, transfer or add additional persons to the lease of

It would be easy enough to just decline the prize, but I'm so pissed that the company offering the apartment clearly entered it as a prize with an inflated valued knowing no one would ever live there. When I called the marketing company representing the property managers and expressed my views on the situation- citing the fact that the very unit they had told me would be mine was listed on their website for sale at $289,000 (making a year's rent worth about 1/6 of the total cost to OWN), showcasing some lack of seriousness at renting the unit- she took a pregnant pause, exhaled and admitted the units were never really intended to be rented

At this point, I've contacted the radio station, the Loft people, the marketing firm and several tax attorneys about the situation and am still without a resolution. The radio station has bounced it back to their legal department for review, but I'm not holding my breath

No comments: