Money makers in U.S. are fleeing their home states and looking to the Florida luxury real estate market options for a better quality of life, after the Tax Cut and Jobs Act passed by Congress and signed by the president on 2017, set the state and local taxes cap set to $10,000.
South Florida is sure to offer multiple benefits for the real estate industry, It is not a myth that South Florida has the most perfect weather all year round, but it also offer lifestyle options, all sort of real estate and projects offering amenities that fits every lifestyle need, and tax benefits.
Rise in Multimillion Dollar Real Estate Market
The multimillion-dollar real estate market in Florida is rising; the many beautiful and well located mansions options, the no state income tax obligation, and the lower property fees, are now part of the long list of benefits that wealthy real estate buyers around U.S are adding to their list of benefits, and motivating them to move to the Sunshine State. The new South Florida real estate buyers are buying properties valued up to $30 million, for them it is some sore a bargain, if they compare with all they have to pay on state taxes and city taxes on their home states.
Multimillion Dollar Buyers in Florida
As well as millionaire business people from other states in U.S., Hollywood stars, and wealthy foreigners are being attracted by the fabulous lifestyle and tax benefits the State of Florida offers. On December 2018, Kanye West brought to Kim Kardashian as Christmas present, a $14M condo in the 18-story luxury beachfront tower Faena House. Also, a $50M mansion was just sold in Miami Beach on February 1, 2019.
The good news for Miami, as developer Edgardo Defortuna said is: “Miami doesn’t really depend on anyone given economy.” According to data released by Brokers, “luxury purchases are on a steady climb in South Florida. The Overall housing market in Miami is seeing the first annual rise in market-wide sales in more than five years, both on the coastal mainland and the beach.” The number of home sales increased about 11 percent to 3,518 in the fourth quarter of 2018 for Miami coastal mainland compared to 2017, according to the sales data. There is more consistency in regards the number of people moving to South Florida, looking for opportunities,
Despite the fact that traffic may be a rival, the influx of American buyers doesn’t seem to be a temporary trend, it is projected to last. We may need to figure traffic solutions, better transportation, because there is a lot of people moving into South Florida now.
Even though New York is on the top as the real estate market in the country, it is still losing ground, together with other markets around the country. This is an opportunity for the South Florida luxury real estate market to expand, as it is for the brokerages firms and realtors to look into the luxury market opportunities.
We, at Title Partners of Florida, write and support the real estate transaction closing, including the issuance of title insurance policies through Attorneys’ Title Insurance Fund. We also coordinate searches, title products, and a variety of other services for our clients. Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.
