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 […]
With the constant change and advance in technology, and being that millennials have all the information, understand how every dollar in their pocket is indebted, and realize that their own […]
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.
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.
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.
With the constant change and advance in technology, and being that millennials have all the information, understand how every dollar in their pocket is indebted, and realize that their own national currency is indebted to an-already indebted US Dollar, enthusiasts see it as an alternative way of paying for regular things, and an option to acquire their home.
Maybe you have heard about cryptocurrencies, maybe you haven’t, but we are confident that you already have heard about Bitcoin and other cryptocurrencies. With cryptocurrencies on the rise, it is time to get informed and learn some basic concepts that relate with the currency and the possibilities it offers.
What is Cryptocurrency?
It is a digital currency. It is a medium of exchange, created and stored electronically in a “blockchain” using encryption techniques to control the creation of monetary units, and verify the transfer of funds. It emerged as a side product created on 2008, by Satoshi Nakamoto “A Peer-to-Peer Electronic Cash System .” This creation found a way to build a decentralized digital cash system.
What is Blockchain?
It is the technology that establishes the digital currency. It allows digital information to be distributed, but not copied, meaning that each portion of the data can only have one owner. It is described as a “digital ledger” in a network. The records are public and exits simultaneously in millions of places, which makes it harder to hack. The proponents of the blockchain call it “a trustworthy system in a trustless world”.
The list of cryptocurrencies is long, some of them are certainly more common, and they started to make an impression in real estate, so for the effects of this article, we’ll focus our attention on Bitcoin.
What is Bitcoin?
It is the first and most famous digital currency, it works without a bank or intermediary. It has created wealth for investors, and some had cashed out and used it to buy their home. Some real estate sellers are willing to accept Bitcoin as payment.
The marked evolution on technology, and the influence it has on the way business are operated and transactions are handled everyday, the cryptocurrency has a gigantic play field in the real estate market. In Florida, some real estate transactions have already closed using Bitcoin. A real estate transaction will be conducted for the most part the same as a cash transaction; however, Natalia Karayaneva, CEO of real estate startup Propy highlights “The main issue we’ve experienced is exchanging large amounts because sellers, very often, want to get paid in fiat,” she explains. “When payment is crypto to crypto, large amounts have to be sent in smaller portions as transactions are not reversible. This is because sending large amounts of crypto is still a risky process e.g. if a hacker swaps a public address, the transaction is not reversible.” For some sellers, it may be difficult feel confident to accept Bitcoin; in regards of the buyers, you may have to “sweeten the pot” for them to accept the cryptocurrency.
Sellers and buyers considering Bitcoin as a payment method, should first look at the pros and cons before moving forward.
Pros and Cons of Buying and Selling Property with Bitcoin
Buyers and Sellers
The Pros: An international currency, independent of a country or central bank, for a globalized economy, with the equivalent of cash, it provides:
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The Cons: Bitcoins advocates are hoarding it, for what they believe is hyperinflation, as they don’t trust the Federal government, neither the central banks.
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Sellers
The Pros
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The Cons
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Buyers
The Pros
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The Cons
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As for what to expect for Bitcoin in 2019, it is uncertain, as the last two quarters of 2018 the cryptocurrency had a tumbled. The magic about the coin, was that it has a fixed supply, which suppose to prevent manipulation and inflation. We’ll have to wait to see what happens.
Contact us with any questions about our real estate closing services by phone (844) 321-6168 or by email titleinfo@titlepartnersfl.com.
Mansion Sales Increase in Florida Due to Weather and Taxes
UncategorizedMoney 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 […]
Buying a Home with Bitcoin and other Cryptocurrencies?
UncategorizedWith the constant change and advance in technology, and being that millennials have all the information, understand how every dollar in their pocket is indebted, and realize that their own […]