Guess where the high networth individuals are investing?

By
Real Estate Broker/Owner with Condoideas Realty Group
https://activerain.com/droplet/5db2

There is no doubt that Florida attracts foreign and out-of-state buyers. Recently, there is a sudden flow of high income individuals scooping properties throughout the state. In fact, most of them are focusing on multi-million homes. The reason behind this trend is most likely due to the tax bill that was introduced last year. In fact, it drove the traffic to Florida where more people are making Florida their primary residency.

According to The Real Deal, the new tax bill limited the taxpayer’s ability to deduct their state and local tax from their federal taxable income. This means that individuals from high income tax state (Minnesota 9.85%, New York 8.82%, Connecticut 6.99% etc) will have a higher taxable income. Due to this, they are shifting their residency to states that has no income tax such as Alaska, Nevada, South Dakota, Texas, Washington and Florida.

In Florida, most of these high-net worth individual comes from New York City. The multi-million properties that they are snatching includes The Apogee which is an ultra-luxury condo located in Miami Beach. 5 condos were sold this year and average $2,989/sqft. In fact, buyers are offering close to the asking price. For example, unit 1604 at The Apogee was sold for $13.5M which is just a million short from the asking price of $14.5M. This goes the same to the ultra-high-end projects such as The Mansions at Acqualina that saw a burst of condo sales on their pre-construction project totaling up to $16M. This new wave of buyers are welcomed in Florida especially after a brief slow period in the real estate market.

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Real Estate Market Trends
Tags:
miami condos
south beach condos
miami real estate market
miami real estate blog
miami market report
mansions at acqualina
miami luxury real estate market
tax bill 2017
the apogee

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Rainmaker
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Mott Marvin Kornicki
Waterway Realty, Realtors® • Broker • South East Florida • - Miami Beach, FL
Waterway Realtors, Notary Public 786-229-7999

South Florida has always attracted the affluent, celebrities and global jet-setters! Must be the warm climate all year long...

Jul 06, 2018 09:51 AM #1
Rainmaker
1,323,956
Jeffrey DiMuria 321.223.6253 Waves Realty
Waves Realty - Melbourne, FL
Florida Space Coast Homes

Daniela, you may a great (and very smart point) here. Taxes drive lots of people to our beautiful state...but the Trump tax plan has given them even more reason to do so. I am getting tons of hits from New Jersey!!!

Jul 07, 2018 09:15 AM #2
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Rainmaker
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Daniela Pellicciotti

The Miami condo specialist
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