With some properties in the Manhattan area soaring to around $10,000 per square foot, one could believe that New York is the place to invest in realty. But with the updated US Tax Reform and the cap on deduction of state and local taxes, many northerners from Jersey to New York, and even Connecticut, are finding it more beneficial to live in luxury homes across Florida. With no state taxes and a lower cost of living in general, plus the excellent beaches, it’s no wonder many see the value.
Jay Phillip Parker, CEO of Douglas Elliman said that his new Floridian clients are “Telling me flat out: ‘I made the move because of taxes.’ The implications are hugely significant if you’re a high-income earner.” Not only that but second homes in the Florida area, especially luxury homes, are in very high demand. That creates a two-fold increase in market factors, leading to great appreciation for the top tier properties.
Florida Realtors found that southwestern Florida’s million-dollar home sales rose 25% year-over-year compared to the first half of 2017, the best increase in a decade. The market is ready for more luxury homes to be listed and the Malowany Group has decades of experience with exactly those properties. Reach out to our knowledgeable and courteous team today to get the best that you and your property deserve. For the entire Bloomberg-inspired article, check here.
Image courtesy of City of St Pete via Flickr