Florida Luxury Home Sales Outpace U.S. As ‘Great Tax Migration’ Gets Underway

Brokers in Florida are ramping up efforts to court buyers in the Northeast as evidence grows that a new federal tax law is causing millionaires to move, according to Bloomberg.

Florida luxury home sales were up 5 percent in the third quarter, the fourth straight quarter of outperforming the national market. Florida luxury home sales volume was up 6 percent during the same quarter, compared to a drop of 0.7 percent nationally.

A New Yorker with $10 million in ordinary income and a $10 million home would save $1.2 million per year in annual federal, state and property taxes by living in Miami, Bloomberg wrote. That savings was only around $700,000 in 2017 – an increase of 58 percent. (The total tax bill for that person in Miami is $3.9 million compared to $5.1 million in New York).

Miami-based brokers and developers are holding events in the Northeast to court luxury buyers who want to save on taxes.

 

 

 

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Anonymous
2 years ago

Miami still needs some work in the education infrastructure and cultural realm to attract a mass migration but a slow immigration is more than welcome!

Anonymous
2 years ago

Lets learn to read…We are discussing
“Florida Luxury Home Sales Outpace U.S. As ‘Great Tax Migration’ Gets Underway”..

Moon Over Miami
2 years ago

What a sad and ignorant statement. Enough Said.

Anonymous
2 years ago

> A New Yorker with $10 million in ordinary income

I would imagine the supply of $10mm ordinary income jobs are much lower in Florida than New York.

Market Urbanist
2 years ago

These guys can run their hedge funds from anywhere.

Anonymous
2 years ago

That’s not “ordinary” income for tax purposes…

Anonymous
2 years ago

New Yorker here with similar income and I don’t have an office, I work from home most of the time and can use any office my firm has all over the world. Miami sounds like a great idea about now.

Anonymous
2 years ago

Palm Beach!

Anonymous
2 years ago

Hate to bring politics into this but I’m curious if you’d register down here and how you’d vote?

Anonymous
2 years ago

Just don’t vote for Democrats and ruin Florida like you guys ruined New York.

Anonymous
2 years ago

Get your head out off your ASS u Trumpie!!!

RX727SFL
2 years ago

wtf does this have to do with politics, get a life, go see a counselor, therapist, shrink… politics is not your life, if it is go run for public office and stop couch surfing and trolling forums with this BS

Anonymous
2 years ago

Any stock tips?

Miami305
2 years ago

Come to Miami then and we’ll sell you a house or luxury condo. Visit our site https//www.luxurylistingsmiami.com

Anonymous
2 years ago

Keep telling yourselves that , brokers. Meanwhile we’ve got tens of thousands of unsold condos or entering the pipeline.

Anonymous
2 years ago

That is why we need to attract more businesses, not just wealthy buyers. And we can only do so by having a top notch public transportation and education system.

Anonymous
2 years ago

Think more deeply. Every condo has an owner.
There really is no such thing as an “unsold condo”. Sometimes, the original builder owns it, sometimes a bank owns, it sometimes, a government owns it, but usually there is a person or private entity that owns a condo.

Anonymous
2 years ago

True. And it the heart of the city at least, there have been huge deposits put down on the condos.

Anonymous
2 years ago

Perfect, now let’s bring some businesses and more efficient public transportation to make Miami even better.

Anonymous
2 years ago

They have very efficient public transport in NYC.
Clearly, all the “cars have been taken off the road” in NYC. Why would anyone leave that Utopia?

Anonymous
2 years ago

What utopia? That public transportation takes cars off the road???
5.7 million rides the NY every day, which means there are 5 million fewer cars on the road because civilized cities in NY invest on mass transportation.

Anonymous
2 years ago

Traffic is horrible in Manhattan.
Worse than Miami

Anonymous
2 years ago

Which ever dopey professor convinced you that “taking cars off the road” doesn’t encourage more cars to get on the road is not really thinking.

Joaquin Cano Calderon. Arquitecto.
2 years ago

Miami merece una red de transporte público no contaminante y de vanguardia tecnológica que sea un modelo para el mundo.

aceraroja
2 years ago

Ah poor ten-millionaires. Miamians will really benefit from the tons of $7/hr jobs they create to have all their idiotic wasteful whims catered to.

Anonymous
2 years ago

The moderator should delete this ignorant hateful BS. These are probably Trump haters trying to create an aura of white supremacy around Trump supporters.

Anonymous
2 years ago

This guy is a liberal pretending to be a Trump Supporter.

Anonymous
2 years ago

Wow, just wow. This comments really shows the face of Trump’s America and it’s an ugly one.

Anonymous
2 years ago

Trump 2020!!!

Anonymous
2 years ago

to make america great again this country needs to get rid of ignorant people like you that don’t know what are the real problems of this country.

Gene
2 years ago

Huh??????
Great public transit is not political. It’s practical.

Anonymous
2 years ago

Wrong. “Great” public transportation is political.

Anonymous
2 years ago

Just about any central planned idea conceived, constructed, and operated by bureaucrats and funded by taxpayers is political.

Anonymous
2 years ago

Especially when they don’t keep their promises and pocket the money. That’s called corruption.

Anonymous
2 years ago

What about wasting one-third of your adult lifetime’s income In automobile expenses and still Having to bail American Automobile makers out every five years?

Anonymous
2 years ago

If an automobile costs “1/3 of your lifetime’s income”, you’ve got big problems.

Anonymous
2 years ago

Finally somebody that tells it like it is. This political correct BS is so annoying. Those libtards are more interested in allowing men in women restrooms then keeping killers out of this country. Trump forever!

Anonymous
2 years ago

We finally got rid of that transsexual at the white house and got a real classy woman in there but these libturds wanna bring the gay sin back in our schools and homes.

Anonymous
2 years ago

Classy? Wasn’t she in porn?

Anonymous
2 years ago

Trump 2020!!!