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WSJ: Out-Of-State Buyers Flocking To Miami, Helping Condo Market Outperform

WSJ: Out-Of-State Buyers Flocking To Miami, Helping Condo Market Outperform

Miami is one of the biggest winners from new laws driving people to leave high-tax states, the Wall Street Journal is reporting today.

Officials in New York and other high-tax states are increasingly expressing alarm as new data shows the extent of the Great Tax Migration.

An analysis by the paper shows that Miami’s condo market is far outperforming New York. Sales in Manhattan are at their lowest level since 2009 after dropping 12% from 2017. Miami in contrast has remained flat or slightly down despite a pullback by foreigners, who have now been replaced by domestic buyers.

The median condo price in Miami-Dade rose 2% in the fourth quarter according to broker EWM, despite the national slowdown.

EWM’s Nelson Gonzalez told the paper that ninety percent of deals he saw in Miami above $10 million are now tax refugees. Just a few years ago, most of those buyers were foreigners.

At Paramount Miami Worldcenter, the number of U.S. buyers increased 24% in 2018, developer Nitin Motwani said.

Florida is now the top state for domestic migration, according to the most recent census data, while New York is the biggest loser. The number of jobs being created in Florida has also been skyrocketing.

New York, New Jersey, and Connecticut are among the states facing shortfalls after new tax laws enacted last year limited deductions on state income tax and mortgage interest.

 

 

 

 

 

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Anonymous
Anonymous

Bodes well for the towers that are new construction and that would include flatiron Missoni Baia Elysee paramount wordcenter and May even spur new buildings to launch earlier than expected..

Anonymous
Anonymous

this makes me horny

Anonymous
Anonymous

Miami winning

Anonymous
Anonymous

So we’re down less then they are. Still down.

Still price cuts and longer days on market. Buyer’s market.

Anonymous
Anonymous

The Douglas Elliman Market Report covers two significant sectors where the tall buildings are located. Miami and the Beaches Report, and the Coastal Miami Report.
In BOTH of those reports, the markets are up and those markets are strong.

Anonymous
Anonymous

Ay Dios!! Como hay socialistas en este chat !!!!

POLO
POLO

Hey, check out the new bar in Brickell called Socialistas.

Anonymous
Anonymous

This is what Tom Brokaw was talking about.

Anonymous
Anonymous

That’s a good trade!! Take the rednecks and we’ll take the New Yorkers!! Que bola!!!!!!

Anonymous
Anonymous

Stop speaking Taco Bell on an American website.

Anonymous
Anonymous

Remember, America is a “continent,” not a country. This is the United States, of America. Spanish is spoken in many American countries.

Anonymous
Anonymous

New Yorkers! Please leave your liberal ideas behind. There is a reason you are moving down here.

Anonymous
Anonymous

Thank you for that comment

Anonymous
Anonymous

Funny how you Cons deliberately ignore the truth because loyalty to party is more important.

“big earners are bolting to low-tax states as new data suggests some home buyers are moving in response to the year-old change in the federal tax law.”

That change in the federal tax law is a Donald Trump cabinet instituted new tax law.

Anonymous
Anonymous

The thru is that liberal policies FUp any economy!!
Why is so hard for liberals to understand that simple concept… may be they’re not good at math …. or spend too much time doing meth !!🤔

Anonymous
Anonymous

🤣😂😂😂😂

Anonymous
Anonymous

Don’t be an idiot. Trickle down economics never work. A small spike and then bust. It is never consistent. The idea of giving large corporations huge tax dollars with the promise of reciprocal hiring and job creation is a falsehood. Ford promised to build more cars in the US hiring more workers and changed tune right after they got the tax breaks and is building in Mexico, as they had originally planned. General Motors this week started a layoff of over 6000 workers, again after the tax cut. Let’s face it. When President Obama left office, the unemployment rate was 3.7%. So the idea that repugnants

Anonymous
Anonymous

are economic wizards is blatantly false.

Anonymous
Anonymous

Not correct, but you sound so certain.

In today’s news….
Average hourly wages for workers grew 3.2% over a year ago.
The US added 304,000 new jobs in January 2019.
More people are participating in the workplace than ever in the history of the United States of America.

https://www.wsj.com/livecoverage/january-2019-jobs-report-analysis

Anonymous
Anonymous

President Obama did the heavy lifting. Trump came in on an already highly improved job growth. Trump’s job growth despite his lies and grandiosity, is still reflective of the previous administration.

Anonymous
Anonymous

Oh lookie, another brain-dead con spouting bullshit and not one shred of evidence or any facts to back up what he’s spewing.

Anonymous
Anonymous

Um, he provided evidence.

Trickle down economics isn’t necessarily a miracle, but it still works better than welfare state policies that turn countries into Brazil and Venezuela. Even something relatively simply like a fifteen dollar minimum wage would be disastrous when everybody who worked hard to earn that wage range becomes poorer.

Anonymous
Anonymous

Yeah, trickle down economics is working so well to the point that the Miami Herald came out with an article saying even two working people are catching hell trying to pay these rents in Miami.

Anonymous
Anonymous

As I try to decipher what you are writing, it occurs to me that you do not have a clue about SALT or the way that the Federal Income Tax works.

Anonymous
Anonymous

Why are people down voting this, its a accurate statement. Your Leftist ideas don’t succeed.

Anonymous
Anonymous

Okay folks, the Stimulus Package was just a complete failure.

People on the right are so illuminating.

Ralph Nader
Ralph Nader

an accurate, not a accurate you illiterate…yet another example of why many have a tough time with the simpletons who follow Trump. Not only can’t they write, spell or speak with an ounce of reason or intelligence, but then they distort truths and facts to support their ignorant and pervasively racist views.

Anonymous
Anonymous

It’s the internet, not academic writing. Why don’t you go over to Twitter and look at the thousands of TDS-ridden posts from the vocal minority full of grammar and punctuation errors?

Anonymous
Anonymous

Your statement is even dumber.

Anonymous
Anonymous

“It’s the internet, not academic writing.”

Yet they want to spout what they think is academically sound intelligence. I’m tired of you excuse makers who call people “grammar Nazis” because some poorly written and punctuation deprived jargon is presented for others to read and decipher.

Anonymous
Anonymous

Being liberal doesn’t mean you’re “left” just like being conservative doesn’t mean you’re “right”. I’m conservative for somethings and liberal for other things. the problem here is the ORANGE CLOWN!!!!!

I’LL VOTE FOR ANYONE THAT IS AGAINST HIM.

Anonymous
Anonymous

HERP DERP, ORANGE MAN BAD!

Anonymous
Anonymous

Yep, “ORANGE MAN BAD!”

Did you forget the times you said “HERP DERP, BLACK MAN BAD!?”

Anonymous
Anonymous

They’re moving to Miami because that’s what New Yorkers have been doing before you were born. A lot of DACA kids where brought to Miami and Florida among other places and Hispanics in Miami were ready to rip Miami’s Mayor a new one when he designated Miami a “non sanctuary city.”

So much for conservative ideas.

Anonymous
Anonymous

An intelligent conversation on this topic should include the fact that the overwhelming majority of Hispanic immigrants in Miami are Cuban. By virtue of Cultural inclinations to be law-abiding in the 1960’s and the Wet-foot-dry-foot policy afterwards, that overwhelming majority are LEGAL immigrants (like my great Grandfather).
Legal immigration is great…like invited guests to a house party.

Illegal immigrants are like uninvited house guests who sneak into your house. They expect you to pay for their food, drinks, and do not bother to assimilate with the invited guests, and they are not grateful to the host.

Anonymous
Anonymous

Yeah u see all that cultural assimilation in Hialeah alright ——

Gene
Gene

Yes and maybe we’ll cut out some of the mafia politicos entrenched here. This could be paradise and it’s oh so close to abysmal. No land use or urban planning, lousy law enforcement, minimal environmental concern. Should I go on? But we can buy shoes and make bespoke cocktails! SO SAD.

Anonymous
Anonymous

True. I wish we valued infrastructure here. If we had a solid public transportation system, we could have landed Amazon. Conservatives think that privatizing everything is the answer, until the $80.00 round trip ticket to West Palm becomes a reality. That is just not feasible and it caters towards the rich. We need to do the right thing for our cities future. Conservatives have bet the future of Miami by running to the suburbs (to isolate themselves) and being stuck in traffic, no foresight!

Anonymous
Anonymous

Conservatives pump that “privatizing” jargon but Trump threw a hissy fit and closed down the government because he wants 5-1/2 billion USA tax payers dollars for his border wall.

Anonymous
Anonymous

Apples to oranges. The wall is a national security issue inline with the Constitutional principles of protecting citizen health, safety, and welfare.

Besides, $5 1/2 billion is chump change when you realize how much less of the $275 billion in gibs illegals will get, along with more balanced trade with Mexico. Of course, it’s not about the money, rather potential low IQ Democrat voters when they try to push for amnesty.

Anonymous
Anonymous

Um yeah, sure.. and it was the “low IQ Democratic voters” that ran to the polls and voted for Trump because one of the he said was that he’s going to build a wall and “Mexico is going to pay for it.”

Stupid Republicon voters like you are just mad because Nancy Pelosi is holding Trumps’ feet to the fire and making him accountable to his words.

Anonymous
Anonymous

They don’t value infrastructure here because it’s how things are in the various countries from which the government officials come. They see this as being just fine. Pathetic!

Anonymous
Anonymous

I am a conservative thinker. Unabashedly. There is no chance that I will live in the suburbs….haven’t in 26 years and won’t.
I pay for myself and my family, I give generously of my time and money to the charities of MY choice.

Anonymous
Anonymous

That’s the problem with you Cons, you say things like that as if no one who calls him/herself a Liberal will and don’t do any of these things.

Pull your head out of that hole in the ground you love sticking it in and turn off Fox News and Rightwing radio and then you’ll be able to understand the world with reality.

Anonymous
Anonymous

For starters, data shows conclusively that the people who identify as Conservative give mor to charitable causes than do those who identify as Liberal.
Second of all, Conservatives champion individual people for solutions to problems. They champion personal responsibility.

Anonymous
Anonymous

Its true… Look at this thread, they clamor for free transportation all the time.

Liberals want someone else to be responsible for paying for their transportation to South Beach or West Dade on a train that is “good enough” for their hip style.

There are already 100’s of buses….but that isnt good enough for some liberals.

Conservatives would be ashamed and embarrassed to constantly ask someone else to pay their tab…day after day…semester after semester…year after year.

An individual would consider how they can create more value to society such they they are compensated in a fair and free exchange of money for goods or services.

Apologies, I dont really watch TV. So I dont understand the Fox reference. But I do read lots of books. I reccomend “The Road to Serfdom”, “The Federalist Papers”, “Economic Facts & Fallacies”, “The Republic”.

I read these when I used to ride the Miami-Dade County buses. It is a great use of time.

Anonymous
Anonymous

“Liberals want someone else to be responsible for paying for their transportation to South Beach or West Dade on a train that is “good enough” for their hip style.”

Yawnnnn…. again, just saying stupid yak is common place for Cons because providing any facts to back up what they say is counter intelligence.

“Conservatives would be ashamed and embarrassed to constantly ask someone else to pay their tab.”

I’m a liberal, if there is someone I can ask to pay my tab, please tell me, I can use the free handout. Funny how you Cons always know of all these freebees but liberals have no clue. You do know that Trump filled his cabinet with nothing but millionaires and billionaires and once they became government employees, they don’t have to pay a dime of their own money for their or their families medical, dental, and healthcare anymore, right? Your tax dollars pays for it.

Anonymous
Anonymous

I think that is great and there is certainly noting wrong with that. The problem I see with most conservatives is the demonize government instead of making government (of which they are usually a part of and derive income from) work for them and everyone else. They pay taxes and probably more than most, so better to make the money you contribute to the pot work.

Anonymous
Anonymous

“They pay taxes and probably more than most, so better to make the money you contribute to the pot work.” So, does that mean voting for Democrats who have a track record of corruption, waste, and getting nothing at all done? No thanks.

Anonymous
Anonymous

Yeah, Democrats did nothing during Obama’s entire eight years in office because they have a track record of getting nothing done, and you can prove that by pointing out the dirty streets you slept on and the homeless shelters you stayed in along with the soup kitchens you ate at during those unemployed years you went through during Obama’s presidency.

Anonymous
Anonymous

Um, have you seen Amtrak ticket prices? If you want public, public transit, prices are going to skyrocket to build it. Meanwhile, the private sector can charge based on supply and demand, and aren’t going to charge noncompetitive rates.

Anonymous
Anonymous

How presumptuous of you. Miami is not great because of your conservative views. There is a reason they have called Miami, lower Manhattan. It is about quality of life and lower taxes and the SUN. Wise up.

POLO
POLO

Their you go again, injecting your politics on this site.

New York City is winning. Their are more than a dozen super tall towers under construction. New York has 8.7 million residents with 25 million more in the metro area. New York City’s GDP is 1.5 trillion dollars, second only to Tokyo ‘s. They just landed Amazon!

The new tax laws inplemented by your master (TRUMP) is what is driving this migration. However, I beleive it will be only temporarely until the tax laws change again and TRUMP is out of the White House.

Anonymous
Anonymous

When you read the entire WSJ report, you find that the dopey NY politicians are blaming Florida for the migration of New Yorkers to Florida.
For those that understand the 2017 Tax act, you know that the previous SALT deductions afforded NY tax payers earning that same as a Florida earner, a significant and unfair break.
Florida taxpayers earning $100,000 paid the Feds much more than a NYC taxpayer paid the Feds. It wasn’t fair.
When Pres. Obama said, “Uh, eh, uh, eh…..Let me be perfectly clear….eh, uh, eh….people need to pay their fair share….”
He really didn’t mean that.

Under the 2017 Tax act, New Yorkers, in my scenario still don’t pay the Feds as much as a Florida resident, but it is getting closer to fair.

Anonymous
Anonymous

New Yorkers also have to pay, state , local, city as well as other smaller taxes. Floridians are not subject to State local or city taxes, so basic math does not make sense?

Anonymous
Anonymous

Why are you pitting a city, “New York City,” against a state, “Florida?” Florida is now the third most populated state in the nation. New York State is number four in population.

Stop comparing a state, Florida, with a city, New York City. Now, under the 2017 federal tax act, the amount that a person can claim on their taxes for their home was capped at around $700,000. So, if a 2000 sq ft new home in NYC cost on average $1,000,000 (that figure is ambiguous) and the same size new home in Miami cost on average $500,000, then, what you’re going to be saving in taxes if you relocate from NYC to Miami is a very enticing and desirable reason to move.

MIAMI MADE
MIAMI MADE

THAT’S RIGHT, THEIR NEW YORK LIBERAL ECONOMICS IS MAKING PEOPLE FLEE BY THE THOUSANDS. LESS THAN 1/2 OF YOUR PAYCHECK GOES TO YOUR HOME, SUBTRACT ALL THE OTHER CITY EXPENSES YOU END UP WITH NOTHING FOR YOUR HARD WORK……

Anonymous
Anonymous

Wow, guy is so smart, he writes in all caps.