Are we attracting the Tax Exiles High Net Worth Buyers....

According to a new article from Bloomberg published January 17, 2019 …

"Luxury sales are slowing across the country, from New York to California, but they’re rising in South Florida. Million-dollar home sales in the fourth quarter jumped 7.5 percent from a year earlier in Miami-Dade County, 17 percent in Broward County and 15 percent in Palm Beach County. In Fort Lauderdale, the median price for a luxury condo jumped 26 percent to almost $1.6 million, according to data on the top 10 percent of sales released today by appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate.Real estate brokers in the state are targeting buyers from the Northeast and other parts of the country with higher property and state taxes as Latin American buyers have pulled back amid political and economic unrest at home and a plunge in their currencies against the dollar. Last year’s federal tax bill, among other changes, limits deductions for state and local tax. The savings would mainly accrue to those making more than $1 million per year.

The article continues...

“New Yorkers are the new foreign buyers in Florida,” said Jonathan Miller, president of Miller Samuel. “For people who were looking for a reason to make domicile in Florida, the new tax laws made that decision easier.”

The data suggest Broward and Palm Beach counties -- typical destinations for

Northeasterners -- are outperforming majority Spanish-speaking Miami-Dade. But David Martin, developer Terra’s founder and chief executive, said to beware of distortions from a handful of high-end condominium development closings.

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For more information and an in depth analysis of the South Florida market please contact Debra Golan of Golan Group Miami at 786.333.6200 or via email [email protected] Follow us on instagram @golangroupmiami