Buying & Selling June 23, 2022

Now is a perfect time to move to South Florida!

Let the sun continue to shine upon the South Florida real estate market like it has this past season. The maturation of South Florida’s communities, from every perspective, has come at a time where several other variables are contributing to the stabilization and traction in our luxury residential markets. As a seasoned real estate professional in the South Florida market, I have seen firsthand the market’s transformation.

 

We have seen quality rise to meet the sophisticated and discerning demands of domestic immigrants, making the move to South Florida that much more enticing. This quarter has presented numerous real estate transactions across South Florida in the $10 million range. Until recently, reportedly the highest-paid residential real estate deal for Miami-Dade county in the past 12 months closed at $26 million. Our latest Star Island sale closed at $33 million, breaking this record.

 

There is no doubt that several of the changes enacted by the Tax Cuts and Jobs Act have stimulated the high-net-worth buyers in states with higher state and local taxes. The elimination of the deduction for state and local taxes (SALT) and the cap on deduction for mortgage interest are just a couple of the changes that are driving the movement. I have observed a sharp increase in both interest in and consummated transactions on South Florida properties by buyers from New York, Connecticut, California and other states. And since the beginning of 2018, we have seen consistent and meaningful strength in the sale and marketing of properties at the top of the market.

 

It’s clear that the those who can make the move to South Florida are actively considering the same, and those who are still constricted by life circumstances — be it children in schools, parents in close proximity or the understanding that many projects are mid-construction and won’t be completed for many months — are looking to the near future in the hopes of a primary residence in the Sunshine State.

 

In addition to the new tax plan, Florida has historically been at the top of the list for retirees and empty nesters. With a large percentage of the U.S. population in or entering those stages of life, Florida is naturally on the radar for relocation.

 

So what are you waiting for? Stop putting your life and your plans on hold and make the move and let me help you find the perfect South Florida home, movers, insurance agents, lending – I am one stop shop for all your relocation needs!