While the luxury real estate market in South Florida has been steadily healthy for a while now, experts predict that the region is due for an even more impressive boom.
Below are four of the top reasons why you might consider buying a luxury home in South Florida in the near future, and how a luxury real estate attorney in South Florida can help you find a perfect option.
The South Florida Market is Nearing a “Perfect Storm”
There are a variety of factors making it an ideal time to buy in South Florida. Demand has boomed as more long-term residents seek their retirement home and younger transplants enjoy plentiful work opportunities in a booming economy.
Other factors that that may make it an ideal time to buy soon:
- New construction has slowed, which will create new huge demand in the next 24 months.
- Prices are temporarily softening in several sought-after cities.
- The U.S. tax bill is encouraging individuals to relocate to tax-friendly Florida.
- Interest rates are set to rise yet again in December with more potential hikes to come.
With all of the above factors culminating this year, the near future may be the most ideal time to buy.
U.S. Tax Reform and Tax Benefits
Florida is an income tax-free state. After the recent U.S tax bill, many eager buyers are more willing to relocate to the state to enjoy substantial tax savings.
This is not the only tax benefit for moving to Florida. Florida also does not collect a death tax, and this isn’t expected to change any time soon. Current state legislation blocks any state death tax.
Florida is well-known for its spectacular tax benefits, and few are better than the homestead exemption. Right now, Florida offers an exemption on the first $50,000 of the home or condo’s value from property taxes. A measure on the Nov. 6th ballot aims to increase that exemption even further.
The Hurricane Season
The big “h word” is something we Floridians like to avoid, but it is a reality. It is also shaking up the marketplace in a big way.
Homes that aren’t in flood zones, particularly luxury homes, are quickly rising the ranks and becoming highly sought-after. In the next few years, these homes will be prized Florida treasures, further potentially increasing their value.
South Florida remains a wonderful place to buy. The region is in a big transition, and smart buyers are quickly seeing the opportunities present.
Contact a luxury real estate attorney at Schecter Law to learn more about the benefits of investing here and how an attorney can assist you with your closing, due diligence and many other steps at a reasonable cost.