Miami Luxury RE LLC Says Buyers From California and New York Are Flocking to Miami as Tax Refugees
MIAMI BEACH, Fla., August 22, 2019 (Newswire.com) - "The real estate market in the U.S. has been experiencing a slowdown nationally; however, the demand for the luxury market in Miami has increased considerably," says broker for Miami Luxury Real Estate LLC, Maria Kuzina.
Miami Luxury RE LLC is a boutique real estate Miami Beach brokerage specializing in High Net Worth Individuals (HNWIs), primarily foreign nationals from Russia, the U.K., Brazil, Canada and other international buyers, but now sees more interest in luxury condos and homes in Miami from New York and California buyers.
Based on the recent data obtained from the Miami Association of Realtors, the revenue generated from the sale of houses and condos in Miami has increased significantly. This is also evident from recent statistics that highlight an increase in the sale of townhouses and condos by 3.5%, along with an increase in the sale of detached homes by 10.2%. Additionally, the figures for the real estate market indicate sales of 1,441 for condo-townhouses, while the recorded number of single-family homes was assessed to be 1,355.
High-earning professionals over the past few years have been observed to acquire luxury homes in Miami. Due to the implementation of stringent tax reforms, buyers from New York and California are flocking to Miami as tax refugees. Consequently, the luxury market in Miami is increasing in value and is observed to be stable, while the prices in New York and California are declining as buyers are more attracted to areas offering lower prices, lower taxes, extra amenities and more space.
Despite the drastic increase in the price of real estate in Miami due to its popularity, it still remains a prospective market to attract more potential buyers from states like New York and California.
As compared to the preceding year, the inventory levels of real estate in Miami have increased significantly, which can be seen by an amplification in the supply of 8.7% for single-family homes and 2.5% for condos.
Even though the overall sale of luxury homes experienced an upward trend, the existing condo glut was not filled up by the influx of refugees. There are numerous indications reflecting a further increase in the market of single-family homes due to the growing preference among buyers from New York and California to acquire large houses in Miami. Thus, the luxury market in Miami offers high value and is expected to remain stable in the coming years.
With plans to establish residency, buyers from California and New York are flocking to Miami as tax refugees, scooping up multi-million-dollar properties to significantly reduce taxes. These buyers mainly comprise of CEOs, big-time entrepreneurs, real estate bigwigs, and top-earning hedge funders from major cities of the USA, which include California, New York, Connecticut, Illinois and New Jersey. These cities are subject to an imposition of a high-income tax of 13.3%, as compared to no state income tax for Miami.
Adapting to the recent flow, numerous brokerages are shifting their strategies towards targeting prospective clients from major cities that are subject to high taxation. Their services are mainly focused on educating agents on establishing residency and purchasing real estate in Miami.
Miami Luxury RE LLC has one of the most extensive websites for Luxury Real Estate in Miami - www.miamiluxuryrealestates.com. For all your Luxury Real Estate buying and selling needs, please call Maria Kuzina, Miami Luxury RE LLC, +1-855-75-MIAMI (64264), or visit our website at www.miamiluxuryrealestates.com.
Source: Miami Luxury RE LLC
Categories: Real Estate