- South Florida filling up with well-heeled homebuyers buying luxury single-family homes and condominiums.
- Miami Dade, Broward and Palm Beach counties are seeing luxury home and condominium sales jump.
- Buyers from high-tax states are looking to cut their housing costs.
Out-of-town homebuyers with full wallets and deep pockets flocked to South Florida counties looking for luxury homes in December 2019, according to the Miami Association of REALTORS. (Luxury homes in South Florida are defined as homes sold for +$1M.)
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Miami Dade. Palm Beach and Broward Counties all experienced double-digit increases in luxury home transactions.
- Miami Dade saw high-end single-family home sales increase +35% y/y in December. Existing luxury condominium sales jumped +47.5%
- Broward County (Fort Lauderdale) luxury single-family home sales increased by a whopping +48.1% while existing lux condo sales increased +22.2% in December 2019.
- Palm Beach County’s existing lux single-family home sales increased +17.3% and its lux condo sales increased by an eye-popping +50% in December
David Abernathy, president of the Miami Association of REALTORS, said, “Palm Beach County mid-market and luxury transactions continue rising a an increased number of buyers from tax-burdened states consider our real estate.”
As you know, Florida has low state, local and property taxes. High tax states, such as New York, Connecticut, New Jersey and California, have suffered from federal tax reform that became effective in January 2018. That relatively new legislation raised the cost of living and the cost of owning a home by essentially eliminating state and local tax deductions for higher income earners. No wonder high earners in high tax states want to relocate.
Increased luxury home sales not only increases the number of closed transactions…they also increase consumer confidence in the housing market, low unemployment rates and high job creation. The Miami Association of REALTORS expects all three of these South Florida counties to see steady, consistent and strong growth in 2020.
Thanks to MansionGlobal’s Liz Lucking and the Miami Association of REALTORS for source data.
Also read: Prelude to 2020 – Home Prices Up As Well As New Home Sales in November, Population Growth in the South and West Driving Up New Home Sales & Prices, Texas and California are Tales of Two State Housing Policies