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As The "Great Tax Migration" Gets Underway, Florida Luxury Home Sales Outpace U.S.

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Brokers in Florida are ramping up efforts to court buyers in the Northeast as evidence grows that new federal tax law is causing millionaires to move, according to Bloomberg.

Florida luxury home sales were up 5 percent in the third quarter, the fourth straight quarter of outperforming the national market. Florida luxury home sales volume was up 6 percent during the same quarter, compared to a drop of 0.7 percent nationally.

A New Yorker with $10 million in ordinary income and a $10 million home would save $1.2 million per year in annual federal, state and property taxes by living in Miami, Bloomberg wrote. That saving was only around $700,000 in 2017 – an increase of 58 percent. (The total tax bill for that person in Miami is $3.9 million compared to $5.1 million in New York).

Miami-based brokers and developers are holding events in the Northeast to court luxury buyers who want to save on taxes!

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