It is a fact that more and more New Yorkers are packing their bags and heading off to the sunny Miami. New York is not a lonely example. The wealthy people from California and Illinois are also exploring the benefits of moving to Florida or relocating to other states where they can save money, which otherwise goes to settling high taxes in their origin states.
The 2017 tax revision has impacted the wealthiest among the New Yorkers or Californians. The data shows that the inhabitant of New York who earns $10 million a year and owns a house or apartment of the same value, can save up to $1,2 million in case he relocates to Miami, for example.
The Advantage of Sun and Beaches
So, let us explore what Florida has to offer. First of all, the temperate climate is a prerequisite for cozy living. Everything is way easier when each morning the sun wakes you up, instead of a blizzard or rainy, gloomy weather. Even if there had not been for the tax reliefs, this is enough of a reason to consider Miami.
The beaches are among the most accessible and beautiful in this part of the world. Starting from the South Beach area vibe to Bill Bags Cape kind of atmosphere, you can find laid back people and lively, tough relaxed atmosphere. Miami beaches offer a chance to relax in the sand while being surrounded by luxury, on one hand. On the other, these places can also provide breathtaking views of the skyline and some of the rare, but historic points.
What many visitors like about Miami is the fact that it is a mixture of different, yet compatible traditions. Through decades, it has become the cosmopolitan area and synonym of all-American way of life. It has a life of its own and a character to go with it.
Taxes and Luxury Properties
Going back to the matter of tax advantages in Miami, and inspired by the report from the Business Insider, we explored the local expensive penthouses with a special attention to Fisher Island. Created in 1906, it appears that this 216-acre of land which is accessible only by yacht, is the best America has to offer when it comes to property. The Fisher Island sales tax rate is apparently 0%. The average yearly income there is app. $2,2 million.
With the mentioned income per year, there are plenty of luxury homes to choose from. For example, a 5-bedroom apartment of 8,242 SqFt costs approximately $24 million. The most expensive apartment reported is the $48 million triplex in Miami Beach. It features 11,031 SqFt and is located at the top of the Continuum Tower in the South of Fifth neighborhood. Do not get too carried away here. It is already taken. Namely, it belongs to Ian Bruce Eichner, the real-estate developer and founder of Continuum Company that build the Tower.
Naturally, Miami is also a home to many regular people who are not earning millions of dollars. However, it seems that the tax reliefs there are primarily affecting the wealthy in the most positive way.
The interesting thing we found out is that the large part of the ground where Miami developed into a luxury get-a-way is going to sink under water in approximately 80 years. The scientists say that this will inevitably happen due to the rising sea level. Apparently, this fact has no influence over the desire of the wealthy to build or buy luxury property there. They have money now and wish to enjoy it as much as possible. Would you do the same too?
We are also looking forward to hearing your thoughts on whether there are any other downsides to living in Miami.