Florida Trend Real Estate
Taxed to the hilt, more northern homebuyers are migrating to Florida
Taxed to the Hilt
Fed up with the high taxes and regulation back home in New York, retired officer Thomas Maloney and his wife, real estate agent Theresa Hart, are looking to offload a home in Long Island — quickly.
“It’s been a thorn in my side for the past seven years,” Maloney said. Between regulations that favor tenants and rising city and state taxes, they say they’re “just not comfortable" being landlords in New York.
The Palm Beach County couple’s story reflects a growing mood among high earners from the Northeast that it’s time to cash in their real-estate chips in high-tax states and move to places like Florida, where the tax bites are less and it’s cheaper to buy and maintain a home. [Source: South Florida Sun-Sentinel]
Foreclosures are down nationwide since last spring but not in Florida, where foreclosure filings increased by 23 percent this May compared to May 2018, according to ATTOM Data Solutions' May 2019 U.S. Foreclosure Market Report (FMR). In mid-June there were 94,062 properties in Florida listed in some stage of foreclosure, default, auction or as bank owned, including more than 3,800 procedures started in May. In 2018, there were 33,031 foreclosure starts statewide, according to the report. [Source: Richmond News]
“Florida is America’s Australia,” goes the set-up line for a well-worn Florida joke. But the laughs are increasingly at the expense of anyone short-changing Florida and the steadily growing economic might the Sunshine State is delivering to the nation and the world. [Source: Forbes]
St. Petersburg's Innovation District touts itself as the largest cluster of education, health and research facilities in the Southeastern United States. "It's just a phenomenal area that is growing,'' says Kristen Gucwa-Fuechslin, a marketing executive with the developer, Connecticut-based Richman Group Development Corp. "You're right down the street from a lot of restaurants, retail. You have the Rays stadium right there.'' Richman, one of the nation's largest apartment owners, expects to finish the one- , two- and three-bedroom apartments in December; rents have yet to be set. [Source: Tampa Bay Times]
Billionaire developer Jorge Pérez has left his mark on the Miami skyline, building more than 90,000 apartments in Miami since his Related Group opened up in 1979. Now, his name will adorn a different kind of building: Florida International University’s Metropolitan Center, which will now be known as the Jorge M. Pérez Metropolitan Center following a $1 million endowment from the Related Philanthropic Foundation. [Source: Miami Herald]
› Luxury Living in Miami moves north
Not long ago, all the action in Miami seemed to happen in South Beach; visitors and locals had no reason to head to the neighborhoods to the north. Today, it’s a different story: South Beach has remained a place to party, but it has little room for development and it can, at times, feel a little grungy.
› Legendary high-flyer’s home offers a taste of old Florida glamour
A Pueblo-style home that was once owned by aviation pioneer and land developer Glenn Hammond Curtiss is up for grabs for $1.379 million. Curtiss acquired the Miami Springs property, at 501 Deer Run, in 1922 and built the 5,474-square-foot house in 1935, according to the real estate agent who holds the listing.
› Andrés Manuel López Obrador could ignite Mexican investment in South Florida real estate
The South Florida real estate market could experience a boost in Mexican investors should the country's president, leftist Andrés Manuel López Obrador, put the nation on a socialist path, according to industry gurus in luxury home sales, construction and real estate law.
› A look inside the mansion ex-Buccaneers player Vinny Testaverde just can’t sell
It has been more than two years since Tampa Bay Buccaneers quarterback Vinny Testaverde put his $3.95 million Odessa mansion on the market.
And yet he just cannot find a buyer.
Previous Real Estate Updates:
- Low-interest rates boost Florida home sales, prices, but foreclosure crisis looms
- Investors are showing love - but little money - for South Florida's office market
- Florida Housing approves $250 million in federal funds for housing assistance, what's next?
- Home prices in Florida and Arizona expected to drop due to COVID-19 “perfect storm”
- Renters cheer, landlords fume at last-minute extension of Florida's eviction moratorium
- Florida's delinquent mortgages trigger fears of housing meltdown
- With eviction freeze extension, Florida landlords wonder how they'll recover lost rent
- Franchisees are back in the real estate game, thanks to the pandemic
- Higher property tax bills could bring more financial pain during coronavirus pandemic