Florida Ranks High in the Nation in Homes that are “Equity Rich”

Buying a home is a significant investment and the benefits of that investment depend largely on the property’s equity. In addition to tax benefits, individuals who invest in property in Florida may also benefit from building equity relatively quickly. When a property owner is deemed “equity rich,” it means that he or she has at least 50 percent equity in the home based on the home’s estimated market value.

Nearly a Quarter of all Homeowners in Florida Qualify as “Equity Rich”

Florida ranks 12th in the country for homes that are “equity rich,” with 24.6 percent of all Florida property owners fitting this category at the end of March 2018, according to ATTOM Data Solutions. This is great news for anyone who wants to purchase property in Florida, especially as a long-term investment, because market values overall are rising, which increases the value of homes and owner equity over time. Even as market cycles change, there is tremendous investment value in purchasing property in South Florida.

For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.

Top Luxury Condo Locations for Baby Boomers in Miami

When the children leave home to go to college or start a new path, many baby boomers are finding that they have the desire to downsize, but don’t want to lose the luxury lifestyle of a bigger home and exclusive community. In Miami, we are lucky enough to have many neighborhoods that offer luxurious charm in the form of condo units and a luxury lifestyle incorporated into residential offerings.

National data from CoreLogic, BLS, and Freddie Mac have documented the house to condo trend that is happening now with baby boomers downsizing. From 2010 to 2015, there was an increase in the number of baby boomers moving into multifamily units that has freed up nearly 100,000 single-family homes across the country. Boomers are deciding that they don’t want the high-maintenance of a house and instead want to keep the luxury amenities such as accessibility to water, dock space, modern gyms and spas, and options for covered parking without the stress of maintaining a large home.

For the downsizing baby boomers, here are the top luxury condo locations in Miami.

Coconut Grove

Coconut Grove is exploding with new luxury commercial and residential real estate projects. With exciting new opportunities for the CocoWalk complex and luxury condo buildings with shimmering water views creating a live/play reality in the area, the Grove is becoming one of the most popular places for downsizing homeowners.

Featured Condo: Stunning two bedroom, two and a half bath unit overlooking the sailboats in Biscayne Bay. With 12-foot ceilings, new flooring, spacious patios, spa-quality baths and closets, and many other luxury amenities, this unit is absolutely perfect for anyone looking to maintain their lifestyle in a more manageable property. The unit at 2627 Bayshore Drive is available for viewing and purchase. Please contact us to learn more.

Deering Bay

By moving into a condo in Deering Bay, you are giving yourself a golfer’s dream of a lifestyle. With sweeping views of the water and surrounding greens, Deering Bay offers a beautiful Oceanside club community within Coral Gables. The small, private community offers world-class golf and tennis and boasts South Florida’s only waterfront, Arnold Palmer championship golf course. Set amongst the South Florida landscape, Deering Bay provides an escape from the hustle of the city with just the right amount of luxury.

Fisher Island

For something a little harder to access for the general public, consider an exclusive condo on Fisher Island. This little island off of Miami Beach is only accessible by a short ferry ride, but it feels worlds away from the mainland. With seaside golf, luxury spas, plenty of tennis, and unrivaled service, the Fisher Island Club offers all of the amenities of an exclusive club on one of the world’s most exquisite private islands. Only minutes from entertainment and dining in Miami Beach or Downtown, Fisher Island condo-living offers a secluded refined lifestyle desired by many but attainable by only a few.

Bal Harbour

Bal Harbour is an exclusive little village in the North Miami Beach area that provides world-class amenities and housing. By offering impeccable style and endless fine dining and shopping, Bal Harbour is a destination for all who crave a bit of sparkle. Making Bal Harbour your home means stepping into a paradise reserved for the elite. A condo in Bal Harbour will give access to pristine beaches and an enviable luxurious way of living.

For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.

References:

Elmir, K. (n.d.). Families, baby boomers redefining Coconut Grove. Retrieved from http://www.miamiherald.com/real-estate/article200942844.html

 

Florida Continues to be a Low Tax Business-Friendly State

One of the many perks of living in Florida, and one that brings people to South Florida to invest in real estate, is the favorable state tax laws. With the second lowest tax burden on personal income in the country, Florida proves to be a prime destination for high earners and investors.

Income Advantages

Florida is one of seven states without a personal income tax, which is a major financial advantage. According to the Florida TaxWatch 2018 report, Florida per capita state and local revenue collections total $5,679, ranked 42nd of the 50 states.

Business-Friendly Tax Laws

The state is also friendly to business owners who choose to make Florida their home. Since 2011, 75 percent of Florida businesses were exempted from corporate income tax, which has saved these businesses $50 million a year. This puts the money directly back into business owners’ pockets, which can then be used to invest in real estate to further boost income and total asset value.

For professional advice on all aspects of buying or selling real estate, please contact me at aross@miamirealestate.com or (305) 206-4003 or come see me at the Compass office located at 2550 South Bayshore Drive, in Coconut Grove.