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Why You Should Invest in the South Florida Luxury Home Market

Posted on: November 15, 2019

Luxury Homes In South Florida

If you have a luxury home in South Florida, you may be sitting on more cash than you realize. This lucrative area of the Sunshine State has always been a popular spot for tourists, retirees, and everyone in between, and it doesn’t look like that’s going to change anytime soon. Now is the ideal time to start investing in the South Florida luxury home market. Here’s why.

Oversupply

Luxury properties simply aren’t being built in South Florida right now. While that may not seem like great news on the surface, it benefits those that are looking to sell. The project flow isn’t expected to pick back up until 2021 or 2022, so people wanting to purchase a luxury property will be looking to do so now. If you have a property on the market, those buyers will have no choice but to look at it.

Price Incentives

Because of this oversupply, sellers and developers are more likely to offer pricing incentives to move properties more quickly. Not to mention, prices are already steady since there are so many homes available right now. Buyers will become more competitive and can negotiate hard, so those who look at your property are going to try their hardest to secure it. Be sure to look into a Florida luxury residential real estate lawyer to make sure you’re taking the best offer.

New Tax Bills

One of the biggest factors of Florida’s real estate market right now actually has little to do with Florida. The Sunshine State doesn’t have an income tax, unlike other major players like California and New York. However, citizens in these high-tax states can no longer deduct local or state income taxes from their federal taxes. If they relocate, they pay much less in taxes. Expect to see more buyers looking from these states.

Now Is The Time

If you’ve been thinking about putting your luxury home on the market, now is the time while the market is still hot. Don’t go at it alone. Hiring a South Florida luxury real estate attorney will ensure you go with the best deal and that your contract contains exactly what you need. Mark Schecter is one of the best in the business. His years of experience in this market has exposed him to any circumstance. Reach out today to see how he can help you.