Luxury Home Sales Have Surged 161% From Out of State Markets
South Florida brokers credit the new SALT tax law for driving high-tax state residents to fine homes in Florida
The new tax law – dubbed SALT – is having a big impact on the South Florida luxury home market.
In the past 12 months alone, luxury home sales have surged 161%, particularly in the $5 million and up category.
The reason? Tax incentives that were taken away during the recent tax overhaul are forcing residents in states like CA and NY to explore more options in better, more tax-friendly environments like Florida.