There have been two reasons most people from the North move to sunny Florida, especially after retirement – better weather and the ability to get more for your money. In a recent article by The Wall Street Journal, another component is now becoming more prevalent amongst millionaires and billionaires. The article shares moving to Florida is “a way for rich homeowners to potentially shave tens of thousands of dollars from their tax bills.”
Adding to the luxury of living oceanfront, warmer climate and much milder temperatures in the winter months Florida is becoming an even more desirable destination for the wealthy because the state has no income or estate tax allowing huge financial savings.
97Park, a real estate brokerage located in one of Florida’s most desirable areas, provides real estate services primarily along the oceanfronts of Ponte Vedra Beach, Crescent Beach and St. Augustine Beach and understands the benefits all too well. “We have several clients from the Northeast who are ready to leave behind the miserable winter months and allow their money to work for them while enjoying oceanfront living. It’s why luxury markets across Florida are booming,” shared Karen Zander, broker-owner at 97Park. For example, a couple living in New York earning $5 million in taxable income would save $394,931 in state taxes simply by moving to Florida.
According to the National Association of Realtors, among the seven states in the country with no income tax and no tax on dividends and interest, Florida accounted for nearly half of all home sales last year.
We have a home on the market currently that is tailor-made for this type of buyer,” Zander said, “When you consider what $5 million will buy you in markets like Atlanta, Nashville, Chicago and New York and then you look at what $4.5 million will buy you on St. Augustine Beach coupled with the tax savings, it’s a no-brainer.”
With views of both the Atlantic Ocean and the Intracoastal Waterways, this 9,498 square foot home with 4 floors and an elevator includes 7 bedrooms, 6 full baths and 2 half baths. Built in 2004 on a high dune lot, the residents will enjoy a heated saltwater pool for those days they just don’t feel like walking down their private beach entry and getting sand between their toes. One of the home’s many unique features includes a watchtower soaring above the beach where you can see endless views of the Atlantic Ocean in every direction while also enjoying views of the St. Augustine inlet, St. Augustine Beach Pier, St. Augustine Lighthouse, Matanzas Inlet and Crescent Beach’s famed crescent.
Complete with all of the fine, luxury finishes and flooring an oceanfront home deserves, this Crescent Beach House is a must-see as it also includes a Nanny/Caretaker’s Quarters, climate-controlled wine cellar, heart pine floors, and a basement which is not typical for Florida homes but much appreciated by northerners.
While millionaires and billionaires across the country are heading south, opportunities like living at 7272 A1A South in St Augustine don’t become available too frequently.
For more information about this luxury listing contact 97Park at 904-297-3471, email Karen@97Park.com, or visit 2ViewsEstate.com.