Quantcast

South Florida Real Estate Is on Fire…Except Around Trump’s Mar-a-Lago Resort

(ZeroHedge) Luxury homes in South Florida have been selling like hot cakes – mostly because mansion taxes and the capping of SALT deductions have pushed many from Mid-Atlantic and Northeast states to the tax-friendly environment of Florida.

“I’ve been selling real estate for 34 years,” said real estate broker Rob Thomson, a Mar-a-Lago club member and the owner of Waterfront Properties & Club Communities, who spoke with Bloomberg. “This is the longest bull run of my career.”

He said mansions, small homes, and empty lots have been in high demand, thanks to the state’s income tax rate of 0%, along with the region’s vast amount of wealth.

Thomson said while the Miami Metropolitan Area, from Miami to West Palm Beach/Palm Beach, is booming – there’s a section of residential real estate — within a ½ mile of President Trump’s Mar-a-Lago Club that has gone cold.

Ten homes remain unsold within a four-block radius of Mar-a-Lago have been sitting on the market for an extended period.

One of the properties is located at 1090 South Ocean Blvd. has been listed since 2016; with a listing price of $6.95 million, according to Zillow, down 26.5% from an initial $9.5 million. Four other listings have been sitting on the market since 2018; seven have already seen significant reductions in price.

“The fact that they’re all being marketed at the same time, nearby, is not natural,” said Jonathan Miller, the CEO of Miller Samuel. “A cluster of listings, especially at the high end, is not likely to reflect a positive condition” in the market.

[Read more…]

TRENDING NOW

Trump’s Cash Plea Could Complicate GOP Fundraising Efforts

(Associated Press) "Trump needs you," one fundraising email implored. "President Trump's Legacy is in your hands," another pleaded.

US Infrastructure Gets C- from Engineers as Roads Deteriorate

(Associated Press) America's infrastructure has scored near-failing grades for its deteriorating roads, public transit and storm water systems due to years of...

Your Credit Report May Be WRONG; Here’s What to Do About It

(Bev O'Shea, NerdWallet) Consumers filed complaints with the Consumer Financial Protection Bureau in record numbers in 2020, according to a report released...

Dems Tighten Income Limits for COVID-19 Relief

(Associated Press) President Joe Biden and Democrats agreed Wednesday to tighten the upper income limits at which people could qualify for stimulus...

Six ‘Hurtful’ Dr. Seuss Books to Cease Being Published

(Headline USA) Six Dr. Seuss books — including “And to Think That I Saw It on Mulberry Street” and “If I Ran...