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Status:
"Pickleball-Free American"
(set 26 days ago)
Location: St Simons Island, GA
23,532 posts, read 44,219,000 times
Reputation: 16946
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Quote:
Originally Posted by isawooty
Lol. Property taxes that runs hundreds of thousands of dollars is not uncommon Buckhead. Let’s not act like the North Fulton County doesn’t exist. South Florida’s high society has a lot of seasonal and international help.
GA 400’s wealth is local and most importantly, it’s permanent. You tried it though.
South Florida is great as long as you're within a mile of the water.
But that pales in comparison to some on the market in Coral
Gables currently, including one for $55M...and I’m sure I can find similar values in Broward and Palm Beach counties..yikes.
Lol. Property taxes that runs hundreds of thousands of dollars is not uncommon Buckhead. Let’s not act like the North Fulton County doesn’t exist. South Florida’s high society has a lot of seasonal and international help.
GA 400’s wealth is local and most importantly, it’s permanent. You tried it though.
Last edited by elchevere; 01-11-2019 at 01:52 PM..
And how many people that buy these homes make them their primary residence vs those who buy these places as second or even third or forth homes? No one said or can even deny that South Florida has way more appeal than Atlanta. Why wouldn’t it? I just simply said that South Florida is a seasonal and an internationally invested market. Meanwhile Atlanta’s market is sustained by its 24/7, 365 a year population.
Those folks aren’t living there full time, so why exactly is it “best” when the folks who own the places aren’t even there most of the time? Buckhead is Buckhead because folks raise generations there. Atlanta’s high society and Miami’s are not the same.
And for the record, the most expensive listing in Buckhead at the moment is $25 million. Thanks
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,451 posts, read 6,613,125 times
Reputation: 6723
How do you know who lives there and what portion of the year they spend there. No doubt some who have these types of estates have other properties elsewhere they spend time in while some others actually do live in SoFla full time.
I agree there are differences in the social circles between the 2 cities, with Miami having much more of an international component. It is becoming less of a seasonal city, however, as it builds up. NYC, LA, London, etc also have people who buy expensive properties who live there only part time.
Locals and I still benefit from these people who buy such expensive properties in that they demand, and attract, higher quality restaurants, shopping and entertainment whether they live here year round or when they come into town. This also includes NYC restaurants and bars setting up outposts here to cater to the Northeast crowd (transplants, vacationers, whatever). I guess you can call it trickle down.
I wasn’t taking a slight at Atlanta. The $9M price quoted was a closed sale. Didn’t Tyler Perry own the $25M Estate for sale??
Quote:
Originally Posted by isawooty
And how many people that buy these homes make them their primary residence vs those who buy these places as second or even third or forth homes? No one said or can even deny that South Florida has way more appeal than Atlanta. Why wouldn’t it? I just simply said that South Florida is a seasonal and an internationally invested market. Meanwhile Atlanta’s market is sustained by its 24/7, 365 a year population.
Those folks aren’t living there full time, so why exactly is it “best” when the folks who own the places aren’t even there most of the time? Buckhead is Buckhead because folks raise generations there. Atlanta’s high society and Miami’s are not the same.
And for the record, the most expensive listing in Buckhead at the moment is $25 million. Thanks
Last edited by elchevere; 01-11-2019 at 02:50 PM..
How do you know who lives there and what portion of the year they spend there. No doubt some who have these types of estates have other properties elsewhere they spend time in while some others actually do live in SoFla full time.
I agree there are differences in the social circles between the 2 cities, with Miami having much more of an international component. It is becoming less of a seasonal city, however, as it builds up. NYC, LA, London, etc also have people who buy expensive properties who live there only part time.
Locals and I still benefit from these people who buy such expensive properties in that they demand, and attract, higher quality restaurants, shopping and entertainment whether they live here year round or when they come into town. This also includes NYC restaurants and bars setting up outposts here to cater to the Northeast crowd (transplants, vacationers, whatever). I guess you can call it trickle down.
I wasn’t taking a slight at Atlanta. The $9M price quoted was a closed sale. Didn’t Tyler Perry own the $25M Estate for sale??
So for the most part we agree more than we disagree? Good. And yes, that is T.P. old house. It’s up for sale again by the current owner. A pastor.
And how many people that buy these homes make them their primary residence vs those who buy these places as second or even third or forth homes?
Most of these types of homes are owned by people not necessarily from Florida but who make sure they spend 181 days of the year living in Florida and make Florida their primary residence. Even if they have other homes ( I have always maintained a place in NYC for instance but I rarely spend much time there).
I think the point is a Florida is a state that attracts wealthy people from all over the country (and the world).
It has a prestige that is unmatched amongst the no income tax states. You don’t see many hedge fund traders from Greenwich setting up in Dallas for instance.
There is no other state in the union that is as attractive as Florida for these types of residents hence the prime locations there have acquired a reputation.
Location: Miami (prev. NY, Atlanta, SF, OC and San Diego)
7,451 posts, read 6,613,125 times
Reputation: 6723
And with a cap on SALT write offs, I would expect more of these hedge fund (and others) types to relocate to FL whereas wealthy foreigners will continue to park their money in FL real estate which they view as a safe haven. Even if they only live here part time they are still paying property taxes, buying cars, dining out, shopping, etc which has a multiplier effect within the local economy.
Question re: GDP...I recently retired early (age 59), having brought my wealth earned while I lived in CA...I am no longer working (not creating output) but am spending my hard earned $...how do I figure in GDP calculations?...if I am “lowering” it by not working, this would be but one example of how FL GDP is understated. Regardless, there is no shortage of wealth in this area of the country that GDP does not, by itself, explain.
Quote:
Originally Posted by Taksan
Most of these types of homes are owned by people not necessarily from Florida but who make sure they spend 181 days of the year living in Florida and make Florida their primary residence. Even if they have other homes ( I have always maintained a place in NYC for instance but I rarely spend much time there).
I think the point is a Florida is a state that attracts wealthy people from all over the country (and the world).
It has a prestige that is unmatched amongst the no income tax states. You don’t see many hedge fund traders from Greenwich setting up in Dallas for instance.
There is no other state in the union that is as attractive as Florida for these types of residents hence the prime locations there have acquired a reputation.
And with a cap on SALT write offs, I would expect more of these hedge fund (and others) types to relocate to FL whereas wealthy foreigners will continue to park their money in FL real estate which they view as a safe haven. Even if they only live here part time they are still paying property taxes, buying cars, dining out, shopping, etc which has a multiplier effect within the local economy.
Question re: GDP...I recently retired early (age 59), having brought my wealth earned while I lived in CA...I am no longer working (not creating output) but am spending my hard earned $...how do I figure in GDP calculations?...if I am “lowering” it by not working, this would be but one example of how FL GDP is understated. Regardless, there is no shortage of wealth in this area of the country that GDP does not, by itself, explain.
I personally know of 4 people from NYC and CT that are moving residence to FL because of SALT changes ... each of them has spoken of saving literally at least high 7 figures in taxes a year and some of them estimated the tax difference at in 8 figures.
There is a HUGE incentive now to live in a zero income tax state.
Last edited by Iconographer; 01-16-2019 at 05:54 AM..
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