New York’s hedge fund leaders such as Carl Icahn, Paul Singer, and Ken Griffin are a few of the 2020 firms/family offices departing New York City thus starting a recent businesses migration trend to the Sunshine State and South Florida. RISE realty Commercial Real Estate Advisors give the top 5 greater reasons than the Covid-19 pandemic limitations due to city restrictions for why companies are bringing their businesses to South Florida today.
TAX SAVINGS. Florida ranks low in terms of the tax burden placed on residents. Based on income, property and other state and local tax collections, the Tax Foundation research organization ranks Florida among the lowest tax states (Florida ranks #5 among the 50 states in 2013; only four states have a lower tax burden). Florida residences DO NOT pay state and city personal income taxes. Living in New York City, however, add 13% to your tax bill for state and city taxes. Tax Cuts and Jobs Act (TCJA) has negatively affected New York in favor of Florida’s allowed deductions of property and municipal tax on personal residence while New York state and local taxes (SALT) has limits of $10,000 under New York’s new tax law. TCJA also reduces the deductibility of mortgage interest on a primary home from $1,000,000 to $750,000 in New York. Plenty of great three bedroom apartments in the luxury downtown Miami multifamily rental market at more affordable rates available now.
SUNSHINE. Palm Beach County has 47 miles of picturesque Atlantic ocean coastline to explore. The Breaker’s Palm Beach is a legendary oceanfront resort with golf, spa and pool. Miami Beach diverse cultures and art deco facades provide great people watching and beach front water activities. Sun-kissed Key Biscayne beaches provide snorkeling and sailing adventures set to a watery wonderland of Biscayne National Park. Fort Lauderdale and Hollywood Beaches are boater and family friendly.
Sunniest Cities in the U.S.
|Rank||City||Annual % average possible sunshine|
|104||NEW YORK C.PARK, NY||58%|
WebMD research on the sunlight’s role in depression indicates the rate of serotonin production in the brain was directly related to the duration of bright sunlight. Hello happiness = hello sunshine state Florida and Investment Real Estate Miami
COST OF LIVING.
|Consumer Prices in Miami, FL are 21.98% lower than in New York, NY|
|Consumer Prices Including Rent in Miami, FL are 31.91% lower than in New York, NY|
|Rent Prices in Miami, FL are 42.68% lower than in New York, NY|
|Restaurant Prices in Miami, FL are 25.74% lower than in New York, NY|
|Groceries Prices in Miami, FL are 25.89% lower than in New York, NY|
|Local Purchasing Power in Miami, FL is 19.33% lower than in New York, NY|
In downtown Miami, Edgewater and Brickell prices are reasonable for condos in new buildings with spectacular views of Biscayne Bay.
QUALITY OF LIFE. Sailing, golf, tennis, scuba diving, snorkeling, are just a few of the year round activities residences partake in the sunshine state of South Florida. Being a small community, Miami is very manageable with traffic as you can get from one part of Miami, let’s say Coral Gables, to another Miami community like Miami Beach for instance in 30 minutes and this is pretty standard for most places in Miami-Dade County. Rush hour and prime time traffic is not an issue in South Florida compared to New York. Miami-Dade’s expressway authority offers the region a dependable transportation plan. However, Brightline’s Florid expansion has made quick commuter train travel possible between West Palm and Miami with expansion coming to Aventura, FL and Orlando, FL in 2022 and eventually connecting Walt Disney World Station and Tampa Bay, FL. Traffic is not so bad in Miami…
6. Miami, Florida
Congestion level: 30%
Average commute time: 36.4 minutes
Percentage of drivers with a prior driving incident: 16.45%
Percentage of drivers with a prior accident: 11.51%
2. New York, New York
Congestion level: 36%
Average commute time: 46.5 minutes
Percentage of drivers with a prior driving incident: 19.12%
Percentage of drivers with a prior accident: 10.14%
INTERNATIONAL HUB. No other city in United States of America has such business connections to Europe and South America. Miami is now the Capital of the Central Americas. Anybody willing to put in the hard work in Miami offers that individual a big chance to be noticed in this small but tremendous growth opportunity market. Asian country’s interest in South Florida has been growing steadily over the past decade as well. In South Florida, employers on the hunt for top software talent include Plantation-based tech startup Magic Leap, Boca Raton-based electronic medical records and data company Modernizing Medicine, and software companies Citrix Systems in Fort Lauderdale, Ultimate Software in Weston and e-Builder in Plantation. In fact tech is all over Florida as Tampa Bay, FL is #29 and Jacksonville, FL is #45 according to CBRE 2020 Tech Talent Ratings. University of Miami has a renowned medical program and the university rank’s #49 nationally amongst all United States colleges. Blackstone certainly believes in the Miami talent pool as they are in the market to bring their business to Miami along with 215 workers they plan to hire at an average wage of $200,000.00 annually. Perhaps Miami-Dade Board of County Commissioners offered incentives to bring the investment firm to South Florida. Spotify is another company that will be joining WeWork and LiveNation at Miami Wynwood’s new Oasis. Miami’s Downtown Development Authority is offering new to market and expanding businesses a $50,000 cash incentive in their Follow The Sun Program encouraging qualifying businesses to relocate and expand in downtown Miami. Let’s not forget that Miami is the cruise line capital of the world, and people want to get back out there and live again. Come to America’s new riviera realized here in the sunshine state of South Florida and ask RISE to advise investment real estate Miami!
November 10, 2020 – Miami Beach Chamber of Commerce Real Estate Council agree the Pandemic Migration Boosts Florida Real Estate Market
What are your reasons for moving your business to South Florida? Please comment below…