New York power broker Luciane Serifovic, CEO of Luxian International Realty and Cavache Properties, a South Florida-based real estate development and investment company with several projects in the development phase, has announced that her agency will be selling Cavache’s Florida properties in New York, while promoting the advantages of buying in South Florida as tax savings proposition and better value.
The developer is offering New Yorkers, 30 Thirty North Ocean, a luxury boutique condominium in a unique and private residential neighborhood of Fort Lauderdale Beach, with ocean views, privacy, large open terraces with summer kitchens, clubhouse and beach club membership among its amenities.
While many developers tend to shy away from New York marketing altogether, especially in boutique projects, given the length and cost of the process, Cavache Properties completed the process and has registered the project to be marketed in the state of New York.
Within the recent year, New Yorkers have taken a hit on their tax write off for properties since the new federal tax law limits deductions for state and local taxes, including property taxes, to $10,000. Therefore, Bloomberg media stated recently that buying in South Florida today has become a better investment. Economists at the conservative Heritage Foundation predict New York and California alone could lose 800,000 residents to tax-related migration over three years.
The total benefits are highlighted by New York Governor, Andrew Cuomo: “Someone in the top tax bracket in New York City already faced a combined tax rate of 45%, which would increase by 12% to 50.4% because of the tax-deduction changes. A taxpayer in Florida would see no increase and Florida also has the advantage of no estate tax.”
“Some New Yorkers are certainly feeling the tax implications and are looking to make move”, said Serifovic. “The reality is we are in such a mobile world and clients are switching the suits to the casual comfort of shorts and the sand. Today you can conduct business anywhere in the world, so why not sunny Florida? My clients will have privacy and security of 30 Thirty North Ocean in addition to enjoying a luxurious private ‘Malibu like’ residential neighborhood.”
“Fort Lauderdale is now the new Miami,” said Adam Adache, developer 30 Thirty North Ocean and Managing Partner of Cavache Properties. “All of the action is headed to Fort Lauderdale, which is half the price of the Miami market. Buyers are enjoying great opportunities in Broward County. That value, coupled with the tax benefit to New Yorkers, makes South Florida and Fort Lauderdale an easy choice. We are building in a unique neighborhood of single-family homes going up to $10 million and they keep climbing. An older tear-down house built in the 1960s in the same neighborhood is around $1.2 million, which is the starting price of a three-bedroom condo at 30 Thirty North Ocean, and includes a Marriott beach club membership. It’s simply a great opportunity either to live or just participate in this exciting market. Our average per square foot is around $622, a price that cannot be found for new construction neither in New York nor in the coastal area of Miami.”
