Peter Barkin and Mark Gilman have been successfully supporting the real estate dreams of buyers and sellers in South Florida for over 20 years. In 2002, Peter and Mark teamed to create the Barkin-Gilman Group, a highly respected and successful brand within the South Florida real estate community. Peter Barkin and Mark Gilman have been recognized as among the top half of one percent of real estate professionals nationwide. In 2017, the Barkin-Gilman Group was rated #15 in gross commission income for real estate teams throughout Florida, and the #1 team in Fort Lauderdale in 2018. Haute Residence caught up with the Barkin-Gilman Group to discuss why Fort Lauderdale is the perfect place in South Florida to invest in real estate:
What is the reason so many New Yorkers and Northeasterners are moving to Florida and Ft Lauderdale from the Northeast? Is it mainly due to the tax breaks in Florida? Are there any other major factors too?
Fort Lauderdale, Florida has become an all-year-round destination to buyers from the Northeast. In short most new residents fall in love with the South Florida lifestyle during a vacation or through social media postings. The tax advantages in Florida are significant with no state income tax, no state death tax or estate tax, Florida Homestead Law which protects residents from losing their home to a creditor or lien holder (except for mortgages), Florida Save Our Homes Act (this provides for a homestead exemption on a Floridian’s primary residence and Tenancies by the Entirety.
How much money can a NY Resident expect to save each year if they move their primary residence to Florida?
Savings can vary from homeowner to homeowner; however, 6 months plus 1 day in Florida can equal thousands of dollars in savings.
Do you see these laws changing anytime soon or is this situation going to be both a short term and a long-term situation with regards to the tax savings in FL?
Laws can change at any time, but for now, Fort Lauderdale has become a 365 day per year destination with better tax benefits than in the North East.
Are there any other financial benefits of moving to Fort Lauderdale and Florida from NY and the Northeast?
Florida’s tax climate is also extremely welcoming to individuals who are moving businesses from the Northeast. Some business-related taxes you won’t have to pay include corporate income tax on limited partnerships or subchapter S-corporations, corporate franchise tax on capital stock, property tax on business inventories or goods-in-transit (for up to 180 days on the latter), sales tax on the purchase of raw materials for use in a product intended for resale or sales or use tax on the co-generation of electricity.
Why is Fort Lauderdale specifically such a perfect part of South Florida to invest in real estate in?
Although Fort Lauderdale is well known, we are still overshadowed by Miami and Palm Beach due to the push by the media on our sister cities, which has actually been a huge success for Fort Lauderdale in the long run. Our cost per linear square footage of waterfront and cost per square foot of homes is far less than in the surrounding counties. Our waterways are known as the Venice of Americas and Fort Lauderdale is host to the largest International Boat Show in the world. It is far less to purchase new construction or resales in Fort Lauderdale and our traffic is less congested. Our Airport and Seaport are within minutes of most locations and we are now becoming an International destination as well. The bottom line is it costs less to get more in Fort Lauderdale, Florida.