Chasing The Sun

A traditional favourite with senior US buyers, Florida is famous for its friendly climate and even friendlier taxes. But it’s now shaking off its blue-rinse image to appeal to a diverse range of investors seeking out the good life

- Gemma Price

Home to golden beaches, plentiful oranges and balmy sunshine, Florida has long been a desirable destination for empty nesters and retirees from all over the US who either sell up to relocate there full-time or buy vacation homes.

The fact that Sunshine State residents only pay federal taxes, compared to the triple hit of federal, state and city taxes levied by authorities in other locations, represents an important saving for people seeking to relocate. A condo in Miami will typically cost around one-third of the price of a comparable property in New York and its year-round warm weather means that lifestyle options – namely water sports, boating, tennis and golf – abound.

The innate appeal of Florida, and especially Miami, its most celebrated city, coupled with an influx in newcomers have signalled a shift in many of the state’s key hubs, with sectors such as dining and entertainment in particular getting a shot in the arm. These enhancements, in turn, are helping to attract investment from all over the world.

“Miami is the most diverse city in the US,” says Fernando de Nunez y Lugones, executive VP of Development at ONE Sotheby’s International Realty and a specialist in Southeast Florida’s Miami-Dade and Broward counties. “For all of Latin America, [Miami is the point of] easiest integration; most people speak Spanish and it’s a good place to start something from scratch."

While many buyers are lured solely by Miami’s economic opportunities, de Nunez y Lugones says others are also seeking to escape political, economical or social problems in their home countries. In recent years there’s been an influx of buyers from Mexico, Venezuela and Brazil, while more European, Middle Eastern and Asian citizens are making a beeline for the state.