Globest.com: Why are high-income taxpayers from the Northeast U.S. seeking luxury homes or condos in Florida as opposed to other states? How much could a luxury homebuyer potentially save by relocating from New York, for example, to Florida?

Lebensohn: There's a saying amongst investors, “It's not what you make; it's what you keep.” For affluent consumers who are vigilant managers of their own money and highly risk-averse, the tax savings as a Florida resident with 0% state and local taxes are tremendous and in the millions of dollars over time. Spending several million dollars on a luxury condo in Florida could result in a free home, equity built, and life in paradise in two to five years with the tax savings.

Globest.com: Will the surge in domestic buyers for South Florida luxury residences compensate for the decrease in purchases by wealthy Latin Americans due to weakened currencies and economic crises?

 Lebensohn: It's difficult to tell if the surge in buyers from the Northeast and elsewhere in the U.S. will balance pullback from Latin American buyers whose countries face political and economic unrest. However, South Florida's luxury home market remains healthy and has not seen any significant effects pointing to a perceived slowdown in sales from foreign buyers

Globest.com: What has buyer interest and transaction velocity been like at Privé in particular over the past year compared to the previous year, and what variety of factors do you attribute to the activity?

Lebensohn: Our traffic maintains consistency, but interestingly, the demographic has shifted. More and more clients from the Northeast are expressing interest and engaging with us in conversations to relocate to our project. We've experienced more traffic than most because we have a unique product with limited inventory that represents irreplaceable real estate, as it is South Florida's last private island.

Globest.com: What are prospective buyers drawn to the most when considering Privé?

 Lebensohn: In addition to tax savings if coming from out of state, prospective buyers are foremost drawn to the exclusivity Privé offers. It is truly a luxury private island residence experience. Featuring two 16-story towers on eight acres, Privé has a total of 155 high-end units ranging from $2.35 million to $8.5 million in price. Two- to six-bedroom condos ranging from 2,585 to over 9,500 square feet boast spacious layouts, European-style kitchens, built-in smart home technology and unobstructed ocean views from every room and balcony penthouse units include private rooftops with full-size pools and gardens, 15-foot ceilings, and outdoor terraces ranging in size from 2,700 to 4,800 square feet. All Privé residents and guests can enjoy a private beach, tennis courts, a wine and cigar lounge, a 20,000-square-foot gym and spa, a teen game room, a pet-grooming salon and a private marina for 150-foot yachts.

Globest.com: Is your sales team engaging out-of-the-ordinary advisors in addition to real estate agents to engage so-called tax refugees for potential condo purchases?

 Lebensohn: Yes, our sales team led by BH3 Director of Sales Michael Neumann engages in ongoing conversations with personal accountants, wealth advisors, and hedge fund investors as well as traditional brokerage firms, particularly because of SALT. High-income individuals are being advised to seek tax refuge by taking residence in low- or no-tax states, and as a result, Florida is the most successful of the zero income tax states attracting millionaire migration.

Globest.com: Do you believe the rising number of HQ relocations to South Florida is related to the increase in wealthy individuals flocking to the market?

 Lebensohn: Florida's economy has outpaced the nation's in recent years with statewide unemployment rates in the low single digits, population growth and commitment to infrastructure. The rising taxes in other states, advancements in technology changing workplace traditions, and diverse job offerings attract highly skilled workers to Florida making it advantageous for business to expand their footprint in the state. In addition, company leaders realize the tax savings and lifestyle benefits of Florida living, thus further accelerating the luxury home market.

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