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Reply to "Are people still moving to Florida?"
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[quote=Anonymous]Rich people only have to live in Florida 27 weeks a year. In the Hamptons and NYC condos and Coops tons are in LLCs. Owners have homestead exemption in Florida and keep a second non primary residence in NY To be honest I own condo in NY. I have no mortgage. Costs me $900 a month to own taxes plus common charges and insurance. That is only 11k a year. I was in Florida recently and I saw tons of recently retired NY people from Wall Street. Easy to have a 3 million 401k plus old stock grants plus maybe 5 million in stocks and bonds that in retirement throwing off big taxable income tax streams between RMDs etc. Why give NY 8 percent? Why pay 36k property tax on your large NY house. Why not just buy a one bedroom coop in NYC or small place in Hamptons and a Florida home. [/quote]
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