Snow and Taxes

I managed to escape our Sarasota winter climate for one much further West- and one much colder- for a week on a snowboarding vacation. Amidst the dryness and abundant snow, I was amazed to find similarities in real estate trends between Sarasota, Florida and Vail, Colorado. I am amazed at the prices in Vail Valley. It is not the fact that a massive snow chalet can set you back about $12MM, but the fact that what the buildings are made out of is so much cheaper than Florida building materials. The land is the key as in all real estate deals and location is king. From what I learned in Vail, the luxury market is surging much like it is in Sarasota. Record prices are being set everywhere, with extreme buying confidence being found in the elite.

I am also receiving lots of calls and questions in regards to recent series of newspaper articles regarding a change in tax law in the state of Florida. For those who have not heard, a proposition is on the table that would eliminate property taxes for homesteaded property and raise consumer sales to 8.5%. The tax rate on vacation homes and commercial property would also receive a break to the tune of around 18%. There are many ramifications of this potential legislation, but as a homeowner and Realtor, I can see a large upside. Stay tuned to government news sources as this very exciting and controversial discussion continues.