According to the March 2013 issue of Barron’s Penta magazine, Palm Beach is quietly becoming America’s stylish tax haven for the very rich and is the second-best retreat in America. During their annual review, the authors discovered buyers are fleeing high-tax states to purchase properties in states with less onerous tax burdens. High net worth individuals are relocating to Palm Beach to take advantage of Florida’s tax benefits for wealth preservation and estate planning. With homestead benefits, no personal state income tax, no estate/inheritance tax, nor intangible personal property tax, and a low sales tax–it’s time to relocate to Palm Beach.
The island has always attracted old-guard established familes and titans of industry, but it is increasingly attracting the young and prosperous. In December, Ken Griffin of Citadel Investments paid $130 million for four continuous oceanfront parcels. These sales coupled with the sale of Ray Floyd’s direct intracoastal home in October for $21,120,000, and Gay and Stanley Gaines direct oceanfront home in July for $41,500,000 confirm that the Palm Beach luxury real estate market is hot!
Preview all Palm Beach properties listed for sale and our 4th quarter market report on our outstanding web site at www.LindaOlsson.com. Contact me to learn more about quietly listed oceanfront estates ranging from $29MM to $125 million.