Los Angeles is obviously an iconic city that’s known all over the world. It’s known for its’ Mediterranean climate, ethnic diversity, amazing food, luxurious homes, and the Hollywood entertainment industry. It’s home to so much culture, so many great sports teams, celebrities, and some of the wealthiest individuals in the country. So why have so many people left this beautiful city and that state of California recently?
It is, in fact, not just Los Angeles – it’s happening in many cities across California and several other states. Within the last few years, more and more people have been exiting high taxed states such as California, New York, New Jersey, and Connecticut and moving to states with no income tax, in the search for more financial security and ability to save money. The top two states that Californians are moving two are Texas (#2) and Florida (#1).
Vittorio Faricelli, a top real estate sales and marketing expert in South Florida, says, “Clients from L.A. are really concerned about tax savings, as they well should be. By moving to Florida, my clients get to increase their purchasing power by saving significantly during tax season without sacrificing the beautiful weather and all of the great beaches, nightlife, and entertainment”. In Florida, there is no state income tax – where in California, the state income tax is a hefty 10%. California also has the highest gasoline prices in the United States, and the sales tax is 8.25% compared to Florida’s only 6%. Another big advantage that Florida offers asset protection benefits for homeowners, which means you will not have to worry about losing your asset to creditors or in a lawsuit.
Vittorio says that most of his clients that come from L.A. typically ask to see properties near the water in areas like Miami, Ft. Lauderdale, West Palm Beach, and Delray Beach. He says, “It’s mainly because they are some of the more populated cities that have great restaurants, nightlife, beaches, trendy neighborhoods, and super luxurious homes.” Just like L.A., you will never be bored in South Florida. You can go fishing, relax on the beach, surf, shop, go out to dinner at a fancy restaurant, or take advantage of the exciting nightlife.
If you are considering the move to South Florida and want to work with Vittorio to help you navigate the search and find you some show-stopping properties, feel free to reach out to him through his website, Instagram, Facebook, or YouTube page where he hosts a show called “Selling Million Dollar Homes: South Florida”- where he showcases some of the most show-stopping and luxurious homes in South Florida.
Vittorio Faricelli is a seasoned real estate veteran who has earned many accolades over his career such as Top Producer Award, Platinum Circle Award, and President’s Council award. He is the founder of The Luxury + Tech Group at Illustrated Properties, the #1 real estate brokerage in Palm Beach County.
And even if you are concerned about social distancing or want to check out some properties even if you are out of state, no need to worry. Vittorio and his team have been doing virtual showings for his clients way before COVID-19 ever happened, and continue to provide first-class service to their clients.