Is it just us or are some parts of Florida becoming more and more reminiscent of Monaco, the glamorous and sunny tax haven in the south-eastern corner of France? A recent $75 million home sale on Star Island, a tiny, 30-home island in Miami with possibly the highest home price per capita on earth, led us to rename Star Island to Flonaco, a combination of Florida and Monaco.
So, what does Star Island and Monaco have in common? Check out the below:
1. Sunny, warm weather. Although Monaco's weather is less humid and hot in the summers, it's not nearly as comfortable as Miami in the winter months.
2. A tax haven. If you earn $10 million per year, the savings alone on state taxes when compared to a state like New York are over $1 million per year! That fully pays for a $30 million home in 30 years or less if invested well. If you earn $50 million per year (like P. Diddy, a Star Island resident) your state tax savings pays for a $30 million home in less than 6 years.
3. High density. With high demand for a small patch of space, the lots are about 40,000 sq. ft. which is relatively small when building a 20,000 sq. ft. mansion with a pool. Buying two and three adjacent lots may be the key!
4. Security. Like Monaco, Star Island has 24/7 high security with guards and cameras everywhere.
5. Bring your yacht. Both Monaco and Star Island are very yacht-friendly, the essential toy and status symbol for billionaires.
It's no secret that South Florida is changing, evolving and growing. In case you missed it, check out this blog post on Palm Beach, or as we like to call it now, Hamptons South.