Florida Trends 2014
In the State of Florida, there was a 27% increase in homes valued over 10 Million Dollars, from 499 in 2013 to 637 homes in 2014. Additionally, the value of the top homes increased 9.3% statewide over the same period.
Of the homes valued over 10 Million Dollars, 89% are in three counties;
- 48% in Palm Beach County,
- 25% in Miami-Dade County and
- 16% in Collier County.
Due much in part to Florida’s attractive tax climate, which includes no state income tax, a majority of the Top 1000 homes are the primary residence for owners, with about 61% being eligible for homestead tax exemptions. These homes, as well as the others on the list, give us an indication of just how much wealth is being poured into the State of Florida.
If the ongoing costs of simply owning one of these homes is added, such as taxes, insurance, maintenance, repairs, and staff, they account for hundreds of millions of dollars being sustained in the individual counties and state overall.