Luxury Properties

Florida has no state income tax and no estate tax. Property taxes are assessed value multiplied by the combined millage rate (municipality, county, school board, and special districts), typically resulting in an effective rate of 1.8-2.2% of assessed value. Current millage rates are published on the Property Appraiser’s TRIM page.

Primary residents qualify for homestead exemption ($50,000 off assessed value) and Save Our Homes (annual assessment cap at the lower of 3% or CPI). When you purchase, the property reassesses at market value, so your tax bill will differ from the current owner’s. Florida’s portability provision allows transfer of up to $500,000 of accumulated Save Our Homes benefit to a new homesteaded property. Verify any property’s current assessed value through the PAPA online tool.

Yes. No citizenship or residency requirements for most residential purchases in Florida. International buyers represent a significant share of Palm Beach County luxury transactions, with notable inflows from Canada, the UK, Western Europe, and Latin America.

Key considerations: FIRPTA withholding on future sale (15% of gross sale price), entity structuring to manage estate tax exposure (the federal estate tax exemption is significantly lower for non-resident aliens), and financing (several lenders offer foreign national programs, typically requiring 30-50% down). Recent Florida legislation also restricts buyers from certain countries from purchasing property near designated military installations, which affects some Palm Beach County locations. We work with international clients regularly and coordinate with cross-border tax and legal counsel as part of the transaction.

Three policies are typical: homeowners/dwelling coverage, flood insurance (required in FEMA-designated flood zones, which cover most waterfront and coastal areas), and windstorm coverage (often through a separate policy or Citizens Property Insurance as the insurer of last resort). Annual costs range from $15,000 for inland homes to $50,000+ for substantial waterfront and $100,000-$150,000+ for large oceanfront estates.

Construction type matters enormously. New construction above base flood elevation with impact-rated glass and modern wind mitigation can reduce premiums by 40-60% versus older homes. Verify flood zones through the PBC Flood Zone GIS Lookup. We build insurance cost estimates into every property evaluation so there are no surprises after closing.

Carrying costs vary dramatically by property type. Single-family homes outside gated communities: property taxes plus insurance, typically $70,000-$120,000+/year for a $3M-$5M home. Private golf communities add initiation ($35K-$500K+), annual club dues ($20K-$60K+), and HOA assessments ($5K-$30K+/year). Luxury condominiums carry monthly maintenance fees of $1,500-$10,000+ covering building insurance, reserves, staff, and amenities. Waterfront properties add seawall maintenance, dock upkeep, and typically higher insurance premiums.

At the $10M+ level, total annual carrying costs (taxes, insurance, maintenance, HOA/dues, and property management) commonly range from $150,000 to $400,000+. We model carrying costs for every property under consideration so you can evaluate the complete ownership picture before making an offer.

Many of the county’s premier communities require club membership with property ownership, which means a separate application, sponsor requirements, initiation fee, and ongoing dues. Initiation fees range from approximately $250K-$350K at Admirals Cove, $400K-$500K at Lost Tree Village, and invitation-only at The Bears Club and Loxahatchee Club. Equity memberships (70-100% refundable) differ significantly from non-equity (no refund, no vote). All fee figures are approximate and subject to change; verify directly with each club.

The key insight most buyers miss: in some communities, membership availability is more constrained than real estate inventory. Securing membership approval before house hunting can be the right sequence. Waitlists, sponsor requirements, and fee structures are controlled by each club and change periodically. Our golf communities page provides a detailed comparison across 15+ clubs.

Average days on market for properties above $2 million is roughly 120-130 days countywide based on recent BeachesMLS data, but that figure masks wide variation. The $2M-$5M waterfront and golf segment moves faster, often 60-90 days for well-priced listings. Above $20M, longer marketing periods and more complex negotiations are the norm, with 6-12 months not uncommon for trophy properties.

Seasonal patterns are pronounced: peak transaction volume runs November through April, when the seasonal population is present and competition intensifies. Off-season (May through October) can offer less competition but thinner inventory. Current inventory levels and absorption rates are updated daily on each property type page above.