Spotlight • October 2019 October 2019 • Spotlight30 31
Why are so many people flocking to Boca? That was The Big Question posed by Jonathan J. Miller, president/CEO of Miller Samuel Real Estate Appraisers.
A panel of experts cited tax advantages and Boca’s steadi-ly growing property values among the reasons at Penn Florida’s The Residences at Mandarin Oriental Boca Ra-ton sales center Wednesday.
“We think this is just the tip of the iceberg. We have a relocation division and the phone has been ringing off the hook,” said Jay Phillip Parker, CEO, Douglas Elliman Florida Brokerage.
“We are ramping up to meet the demand,” added Rochelle LeCavalier, vice president of sales, The Residences at Man-darin Oriental Boca Raton.
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She particularly cited real estate appreciation as an attraction. “There’s no sign of slowing,” she said.
“This is the perfect storm of opportunity,” Parker said. “I’m very bullish.”
Who’s looking? “New Yorkers are the new ‘foreign’ buyers,” Parker said. “They believe the market values are going up. If we compare a luxury product in New York, Florida is a third of the cost.”
“Young affluent athletes,” some not with Florida teams, LeCav-alier said. They want fami-ly-friendly and good schools.
The city is taking this influx seriously and constantly working on infrastructure, said Jessica Del Vecchio, the city’s economic develop-ment manager.
AT MANDARIN ORIENTAL BOCA RATON
Rochelle LeCavalierparticpates in Panel Discussion at
Penn Florida’s The Residences
Spotlight • October 2019 October 2019 • Spotlight32 33
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“People want to be where the action is,” Miller said about the new attraction to city centers rather than suburbs.
They want to avoid a commute, live near or Uber to their workplace and even work remotely, panelists agreed.
“We’re seeing that shift now to tele-commuting,” Del Vecchio said. “Boca’s on top of that and factors it into relocation,” she added about courting business headquarters.
“People are asking for workspace in their home,” LeCavalier agreed.
Frank Weed, Penn-Florida’s VP for development and construction, intro-duced the panel. CPA and tax manag-er Michael Kravitz advised potential buyers the steps to take to become Florida residents.
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