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BOCA RATON REAL ESTATE

BOCA RATON LUXURY REAL ESTATE MARKET

Boca Raton is known for its luxury real estate market, which offers a range of high-end properties for high net worth individuals and affluent buyers. 

Here are some key points about the luxury real estate market in Boca Raton

Waterfront properties in Boca Raton

Boca Raton has a range of waterfront properties, including oceanfront estates, properties on the Intracoastal Waterway, and properties on canals and lakes.

Gated communities in Boca Raton

Boca Raton has a number of gated communities, which offer privacy and security for residents. Many of these communities also offer amenities such as golf courses, tennis courts, and clubhouses.

Luxury condos in Boca Raton

Boca Raton has a variety of luxury condo buildings, many of which offer ocean or Intracoastal views, as well as amenities such as fitness centers, spas, and pool decks.

Overall, the luxury real estate market in Boca Raton offers a variety of options for affluent buyers, with waterfront properties, gated communities, and luxury condos among the most popular choices.

TAX CONSIDERATIONS FOR HIGH NET WORTH INDIVIDUALS IN BOCA RATON

Boca Raton is located in Palm Beach County, which has a favorable tax climate for high net worth individuals (HNWIs) due to its low tax rates and tax exemptions. 

Here are some additional points about taxation specifically in Boca Raton:

Boca Raton property taxes

Boca Raton levies a property tax on real estate and tangible personal property, which is determined based on the assessed value of the property. The tax rate varies depending on the location and type of property.

Boca Raton sales tax

Boca Raton is located in Palm Beach County, which has a sales tax rate of 7%, including a 6% state tax and a 1% local option tax. Some items are exempt from sales tax, such as groceries and prescription medications.

Boca Raton tourist development tax

Boca Raton imposes a tourist development tax on short-term rentals of hotel rooms, apartments, and other lodging facilities. The tax rate varies depending on the location and type of rental.

Boca Raton business taxes

Boca Raton imposes various taxes and fees on businesses operating within its jurisdiction, including a business tax receipt and a local business tax.

Overall, Boca Raton’s tax policies are generally in line with the favorable tax climate of Palm Beach County and Florida as a whole. 

SECURITY CONSIDERATIONS FOR HIGH NET WORTH INDIVIDUALS IN BOCA RATON

Boca Raton is generally a safe and secure community, with a low crime rate and a well-resourced police department. 

However, as with any community, there are risks and concerns that high net worth individuals (HNWIs) have additional considerations when it comes to security and safety. 

Gated communities in Boca Raton

Boca Raton has a number of gated communities, which offer an additional level of security and privacy for residents. 

These communities have 24-hour security guards, surveillance cameras, and other measures in place to prevent unauthorized access.

Private security in Boca Raton

Some HNWIs in Boca Raton may choose to hire private security firms to provide additional protection for themselves and their properties. 

These firms can provide a range of services, such as personal protection, security assessments, and security system installations.  

Affluent residents in Boca Raton have a relatively high number of options when it comes to private security due to the high number of high net worth individuals that live and work in South Florida.

Overall, Boca Raton offers a safe and secure community for HNWIs, with a range of measures and services available to provide additional protection as needed.  

As mentioned above, there is no shortage of security options for high net worth individuals in Boca Raton and South Florida in general.

QUALITY OF LIFE FACTORS IN BOCA RATON

Boca Raton offers a high quality of life for individuals, especially for high net worth individuals (HNWIs).

Here are some key factors that may be particularly attractive to HNWIs:

Weather in Boca Raton

Boca Raton has a tropical climate with warm temperatures year-round, which can be particularly appealing to individuals who enjoy outdoor activities and a relaxed lifestyle.

Ocean access

Boca Raton is home to several beautiful beaches, including Red Reef Park, South Beach Park, and Spanish River Park. 

HNWIs may appreciate the easy access to these beaches for swimming, sunbathing, and water sports.

Dining and shopping

Boca Raton has a thriving dining and shopping scene, with a variety of high-end restaurants, designer boutiques, and luxury shopping centers such as Mizner Park and Town Center at Boca Raton.

Cultural attractions

Boca Raton offers a range of cultural attractions, including the Boca Raton Museum of Art, the Wick Theatre and Costume Museum, Morikami Gardens and the Boca Raton Historical Society and Museum.

Overall, Boca Raton offers a high quality of life for individuals, with a range of amenities and attractions that may be particularly appealing to HNWIs.

BUSINESS CLIMATE FOR HIGH NET WORTH INDIVIDUALS IN BOCA RATON

Palm Beach County, Broward County, and Boca Raton are all located in South Florida, which is known for its strong business climate and attractive environment for high net worth individuals (HNWIs). 

Here are some key factors to consider

Tax environment

As previously mentioned, Florida has no state income tax, which is a significant draw for HNWIs looking to minimize their tax burden. Additionally, Palm Beach County, Broward County, and Boca Raton do not have local income taxes.

Access to financial services

South Florida has a robust financial services industry, with many banks, wealth management firms, and other financial institutions catering to HNWIs.

Real estate market

As we previously discussed, South Florida has a vibrant luxury real estate market, with many high-end properties available for purchase or rent. 

HNWIs may find the area’s mix of waterfront homes, private gated communities, and high-rise condos appealing.

Business-friendly environment

Florida is known for its business-friendly environment, with low taxes, favorable regulatory conditions, and a supportive government that encourages entrepreneurship and economic growth.

This can make it an attractive location for HNWIs who are interested in starting or investing in businesses.

Lifestyle amenities

Finally, South Florida offers a range of lifestyle amenities that may be appealing to HNWIs, such as beaches, golf courses, world-class dining and shopping, and cultural attractions.

Overall, Palm Beach County, Broward County, and Boca Raton offer a favorable business climate for high net worth individuals, with a range of advantages such as tax benefits, access to financial services, and a business-friendly environment.

Transportation options to and from Boca Raton

South Florida and Boca Raton offer a range of transportation options that may be convenient for high net worth individuals (HNWIs). 

Here are some key factors to consider:

Airports near Boca Raton

South Florida is home to several major airports, including Fort Lauderdale-Hollywood International Airport, Miami International Airport, and Palm Beach International Airport. These airports offer a range of commercial flights and private aviation options that can be convenient for HNWIs who travel frequently.

Private aviation facilities

In addition to commercial airports, South Florida also has several private aviation facilities, including Boca Raton Airport and Fort Lauderdale Executive Airport.

These airports cater specifically to private jets and may offer added convenience and privacy for HNWIs.

LOKATION REAL ESTATE

Banyan Bridge Group is proud to be part of the LoKation® Real Estate family.

LoKation Real Estate was founded in 2015 and is headquartered in Pompano Beach, FL.

In that short time, LoKation has risen to be ranked #23 of all independent brokerages(Real Trends Top 500 Brokerages 2022) and has recently begun expanding into other states, including Colorado, Georgia, South Carolina, Texas and Alabama.

In 2023, LoKation Real Estate launched its Luxury Real Estate division, which caters to luxury home buyers and sellers across Florida, Georgia, Texas, South Carolina, Colorado and Alabama.  

LoKation’s luxury real estate agents have access to marketing, analytical, lead generation and technology specifically designed for the needs of the affluent and high net worth luxury real estate market.

LoKation differentiates itself as an alternative to full-service real estate companies like Keller Williams, Coldwell Banker and Compass because it does not charge franchise fees to agents or brokers wishing to leverage the brand name.

LoKation does not charge desk fees, does not require royalty payments, does not restrict its agents and brokers to specific geographic areas and does not require multi-year franchise agreements.

On the other end of the spectrum, LoKation has differentiated itself from other disruptive “ virtual ” real estate companies like EXP Realty by actually delivering on its promise to provide a high-touch, centralized, personalized agent-friendly service model.

These are the main reasons Banyan Bridge Group has joined forces with LoKation Real Estate.

Regardless of economic shifts or changes to how home buyers and sellers make their decisions, our partner LoKation Real Estate acts as an extension of our real estate business in Northwest Florida

Eliminating franchise fees and embedding real estate adjacent services like title insurance, renter insurance, property insurance and mortgage lending, LoKation allows its agents, team leaders and end customers the ability to find all of its real estate transaction solutions under one roof.