Real Estate Today
What to know before buying a condo
Sep 8, 2023
Guests on this podcast discuss what to know before buying a condo. They cover topics such as the benefits of buying a condo, understanding condominium ownership and formation documents, different types of condominium insurance policies, and the impact of millionaire migration on tax revenues for states and municipalities.
34:53
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Quick takeaways
- High-income earners are migrating from states like California, New York, and Illinois to states like Florida, Texas, and Arizona, which has long-term implications for tax revenues.
- Proper insurance coverage is crucial for condominium owners, including the master policy held by the condo association, owner's policy for personal belongings, liability, and the option of obtaining commercial liability coverage when renting out a condo.
Deep dives
Podcast Summary: The Migration Patterns of Wealthy Individuals
The podcast discusses the migration patterns of high-income earners across states in the United States. The data shows that wealthy individuals are leaving states like California, New York, Illinois, Massachusetts, and New Jersey and moving to states like Florida, Texas, Arizona, Colorado, and North Carolina. While factors like weather and lifestyle contribute to these moves, state income tax rates are not the primary driving force. The impact on state budgets is not immediate, but over time, it can lead to significant revenue loss for the states. Understanding these migration patterns can provide insights into the changing landscape of wealth distribution and tax revenue.
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