By Eric Berman, REALTOR® | The Eric Berman Team at Compass
TL;DR:
Tampa is cheaper than Miami and less condominium-dominated, which makes it a genuinely different market rather than a discount version. Two things a Long Island buyer has no framework for. Tampa Bay's shallow bathymetry and low elevation make storm surge behave differently here than along a deeper coastline, so elevation and zone designation deserve unusual scrutiny. And west-central Florida sits in the state's sinkhole belt — where the question isn't just whether a property has a history, but whether a prior insurance settlement was ever actually spent on the repair.
Start With the Long Island Sale
At roughly 1,200 miles, coordinating two closings is impractical and the Long Island transaction sets the budget.
Before touring anything, know what the current home nets — commission, New York State Transfer Tax at four dollars per thousand, attorney fees generally $1,500 to $3,500, preparation, and carrying costs. The full breakdown of what a Long Island sale costs covers each line.
A seller who establishes Florida residency before the Long Island closing becomes a New York nonresident for that transaction, triggering Form IT-2663 — an estimated payment at closing of 8.82 percent of net gain. A prepayment rather than an additional tax, refundable where the real figure comes in lower, but it reduces the wire.
For a long-held home, the exclusion covers $250,000 single and $500,000 filing jointly, and improvement records reduce taxable gain substantially. The full treatment of how gain is calculated covers the mechanics.
Sell first.
The Bay Is Shallower Than It Looks
This is the item most worth understanding before choosing a neighborhood, and it isn't obvious from a map.
Storm surge is a function of bathymetry as much as storm strength. Where the seafloor rises gradually over a wide, shallow shelf, water pushed ashore has nowhere to go but up and inland. Tampa Bay's configuration makes it unusually exposed in that respect, and much of the surrounding metro sits at low elevation.
The practical consequence for a buyer: two properties a few miles apart can face very different surge exposure, and the difference is about elevation and position rather than distance from the water.
What to ask on a specific address:
Zone designation and elevation. An elevation certificate documents the lowest floor's height relative to base flood elevation and significantly affects both risk and premium pricing. Where one exists, get it.
Claim history. National Flood Insurance Program claim history attaches to the address permanently and doesn't reset on sale. A property with multiple qualifying claims may carry a repetitive loss designation affecting premiums and mitigation requirements.
Evacuation zone, which is separate from flood zone and is what determines whether a household leaves during a storm.
Properties outside mapped flood zones have flooded. Zone designation is a mapping determination about expected risk, not a guarantee — a point covered fully in the treatment of how flood zone status actually works, where the NFIP mechanics are identical.
Sinkholes, and the Question Nobody Asks
West-central Florida sits in the state's sinkhole belt, and this has transaction consequences a New York buyer has no reference point for.
Florida requires sellers to disclose known sinkhole claims — and, importantly, whether an insurance settlement was received without the repair being completed.
That second part is the trap. A prior owner could have made a claim, received a settlement, and used the money for something other than remediation. The damage remains, the property has a claim history, and the repair never happened. A buyer who asks only "has there been a sinkhole" may get an accurate no and still inherit the problem, because the question that matters is narrower.
Coverage is also narrower than buyers assume. Florida insurers must offer catastrophic ground cover collapse coverage, which applies to a specific and limited set of circumstances involving actual collapse. Broader sinkhole coverage is a separate, optional add-on, and many policies don't include it.
Three questions before an offer:
Has any sinkhole claim been made on this property? If so, was a settlement received, and was the repair completed and documented? And what does the available insurance actually cover — catastrophic ground cover collapse only, or broader sinkhole coverage?
A property with an unrepaired claim history is a financing and insurability problem, not merely a condition one. That belongs with a Florida attorney and an insurance professional before offering rather than during inspection.
Insurance Is a Yes-or-No Question First
The standard framing treats hurricane insurance as a budget line. In Florida it's frequently an availability question, and the distinction matters.
Coverage has been genuinely difficult to obtain in parts of the state, with a state-backed insurer of last resort serving policyholders who can't find private coverage. A lender will not close without bindable coverage, so a buyer who cannot obtain a policy on a specific property cannot buy it — at any price.
Windstorm and hurricane deductibles are frequently expressed as a percentage of insured value rather than a flat amount, producing much larger out-of-pocket figures than a Long Island homeowner expects.
Flood is separate again, and sinkhole coverage separate from both.
Get actual quotes on specific addresses before making an offer. Two similarly priced homes can differ enormously in total carrying cost, and one of them may be uninsurable at a price anyone will pay.
The Florida Picture, Briefly
Four items that apply statewide, covered more fully in the Miami treatment.
No state income tax, which is the headline draw and holds.
The homestead exemption requires application — it isn't automatic on purchase, and a new owner who doesn't apply pays more than necessary.
Assessment limitation doesn't transfer to you. Florida limits annual increases in assessed value for homesteaded property, and long-time residents accumulate substantial benefit that they can port to another Florida homestead. A New York buyer has none to transfer, so a seller's current tax bill may be far below what you'll pay. Ask what the bill will be after reassessment.
Closings run through title companies, with no attorney necessarily involved on either side. A buyer who wants legal review retains counsel separately — worth doing here given the sinkhole and surge questions.
And where a condominium or association is involved, Florida's milestone inspection and reserve study requirements apply, with the four questions in the Miami post. Tampa is considerably less condominium-dominated than Miami, so this affects fewer buyers here — but it applies identically where it applies.
A Worked Example
Consider a composite case — a Nassau County household relocating to the Tampa area, selling a colonial that comped near $1,080,000.
Three discoveries. The first home they liked sat a mile and a half from the water and, because of elevation, carried meaningfully higher surge exposure than a property closer to the bay on higher ground. That reversed their instinct about distance.
The second was a sinkhole claim from 2014 on a different property. The seller disclosed it accurately. What their attorney established was that a settlement had been received and the repair had not been documented — which affected both insurability and their willingness to proceed.
The third was insurance generally. Quotes on two properties came back weeks apart and differed substantially, with percentage-based deductibles they hadn't budgeted for.
On the New York side they sold first. Their attorney's early title review turned up an unclosed 2016 permit, resolved in five weeks before listing.
Where to Start
Build the net-proceeds model on the Long Island home and sell first. Call the town or village building department about permits. Engage a New York real estate attorney early and talk to a CPA about IT-2663 and capital gains before setting a closing date.
On the Tampa side: get flood zone designation, elevation certificate, evacuation zone, and NFIP claim history on any specific address. Ask whether any sinkhole claim has been made, whether a settlement was received, and whether the repair was completed and documented. Get actual insurance quotes — hurricane, flood, and sinkhole — before offering, and confirm what each covers. Ask what the property tax bill will be after reassessment rather than what the seller pays. Find out what the homestead exemption application requires. And decide whether you want your own counsel.
Sellers wanting a current read on where their Long Island home sits can start with a quiet look at present value.
The Honest Bottom Line
Tampa is a genuinely different market from Miami rather than a cheaper version of it — less condominium-dominated, more single-family, and with its own risk profile.
Two things deserve attention that no relocation article covers. Storm surge here is shaped by a shallow bay and low elevation, which means the property closer to the water isn't necessarily the more exposed one. And sinkholes come with a disclosure question most buyers don't know to ask: not whether there was a claim, but whether the settlement was ever spent on the repair.
Both are answerable before an offer. Neither appears in a listing.
For anyone working through what their Long Island home would net before any of that begins, that conversation is available whenever the timing suits.
This is general information, not legal, insurance, geological, or financial advice. Florida disclosure requirements, insurance coverage definitions and availability, flood and evacuation designations, and property tax provisions vary and change. Confirm current specifics with a Florida attorney, a licensed insurance professional, qualified engineers or geologists, and the county property appraiser, and confirm New York specifics with a licensed New York real estate attorney and a CPA.
FAQs
Why does storm surge matter more in Tampa?
Because surge is a function of bathymetry as much as storm strength. Where the seafloor rises gradually over a wide, shallow shelf, water pushed ashore has nowhere to go but up and inland — and Tampa Bay's configuration makes it unusually exposed in that respect, with much of the surrounding metro at low elevation. The practical consequence is that two properties a few miles apart can face very different exposure, determined by elevation and position rather than distance from the water. Get zone designation, an elevation certificate, evacuation zone, and NFIP claim history on any specific address.
What should I ask about sinkholes in the Tampa area?
Three questions, and the second is the one buyers miss. Has any sinkhole claim been made on this property? If so, was a settlement received, and was the repair completed and documented? Florida requires sellers to disclose known claims and specifically whether a settlement was received without the repair being completed — because a prior owner could have taken the money and not remediated. And what does the insurance actually cover: catastrophic ground cover collapse is narrow and must be offered, while broader sinkhole coverage is separate and frequently excluded.
Is hurricane insurance just a budget item in Florida?
No — it's frequently an availability question first. Coverage has been genuinely difficult to obtain in parts of the state, with a state-backed insurer of last resort serving those who can't find private coverage, and a lender won't close without bindable coverage. That means a buyer who cannot obtain a policy on a specific property cannot buy it at any price. Deductibles are often a percentage of insured value rather than a flat amount, flood is separate, and sinkhole coverage separate from both. Quote specific addresses before offering.
Will my property taxes match what the seller pays?
Probably not, and the gap can be large. Florida limits annual increases in the assessed value of homesteaded property, so a long-time resident's bill reflects years of accumulated benefit. That benefit is portable to another Florida homestead — but a New York buyer has none to transfer, and your assessment is set at purchase. Ask what the bill will be after reassessment rather than what it is now. The homestead exemption also requires application; it isn't automatic, and a new owner who doesn't apply pays more than necessary.
How is Tampa different from Miami for a buyer?
Less condominium-dominated and more single-family, which changes what diligence matters. Florida's milestone inspection and reserve study requirements apply identically where an association is involved, but they affect fewer Tampa buyers. In exchange, Tampa carries two risk questions that deserve more attention — storm surge shaped by a shallow bay and low elevation, and sinkholes, since west-central Florida sits in the state's sinkhole belt. Housing costs are also generally lower than in the desirable parts of Miami-Dade.
By Eric Berman, REALTOR® | The Eric Berman Team at Compass
Eric Berman | Long Island & Queens Associate Broker | Compass
1468 Northern Blvd, Manhasset, NY 11030
(917) 225-8596 | eric@ericbermanre.com | theericbermanteam.com
