Wealthy New Yorkers are increasingly relocating to Miami's prime waterfront real estate, fueled by the 'Mamdani effect'—a predicted exodus following democratic socialist Zohran Mamdani's election—alongside attractive tax conditions and an opulent lifestyle. This trend is leading to an 'exponential' rise in inquiries and sales for high-end developments across the city, from South Beach to Brickell and Coconut Grove.
Miami's 'Billionaire’s Beach' and other upscale districts are experiencing a significant influx of affluent New Yorkers, a phenomenon realtors are dubbing the 'Mamdani effect.' This refers to the anticipated migration of the wealthy in response to the election of democratic socialist Zohran Mamdani as mayor. Despite some skepticism, Florida realtors report an 'exponential' surge in interest and sales from New York buyers, with one project, the Ritz-Carlton Residences, noting a 166% spike in inquiries from NYC year-on-year. Luxury developments across Miami, including Miami Beach, the Brickell financial district, and Coconut Grove, are catering to these 'Mamdani refugees.' Properties boast opulence, designer fittings, expansive water views, and full-service amenities like luxurious spas and Michelin-starred restaurants. Pietro Belmonte of Douglas Elliman describes the move as a 'thoughtful exodus,' with buyers often seeking second homes that can become primary residences for tax purposes. The Ritz-Carlton Residences, set for 2028 completion, offers units from $8.6 million to a $125 million penthouse, featuring brass inlays, floor-to-ceiling windows, and private beach access. Ugo Colombo's Four Seasons Private Residences in Coconut Grove, with units from $6 million to $18 million, has seen about 15% of new buyers from NYC, with an additional 10% interest post-Mamdani's election. Developers note that many buyers are sophisticated investors considering tax implications and lifestyle. The Perigon in Miami Beach, offering exclusive residences from $12.5 million to $70 million, emphasizes authenticity, quality, and amenities like a celebrity chef restaurant and a speakeasy, appealing to 'ultra, ultra high net worths' seeking certainty of delivery and a sunnier climate. In Brickell, the 80-story Cipriani Residences, set to be Miami's tallest, has seen inquiries from high-net-worth New Yorkers 'increase exponentially' since the mayoral vote. With units starting under $2 million, this development highlights European design and Venetian hospitality. Beyond the 'Mamdani effect,' the article points to a 'sustainable market' driven by major business relocations (e.g., Citadel, Blackstone) and a corresponding uptick in private school applications, indicating a broader trend of permanent relocation rather than just seasonal visits.
