Luxury real estate inquiries from New York City buyers are reportedly surging across Miami Beach, fueling speculation that a high-end exodus may be gaining momentum after democratic socialist Zohran Mamdani’s victory in the New York City mayoral election.
Industry insiders have dubbed the trend the “Mamdani Effect,” pointing to growing unease over the city’s political direction as wealthy New Yorkers explore relocation in South Florida’s elite property market.
Realtors and developers say the surge is already rippling through Billionaire’s Beach, a coveted stretch of ultra-luxury real estate, where properties such as the Ritz-Carlton Residences and the Four Seasons Private Residences are seeing sharp spikes in interest, according to The Guardian.
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Multiple property buyers even moved forward with purchases during the week of the election after being “on the fence,” according to the outlet, citing real estate leaders.
While a full-scale “exodus” is not yet definitive, reports of the dramatic rise in inquiries and early sales activity have fueled growing speculation.
At the Ritz-Carlton Residences alone, brokers reported a 166% spike in interest from prospective New York buyers for beachfront condominiums ranging from $10 million to $125 million for penthouse units, the Guardian said.
“The second that the word on the street was that Mamdani was going to be elected we started getting phone calls,” Pietro Belmonte, executive vice president at Douglas Elliman, the marketing agent for the Ritz-Carlton Residences, told the outlet.
“I don’t see it as a mass exodus, I see it more as a thoughtful exodus,” he said. “It’s people thinking it through and making sure they’re making the right decision, and, as time is going on, they’re waiting to see if it’s true that all of this is going to happen and when it will happen. So, I think the second they start seeing things going not the right way, it’s going to be more of a final decision.”
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At the Four Seasons Private Residences in Coconut Grove, 15% of new buyers are now coming from the New York City area, with brokers also reporting a 10% rise in interest from the surrounding region in the weeks following Mamdani’s election, the outlet added. Residences there reportedly range from roughly $6 million for two-bedroom units to $18 million for larger homes.
An executive at CMC Group, which represents the Four Seasons property, reported that Mamdani’s election victory may have intensified interest among affluent homeowners already inclined to purchase additional properties.
“Most of these people already have second and third homes, right? So, they’re not necessarily running to us and saying, ‘We’re escaping New York’, and I can’t tell you there was this immediate peak,” Christine Martinez de Castro of CMC Group told The Guardian..
“But we’ve been seeing a little bit of an increase for a while,” Martinez added. “During COVID, people saw an opportunity and everything happening from a tax situation, which is only being more emphasized now with what’s happening with the election.
“People buying $10-15 million residences were already planning for this ahead of time.”
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At the Perigon, where two-bedroom condos start at $12.5 million and four-bedroom units reach $70 million, activity from ultra-high net worth buyers has been “really staggering,” the outlet added, citing Michael Patrizio, managing director of Mast Capital, the developers representing the property.
The outlet added that Cipriani Residences in Brickell, another Mast development, has also seen inquiries and sales from high-net worth New Yorkers “increase exponentially” since the mayoral vote, Patrizio added.
“The day after he won the primary, we had a New York buyer who was kind of on the fence and decided to move forward. Same thing the week of the election, one on the fence moved forward. Those are kind of direct deals that happened. … It was the election, I can say that with certainty.”
Fox News reached out to Douglas Elliman, CMC Group and Mast Capital for more information.
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