South Florida Becomes a Magnet for New Yorkers
Miami and its many colorful neighbors across South Florida have long been alluring to people from across the nation and the world. From the 1920s land boom to the ritzy days of the 1950s and 1960s, Miami Luxury Real Estate has offered something for every lifestyle.
The latest wave of investors, visitors, and homebuyers falling in love with Miami are coming from New York. A record number of Big Apple residents are flocking in droves, purchasing or renting a wide variety of condos, mansions, penthouses, and estates.
Moreover, New Yorkers are making up a large and growing proportion of investors involved in South Florida’s numerous big pre-construction projects, including the likes of Lloyd Blankfein and Leon Black.
What explains these growing and rewarding ties between the two cities? Gotham Magazine parses this trend and what it means for Miami’s world-class real estate.
In fact, both Miami and New York have changed, say the billionaires who travel between the two cities and have feet in both camps. The fact that these transformations have occurred almost simultaneously explains why Miami is beginning to exert such a magnetic attraction on a certain breed of New Yorker: ultra-affluent, ultra-mobile financiers, business titans, and creative minds who insist on living in a global city, but are considering the tax benefits of having an additional residence in Florida. New York has become a more challenging place to live: Taxes are becoming more burdensome, and wealthy residents are particularly worried that the city’s new mayor, who came into office declaring, “It’s time to ask the wealthy to do a little more,” will propose policies that would shift the tax burden in their direction. And yes, there are those blizzards—Mother Nature hasn’t done Gotham any favors in the last three years.
Miami, in contrast, glitters all the more brightly. There’s the weather, which may become oppressively hot and humid from July through September, but is a delight in the autumn, winter, and spring. You’re a pro sports fan and worried you’ll miss the Yankees, the Mets, the Nets, the Rangers? Well, what’s not to like about the Miami Heat? The Dolphins? The Marlins? If you’re a culture vulture, the Adrienne Arsht Center (which opened its doors in 2006) is the place to go to hear the exciting (and world-acclaimed) New World Symphony. Art Basel Miami is one of a handful of art-fair destinations that no collector would dare miss, bringing the who’s who of contemporary art from around the world to the city in December.
In short, New Yorkers are drawn the region for much the same reason so many others around the world are: the year-round warmth and sunshine, the rich cultural and commercial offerings, the pristine environment and beaches, and the low tax, business-friendly environment.
It is no surprise that local groups like Miami’s Downtown Development Authority (DDA) have sought to draw hedge fund managers and investors from New York City and the New England area. The area’s booming economy and premier status as the Gateway to Latin America make it attractive to all sorts of business interests.
The Magic City’s property market is hotter than ever, offering everything from sleek high-rises to elegant waterfront estates. SFL Luxury Realty keeps up with the latest trends, news, and developments in this vibrant market, tapping into our well developed local and international network. Be in the know about the many different communities and condos – old and upcoming – and all the different amenities they have to offer.
To make the most of this incredible city, Miami Real Estate Buyers, renters, or investors should contact SFL Luxury Realty at 305-741-0407 or admin@sflluxuryrealty.com.
