Miami's Billionaire’s Beach Sees Surge in New York Buyers Following Mamdani's Mayoral Election
The Mamdani effect, named after Zohran Mamdani's election as Miami mayor, has sparked renewed interest and a significant rise in property inquiries and purchases among wealthy New Yorkers in Miami’s Billionaire’s Beach.
Florida realtors report an exponential increase in demand from New York buyers amid the political context surrounding Mamdani’s election.
Several luxury developments exemplify this trend. The Ritz-Carlton Residences in Miami Beach offers around 30 beach-house condos with prices ranging from approximately $8.6 million for larger two-bedroom units to $22 million for upper-floor residences and up to $125 million for paired penthouses; the project is set for completion in 2028. Interest from New York clients reportedly increased around this time.
The Four Seasons Private Residences in Coconut Grove features about 70 condominiums over 20 floors, priced between $6 million and $18 million. Approximately 15% of buyers are from New York, with an additional 10% showing increased interest linked to Mamdani’s election. The residences include amenities such as a spa and restaurant.
The Perigon in Miami Beach, a 73-unit development, is priced from $12.5 million for a two-bedroom up to around $70 million. It offers 360-degree views, a Shaun Hergatt restaurant, a private speakeasy, cinema, and children’s lounge. The development emphasizes construction progress and a clear delivery timeline.
Cipriani Residences in Brickell will be a towering 80-story building containing nearly 400 condos. The Canoletto Collection, located on floors 62 and above, includes 74 homes with interiors by 1508 London. The smallest one-bedroom units start under $2 million, while three-story penthouses feature private elevators, concierge services, and additional luxury amenities.
In response to this migration, Florida Governor Ron DeSantis humorously proposed awards and a sales entrance tax for wealthy New Yorkers relocating to Florida, highlighting the political commentary surrounding this trend.
