Miami's Luxury Real Estate Market Surges Amid Predicted 'Mamdani Effect'
The election of Zohran Mamdani as Miami's mayor has coincided with a notable surge in interest from wealthy New Yorkers looking to relocate, a phenomenon dubbed the 'Mamdani effect.' Florida realtors have reported increased buyer inquiries, particularly for high-end properties in Miami Beach and surrounding areas.
At the Ritz-Carlton Residences in Miami Beach, there has been a 166% rise in inquiries from New York buyers. These residences range in size and price, with one-bedroom units around 1,200 square feet, larger two-bedroom units approximately $8.6 million, three- to five-bedroom units priced between $10.5 million and $22 million, and penthouses available for $55 million to $69 million, or up to $125 million if bundled. Occupancy for this development is planned for 2028.
The Four Seasons Private Residences in Coconut Grove have seen roughly 15% of new buyers coming from New York, with a 10% increase in interest following Mamdani's election. The 70 condos, spread across 20 floors, start at around $6 million for two-bedroom units and can reach up to $18 million for larger residences, featuring high-end service and staff.
Another notable development is The Perigon in Miami Beach, a private enclave of 73 residences. Two-bedroom units start at $12.5 million, with higher floors reaching up to approximately $70 million. Amenities include a private cinema, a speakeasy named FiftyThree, a Shaun Hergatt restaurant, and rooftop areas with 360-degree views. The Perigon is marketed as highly exclusive, targeting ultra high-net-worth New Yorkers, with steady construction progress and key milestone deliveries noted.
In Brickell, the Cipriani Residences is an 80-story, 940-foot tower with about 400 residences. The smallest units are priced below $2 million. Floors 62 and above feature the Canoletto Collection, composed of 74 exclusive homes including six penthouses. Interiors are designed by 1508 London. The building offers private elevators, concierge services, and an infinity pool. Construction is moving quickly, having reached the 54th floor with a pace of one floor every four days.
Developers point to the relocation of major firms such as Citadel, Blackstone, and Starwood Capital to Miami, as well as increased applications to private schools, as indicators of a sustainable luxury market linked to this migration trend. However, some real estate executives and Donald Trump dispute the notion of a mass exodus from New York, while others view Mamdani's election as a pivotal factor influencing high-net-worth individuals' residence choices.
In a lighter government response, Florida Governor Ron DeSantis humorously proposed naming Mamdani realtor of the year and floated the idea of a sales entrance tax on wealthy New Yorkers relocating to Florida.
