T
he recent mayoral primary in New York City sent shockwaves through the luxury real estate world, with some Manhattan buyers quickly shifting their focus to Florida. Within hours of Zohran Mamdani's win, Danny Hertzberg of The Jills Zeder Group in Miami reported receiving multiple inquiries from clients looking to explore options in the Sunshine State.

    Mamdani's platform, which includes building 200,000 affordable homes and imposing a millionaire's tax, has raised concerns among real estate professionals. However, supporters argue that his policies aim to address long-standing affordability challenges in New York City by increasing access to housing and strengthening tenant protections.

    One client who had been under contract for a property in New York pulled out the day after the election and is now house-hunting in Miami, seeking a more business-friendly and growth-oriented market. Hertzberg notes that the reaction has been immediate, with some buyers motivated by lifestyle changes while others are taking a more strategic approach.

    Florida's growing appeal to wealthy homebuyers has been consistent in recent years, but what they're looking for is shifting. Instead of high-rise condos or transitional pieds-à-terre, New Yorkers are targeting exclusive enclaves like Indian Creek, the Sunset Islands, and La Gorce Island. "Guard-gated islands with new waterfront homes seem to be in the highest demand," Hertzberg says.

    Developer Noam Ziv reports a similar shift in Boca Raton, where buyers are drawn to projects that emphasize privacy and a boutique feel. Gary Feldman of Aspen Snowmass Sotheby's International Realty notes that while the pandemic boom has cooled, interest from New York and the Northeast remains steady, with Palm Beach and West Palm Beach experiencing strong buyer interest.

    For high-net-worth buyers, "turnkey" is the keyword, seeking easy access to amenities like golf courses, shopping, and restaurants. Boca remains popular for its high-quality schools and slower pace, while Fort Lauderdale offers relative value, and Miami continues to draw international buyers with deep pockets.

    While some New York-based clients see opportunity in staying put, others are redirecting their investments to South Florida, where optimism and opportunity abound. As Hertzberg notes, "History repeats itself," but this time it's taxes, politics, and long-term investment strategies driving the shift.