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nn Ciardullo and Keith Green of Sotheby’s International Realty have unveiled a $28 million, 12,000‑sq‑ft home in East Hampton’s Georgica Estate Section, slated for completion next summer. Renderings by Araiys Design Landscape Architecture showcase the property’s elegant layout and lush surroundings.
The recent New York City mayoral election has sparked speculation that a new wave of affluent buyers may seek refuge or opportunity in luxury coastal enclaves such as the Hamptons and Palm Beach. How will the election’s outcome ripple through these high‑end markets?
**Market Outlook**
Mamdani’s victory is unlikely to trigger a mass exodus from NYC, but it will prompt business leaders to reassess the city’s future. The Hamptons have long served as the playground for New York’s elite, and that status is expected to endure. Yet, every significant political shift has accelerated a gradual migration toward South Florida, and the current election may add momentum to that trend.
Margit Brandt of Premier Estate Properties notes that the election’s resolution has shifted the focus from uncertainty to a clear, albeit new, administrative direction. “The top 1% of New York earners—who prioritize favorable tax regimes, business‑friendly policies, and public safety—now face a tangible reality rather than speculation,” Brandt says. She adds that rising demand in Greenwich, Westchester, the Hamptons, and South Florida has been amplified by the election, creating a “perfect storm” for the Palm Beach market. Contributing factors include falling interest rates, record‑high stock markets, winter seasonality, and the upcoming 2025 abolition of property taxes for Florida residents. President Biden’s winter visits to Palm Beach, coupled with limited inventory, have already sparked bidding wars, higher prices, and increased sales volume.
The $32 million listing at 134 Casa Bendita in Palm Beach, 18,000 sq‑ft and managed by Brandt, exemplifies the premium demand in the North End.
**Expert Perspectives**
Shelly Newman of The Corcoran Group observes that New York City’s relentless pace means people will always arrive and depart. “Our market has long attracted luxury buyers from NYC and beyond,” Newman says. “We’re ready to help newcomers find the right home and lifestyle fit in Palm Beach.”
Jack Pearson of Compass Bridgehampton notes that, despite the 9/11 attacks and COVID‑19, most residents returned to NYC quickly. “While some may consider moving to the Hamptons, many will look to nearby suburbs—Nassau, Westchester, Connecticut, or New Jersey—before making a permanent relocation,” Pearson explains.
Greg Gould of The Legacy Group highlights that political or economic uncertainty in NYC historically drives high‑net‑worth buyers toward the Hamptons and Palm Beach as both lifestyle upgrades and financial hedges. “If the mayoral results raise concerns about taxes, safety, or quality of life, we could see another wave of movement,” Gould predicts. “The Hamptons absorb demand swiftly due to proximity and familiarity, while Palm Beach attracts those seeking a permanent relocation, a different climate, and a favorable tax environment.” He concludes that elections act as catalysts, but the underlying demand for luxury coastal real estate remains robust regardless of who holds office.
**Conclusion**
The forthcoming article will appear in the November 14 issue of Behind The Hedges in Dan’s Papers, covering both Palm Beach and the Hamptons. The election’s impact on real‑estate flows will be monitored closely, as buyers weigh stability, space, and long‑term investment security against the evolving political landscape of New York City.
