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uxury real‑estate demand from New York City buyers is climbing sharply in Miami Beach, a trend analysts are calling the “Mamdani Effect” after Democratic‑socialist Zohran Mamdani’s mayoral win. The uptick reflects growing unease among affluent New Yorkers about the city’s political trajectory and a growing interest in South Florida’s high‑end market.
The surge is already visible on Billionaire’s Beach, where flagship properties such as the Ritz‑Carlton Residences and the Four Seasons Private Residences are reporting record interest. According to The Guardian, the Ritz‑Carlton’s brokers noted a 166 % jump in inquiries from New York prospects for beachfront units priced between $10 million and $125 million. “The moment the word spread that Mamdani would win, the calls started coming in,” said Pietro Belmonte, Douglas Elliman’s executive vice president. “It isn’t a mass exodus; it’s a thoughtful one. Buyers are weighing options and waiting to see how the political landscape unfolds before making a final decision.”
At the Four Seasons Private Residences in Coconut Grove, 15 % of new buyers now come from the New York area, with a 10 % rise in regional interest noted in the weeks after Mamdani’s victory. Units there range from about $6 million for two‑bedroom homes to $18 million for larger properties. Christine Martinez de Castro of CMC Group, the property’s representative, explained that many of these buyers already own second or third homes and are not simply fleeing New York. “We’ve seen a steady increase, especially during COVID when people reassessed their tax situations and realized the election could further impact those dynamics,” she said. “Some buyers who were on the fence decided to move forward after the primary.”
The Perigon, a luxury complex where two‑bedroom condos start at $12.5 million and four‑bedroom units reach $70 million, has attracted a wave of ultra‑high‑net‑worth investors. Managing director Michael Patrizio of Mast Capital, the developer, noted that Cipriani Residences in Brickell has also seen exponential growth in inquiries and sales from New York buyers since the mayoral vote. “The day after the primary, a New York buyer who was undecided chose to proceed. The week of the election, another on‑the‑fence buyer made a deal,” Patrizio said, attributing the moves directly to the election outcome.
Industry insiders suggest that the current trend is a “thoughtful exodus” rather than a wholesale migration. Buyers are taking time to evaluate whether the political shift will affect their long‑term plans, especially given the potential tax implications. While a full‑scale exodus has not yet materialized, the sharp rise in inquiries and early sales activity fuels speculation that a high‑end migration from New York to Miami Beach could accelerate in the coming months.
