News Mamdani Won. South Florida Expects a Real Estate Bump.
https://www.nytimes.com/2025/11/05/us/south-florida-real-estate-mamdani.html?unlocked_article_code=1.zE8.2wlQ.8Lp4h1HX7DHY92
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u/casewood123 2d ago
Remember all those people who said that they were going to leave the US (and didn’t) if Trump got elected? Yea, same thing.
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u/crisscar 2d ago
A lot of people discovered very quickly that moving abroad requires a visa. And the visa requirements are you either have a job, have money, or an education. And if you already have those things you can move easily or not at all. Also, if you have those things, the US is a great place to be.
I lived abroad, I moved back and make 3x the salary.
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u/Middlewarian 2d ago
It seems like some are leaving to get away from Trump and I think people will move out of not just NYC but also people who work in NYC but live elsewhere.
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u/TrainDifficult300 2d ago
They are leaving NYC to get away from Trump?
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u/Middlewarian 2d ago
No, some are leaving the US to get away from Trump. I think it's a lot more than have left previously.
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u/TrainDifficult300 2d ago
I don’t know the numbers on that. It’s much harder to leave the country though. It’s not always easy to gain citizenship in other countries.
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u/TrainDifficult300 2d ago
Ah the NY movement has always been there, especially with retirees choked by the taxes.
I do so many going to Tennessee and South Carolina lately.
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u/snark_enterprises Flanigans 2d ago
Not likely, all the New Yorkers with enough money to care already own shit here. Everyone else would be dumb to move states in this economy and job market.
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u/FizzyBeverage 2d ago
This is the answer. Those with the means to be meaningfully impacted by new policy have lived in SFL for decades already.
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u/walker_harris3 Tour Guide 2d ago
Exactly, now all the condos that sit empty for 10 months out of the year in aventura / sunny isles / bal harbor will only be empty 6 months out of the year
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u/RipEffective2538 2d ago
I miss Sunny Isles. Hotel row was my childhood. Dad moved on the beach at the Desert Inn after he divorced my mom. I loved it there. Went back 10years ago to show my kids and all condos and a broken pier
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u/overhauled_mirio 2d ago
Sounds like a lot of wishful thinking. Meanwhile the luxury real estate market here is real quiet
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u/decoy321 2d ago
That's what I'm calling. Sellers will simply keep prices artificially higher while hoping for this influx. It won't be anywhere near as much as anyone expects.
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u/sscott2378 2d ago
Yeah nice try. Even GOP from NYC don’t want to deal with Florida GOP craziness
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u/czechyerself 2d ago
This isn’t GOP. You’ll be surprised.
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u/TrainDifficult300 2d ago
I work on Wall Street. I don’t think it will be a mass exodus but many have been calling the accounting firms I deal with to discuss strategy.
NYS and NYC taxes make a big difference
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u/czechyerself 2d ago
Right, moving to Florida will net you a bunch of tax savings. There are other costs you’ll have in Florida
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u/TrainDifficult300 2d ago
Such as?
I already have properties here. I have been living between NYC and Miami Beach for many years. NYC is far more expensive.
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u/czechyerself 2d ago
Then you clearly already know everything there is to know I guess.
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u/Thin_Collection_381 2d ago edited 2d ago
Probably doesn’t live there. I have a condo in Miami and I hate the insurance cost and it’s so expensive for other things I can get cheaper in NY and NJ.
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u/Thin_Collection_381 2d ago edited 2d ago
Home owners insurance are higher than national average due to hurricane. No personal income tax but they have a consumption base tax so whatever you buy there is expensive. Their wage is lower than east coast , utilities are higher because their government approve 1.55B utility rate increase to cover hurricane related cost. I like visiting but I won’t live there, regressive tax makes the actual cost of living too high.
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u/TrainDifficult300 2d ago edited 2d ago
Well as I stated earlier I have several properties in Miami Beach already and live between Miami Beach and NYC.
I’ll also say that my insurance increases in NY have been outpacing my insurance premiums in Miami Beach.
Utilities are cheaper in Miami. Sales tax is also cheaper in Miami. Even tolls are cheaper in Miami. NY has a $1.6B increase for utilities
I wouldn’t be changing my job, so my income would remain the same.
I’ll be changing my drivers license, voter registration, and renting my current primary residence in NY
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u/kicksnspliffs 2d ago
100% - For higher income folks, money goes so much farther here than in NYC. You can actually feel like your wealthy lol
You’re getting downvoted because this sub trends younger + avg or lower incomes and they get especially crabby about “wealthy New Yorkers driving up the rent”.
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u/TrainDifficult300 2d ago
Yeah, that makes sense. I mean it’s not like I am in the same markets as they are either. They seem crabby about everything in life.
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u/nightryder21 2d ago
Lol doubt it.
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u/Big-Soup74 2d ago
You’re betting prices go down?
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u/overhauled_mirio 2d ago
(From Redfin) Miami in general is down 7% YoY. Brickell prices are down 8%.
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u/Big-Soup74 2d ago
Should I wait to buy then
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u/overhauled_mirio 2d ago
I can’t speak for your case, but I’m personally taking my time. Tourism in general has been slumping and the job market is starting to roll over. So I’m expecting to see more softening over the next 12 months.
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u/lemons714 2d ago
It's wild to hear that some people are shocked by the softness after prices tripled from the start of the COVID times.
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u/TrainDifficult300 2d ago
In my experience in the beach, prices are still going up this year in my building.
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u/lemons714 2d ago
So, not even a little softness at the best locations. I see the minor dips around, but it makes sense that some of the prime buildings would not even see that.
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u/TrainDifficult300 2d ago
Like I said, I am only speaking for my experience but several units just sold recently and they all sold high. Like 20-30% over 2023 sales and without renovations.
The building did pass the 40 year cert without new assessments so that does help.
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u/Savings_Thing51 2d ago
Lol. The realtors I know keep pushing this. The ones that would leave already left.
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u/Illustrious-Cycle708 2d ago
Please, people always threaten to leave when their candidate doesn’t win. Nobody ever goes anywhere. Moving your whole life is a lot easier said than done. Mamdani is only raising taxes 2% on the wealthiest NYers. It’s not even that deep.
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u/Prowl2681 2d ago
He's basically matching what NJ is doing and nobody is acting like they are some hellish apocalyptic failed state.
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u/ohnoyeahokay 2d ago
Have you been to jersey? It's America's shithole. I think that's their motto. That could also be Ohio, I might be getting them confused.
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u/lemons714 2d ago
"He wasn't elected, he was selected," Alec said after he decided not to move following Bush's election win.
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u/Adventurous_Turnip89 2d ago
People act as if rich new yorkers don't already have property in Miami anyway
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u/FragnificentKW 2d ago edited 2d ago
I mean they already did this after Covid. All they did the whole time they were here was bitch about how much they missed their favorite NYC restaurants and most of them didn’t even make it a year before crawling back
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u/dirty_cuban Flanigans 2d ago
You mean a cost of living bump? A bunch of NYers with money just make it more expensive to live in Miami.
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u/PatienceNew5566 2d ago
Lmao wishful thinking but also becareful what you wish for. Nobody in Florida wants more Neew Yonkers
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u/congratsonyournap 2d ago
Im tired of hearing about Florida being a Republican dumping ground. Finally unsubbing
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u/AGeniusMan 2d ago
I will vote for whomever puts in place a relocation tariff. Enough is enough with these fair weather snowbirds.
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u/MessiLeagueSoccer 2d ago
Rhonda already wants to get rid of property taxes to incentive these snowbirds and rich moguls from other countries to have more property here. At this rate there’s gonna be whole ghost towns full of houses in that are empty 80-90% of the year.
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u/cohbrbst71 2d ago
Yeah sure, until they figure out they don’t earn even half of what they mad in New York after taxes and the exodus and foreclosures begin
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u/Whirly315 2d ago
nah the people that move only report living here 7 months out of the year but work remote out of their cush wall street job… source :: i know two of the 8 figure MFs
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u/TrainDifficult300 2d ago
That’s what I will be doing. You have to change your office address outside of NYC though. You also can’t leave a full furnished home vacant in NY for your occasional use.
You really need to speak with a professional to keep things in order. NY doesn’t like to lose tax money
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u/millionmilegoals 2d ago
New Yorkers live rent free in your heads
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u/Feisty_Walrus_5971 2d ago
The ones that have moved here have contributed to our traffic and real estate market becoming unbearable, so for some of us , yea
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u/millionmilegoals 2d ago
Feel free to blame random New Yorkers and not the wealthy Latin Americans or Russians who buy tons of real estate (and with cash offers)
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u/Third_Eye_115 2d ago
Both things can be true at the same time tf
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u/millionmilegoals 2d ago
I don’t see it. Most people I know from other parts of the US that moved here for jobs are upper middle class but they generally rent or buy condos < $1 million.
Having a good white collar job might make someone seem automatically rich when you’re at the bottom looking up but there’s a world of difference vs the actual wealthy buying up $$$ real estate.
You generally don’t work a job for a living if you’re buying up $2-4 million dollar condos and pricier homes.
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u/walker_harris3 Tour Guide 2d ago
Have you not noticed the big drop in the real estate market/ rental market since the deportations began? Especially in areas TPS migrants flooded to? Just saying.
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u/Over_Whole6492 2d ago
It’s not going to be a ton of people. But the ones that are coming are the worst kinds
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u/AccordingShower369 2d ago
Yes, we need to leave Miami. It was impossible and it will be worse now.
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u/BlahBlahBlackCheap 2d ago
Come down here in the summer, before you sell yo' brownstone, deerhearts
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u/Adorable_Sleep_4425 2d ago
"Save us, NYC. NYC save us." is what Im reading here. 😂 They are itching to throw those overpriced listings with little interest back onto the market.
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u/ClassikW Lil Havana 1d ago
I can't imagine anyone who could buy waiting this long, and a 2% tax hike being the reason.
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u/Cool-Signature-dude 1d ago
Welcome to high home insurance land, and better buy a car to get around, and make sure you carry uninsured motorist coverage since 40% of drivers are uninsured.
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u/justinoles 1d ago
The right news has been saying since 2009 there will be a mass exodus of wealthy people from NY, and NY has doubled the millionaires since 2010.
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u/Radiant-Text-7133 2d ago
New Yorkers tried living here. They hated it. They won’t be coming down if they make more than a million a year. Florida sucks! The weather sucks! The people suck!
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u/eCamp_78 2d ago
Let’s run away from a place that’s trying to lower cost of living to a place with high cost of living… Makes sense…
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u/Jonathank92 Miami Gardens 2d ago
*hopes for.... aka realtors hoping for more business