On a short strip of Miami Beach’s coast known for years as Billionaire’s Beach, real estate activity has gotten an unexpected boost. The area, characterized by emblematic Art Deco hotels such as the Delano and Raleigh and luxury residential towers under construction, has become a model for the so-called “Mamdani effect”. The term has caught on among developers and real estate agents to describe the recent interest of high-net-worth buyers from New York, who are considering leaving Manhattan after democratic socialist Zahran Mamdani was elected mayor.
Although businessmen, real estate executives and even Donald Trump are downplaying the possibility of a mass exodus, Florida agents say they have detected an “exponential” increase in inquiries and operations, according to reports. Guardian. The Ritz-Carlton Residences project, for example, Recorded a 166% jump In the interest of buyers in New York compared to last year. This trend is repeated in other upscale areas: the Brickell Financial District, known as the “Manhattan of the South”; Historic Coconut Grove, with its residential setting and marinas; Or Miami Beach, where exclusive developments continue to appear targeting global buyers.
Ron DeSantis, Florida’s governor, took advantage of the situation with sarcasm: He said Mamdani should receive “Real Estate Agent of the Year” and proposed imposing an income tax on New York millionaires who decide to move to the state.
Guardian He visited the newest and most expensive projects in Miami to find out exactly what these would-be “refugees” were looking for. The proposals combine design, personalized service and panoramic views that take you away from the New York cold. Offer includes European spas and restaurants with Michelin-starred chefsand private cinemas, talks and units far in excess of US$50 million.
Pietro Belmonte, vice president of Douglas Elliman, said consultations began “the moment it became known that Mamdani would be elected.” The complex includes 30 beach homes designed by Kobi Karp with interiors by Alessandro Monge. One-bedroom apartments start at 1,200 square feet, and range in price from less than US$10 million up to US$22 million in larger units. The shared penthouse is being offered for $125 million USD.
Bathrooms have pure bronze inlays between the tiles, and balconies wrap around the units to take advantage of the Atlantic Ocean views. according to GuardianThe project will be ready in 2028, a timeline that Belmont considers ideal for those assessing how the Mamdani administration will impact New York. He does not expect a mass exodus, but rather a “reflexive” exodus, targeting buyers seeking to turn Miami into their tax residence for half the year, while retaining other properties in destinations such as Saint-Tropez, Italy, or the Hamptons.
Ugo Colombo, an authority on luxury real estate development in Miami, asserts that his new tower in Coconut Grove is the most distinguished work of his career. The building offers 70 residences ranging from US$6 million to US$18 millionwith a very exclusive penthouse. Christine Martinez de Castro, the group’s chief commercial officer, confirms that interest from New Yorkers increased by about 10% after Mamdani’s election.
Shoppers receive highly personalized services: from arranging a home-cooked meal to arranging private assistance for their every need. The ambience of “The Grove” – quieter and more residential – also attracts those looking to get away from the pace of Manhattan.
The Perigon will be described as a “quiet and private enclave.” 73 residential units in glass towers On the widest part of Miami Beach. Activity among ultra-high-net-worth buyers is “astonishing,” says Michael Patrizio, director of Mast Capital. Units start from 12.5 million US dollars and reaching approximately 70 million US dollars On the upper floors.
The complex will include a residents-only restaurant by two-Michelin-starred Australian chef Sean Hergatt, as well as a bistro called FiftyThree, a private cinema and a children’s play space. Patrizio emphasizes that many buyers already have several homes and choose Miami because of its climate, privacy and certainty in delivery, since construction is progressing at a good pace.