Every week brings another call from Manhattan.
They're not browsing anymore. They're buying. And since Zohran Mamdani's mayoral victory, the calls have intensified.
As a former physician turned certified Buyer Agent Expert specializing in South Florida luxury real estate, I've watched wealthy New Yorkers migrate south for the past two decades. But the tempo changed in recent months. The questions shifted from "Should we consider Florida?" to "How fast can we close?"
Something fundamental is happening in the luxury real estate market between these two states.
The Mamdani Effect: How the Election Changed Everything
Zohran Mamdani's victory in New York City's mayoral race transformed speculation into urgency. The Democratic socialist candidate's campaign promises of substantial tax increases on wealthy individuals and corporations, along with his “free buses”, government run groceries, and his other socialist agendas are now moving from proposal to policy.
My phone started ringing before the final votes were tallied and first thing today at sunup.
High-net-worth individuals who had been "considering" Florida suddenly need to move and close within 60 days. Financial advisors who had been discussing potential tax scenarios with clients were now executing relocation strategies. Family offices that had explored South Florida options were closer to signing contracts.
The uncertainty ended. The decision became clear.
The Wealth Migration Data: New York to South Florida Real Estate Trends
West Palm Beach experienced 112% millionaire growth over the last decade. Miami saw 94%. New York managed just 40%.
That gap represents more than statistics. It shows where wealth chooses to concentrate when given options. New York held 12.7% of the nation's millionaires in 2010, but by 2022, that number fell to just 8.7%.
Between 2018 and 2022, over 30,000 New Yorkers relocated to Palm Beach and Miami-Dade Counties alone. They brought $9.2 billion in income with them.
These aren't retirees. Palm Beach County welcomed nearly 20,000 former NYC residents with average per capita income of $190,000. Miami-Dade added 26,000 transplants earning roughly $266,000 each.
Financial professionals. Entrepreneurs. High-earning families making calculated moves.
From Political Uncertainty to Policy Reality
The uncertainty that accelerated migration has now crystallized into policy certainty. Mamdani's platform includes raising the top marginal tax rate for high earners, implementing additional levies on luxury properties, and expanding corporate taxation.
For wealthy New Yorkers, the math is brutal.
My phone activity tells me the political uncertainty accelerated a migration pattern that was already gaining momentum. The BH Group reports doubling their sales to New York buyers, closing over $100 million in recent contracts.
That acceleration became more like an urgency to exodus after election night. As someone who lived and worked in Manhattan and lives in and specializes in South Florida's commercial and residential luxury markets for over two decades, I'm seeing this shift transform from trend to tidal wave.
Palm Beach County's Business Development Board reported a surge in inquiries from New York executives immediately following Mamdani's victory. Wealthy residents are asking about available real estate, school enrollment timelines for their children, and commercial property opportunities.
Luxury single-family home transactions priced above $2,000 per square foot saw a 1,550% surge in Q1 2025 compared to six years ago. Ultra-luxury Gulf-front condominiums now command $5,000 per square foot.
Those were Manhattan price points. Now they're South Florida reality.
Pre-Construction Luxury Condominiums: Exclusive Access for Qualified Buyers
My cultivated relationships with developers and their staff give me early visibility into what's coming. The pre-construction luxury market is experiencing unprecedented demand.
Properties like the Ritz-Carlton Residences in Palm Beach Gardens, W Hotel and Residences in Pompano Beach, Waldorf Astoria Residences in Pompano Beach, Rosewood Residences in Hillsboro Mile, and Bentley Residences in Sunny Isles are attracting sophisticated buyers even before general market availability.
These aren't impulse purchases. They're strategic wealth positioning.
The buyers I work with understand something fundamental. Florida offers more than tax savings. It provides stability, lifestyle freedom, and access to a growing network of high-net-worth individuals making similar moves.
When you're earning over $1 million annually in New York, the combined state and city tax burden exceeds 12%. Florida charges zero state income tax. With Mamdani's millionaire tax proposals now moving toward implementation, New York's top rate could reach 16.776%, the highest in the nation.
For someone earning $1.2 million, that's over $200,000 in annual savings. Compound that over a decade and you're looking at $2 million in tax savings alone. Add on the possibility of no state property tax, proposed by the present Governor and it’s a no brainer, relocate to Florida.
What Happens Next: Post-Election Migration Projections
The election didn't create this migration. It accelerated what was already inevitable. But the velocity has changed dramatically.
The wealth transfer from New York to Florida reflects deeper economic and lifestyle preferences that transcend immediate political circumstances. Florida is gaining 1,000 new residents daily. The state projects 2.9 million more people by 2030.
Before Mamdani's victory, over 1,700 young professionals earning $200,000 or more relocated to Florida in 2024 alone. Post-election projections suggest that number could double in 2025. More than 20,000 high-earning households made the same choice.
The infrastructure is responding. Miami luxury condo prices hit $997 per square foot in Q2 2024, up 30% from five years ago. Transactions for properties priced at $10 million and above increased 270% compared to 2023.
Supply is chasing demand. But demand is accelerating faster. And Mamdani's victory just added rocket fuel to an already overheating market.
Strategic Positioning in South Florida's Luxury Real Estate Market
I diagnose market shifts the way I once diagnosed patients. Pattern recognition. Data analysis. Understanding what symptoms reveal about underlying conditions.
The political uncertainty has resolved into policy certainty. The underlying condition is a fundamental reordering of where American wealth chooses to concentrate. According to Sotheby's International Realty's 2025 Luxury Outlook, approximately 128,000 millionaires relocated worldwide in 2024, with the U.S. as one of the top destinations and Florida leading domestic migration.
For wealthy New Yorkers facing Mamdani's new tax reality, the question has shifted from "should we consider Florida?" to "how quickly can we establish residency?"
My mission remains simple: help you find the right opportunity and close it. Whether that's exclusive access to pre-construction luxury condominiums in Fort Lauderdale, oceanfront properties in Miami, intracoastal estates in Palm Beach, commercial real estate opportunities, or 1031 exchange services for sophisticated investors.
The question isn't whether this migration continues. It's whether you position yourself ahead of it or behind it.
South Florida's luxury market is experiencing a pre and now post-election surge unlike anything I've witnessed in over a decade of specializing in this market. The properties offering first access to tomorrow's most desirable addresses are available now to qualified buyers.
But that window is narrowing as more buyers recognize what the data already shows.
Ready to Position Yourself in South Florida's Luxury Market?
With my unique blend of medical precision and real estate acumen, I diagnose and fulfill the unique needs of discerning buyers seeking premium South Florida properties. My cultivated relationships provide sophisticated buyers first access to tomorrow's most desirable addresses.
From oceanfront towers in Miami to exclusive developments in Fort Lauderdale and luxury intracoastal properties in Palm Beach, I provide insider knowledge and privileged access to properties sometimes before they're available to the general market.
Whether you're a CEO, family office owner, financial planner, or high-net-worth individual considering relocation from New York or anywhere nationwide, my track record includes high-stakes commercial deals, luxury waterfront homes, and securing pre-construction opportunities for clients seeking the ultimate in luxury living.
Contact Ross Kuflik today to discuss your South Florida real estate strategy. There's always a good deal somewhere, and I promise to help you find it and close it.
Ross Kuflik is a certified Buyer Agent Expert and former physician specializing in luxury residential and commercial real estate in South Florida. Based in Fort Lauderdale, Florida, Ross provides real estate services including buyer representation, listing services, and 1031 exchange expertise for clients relocating to or investing in South Florida's premium markets.
