The conversation at The Real Deal Miami Forum wasn't about mortgage rates or inventory levels. Industry professionals were placing bets on something bigger: a potential migration wave that could reshape South Florida's luxury real estate market in ways most investors haven't fully grasped yet.
As a former physician turned luxury real estate expert, I've been diagnosing market patterns for over a decade. And the symptoms I'm seeing now point to an unprecedented wealth transfer opportunity.
Between July 2023 and July 2024 alone, New York experienced a net domestic migration loss of 120,917 residents. That's not a blip. That's a pattern gaining momentum.
But here's what makes this interesting for luxury real estate.
The NYC Mayoral Election: A New Catalyst for Wealth Migration
Here's what changed the conversation at the Miami Forum: Democratic Socialist Zohran Mamdani's victory in New York City's mayoral race. His campaign promise to significantly increase taxes on high-income earners has created what Phil Gutman, President of Continuum Realty, called a potential "tipping point" for accelerated migration to South Florida.
While not every electoral outcome triggers immediate geographic relocations, the pattern is undeniable. When tax policy shifts dramatically in one direction, wealth moves in another. I've witnessed this firsthand with my clients—CEOs, family office owners, and high-net-worth individuals who view relocation not as a reaction, but as a strategic wealth preservation decision.
The $9.2 Billion Wealth Transfer Nobody's Fully Tracking
When people move, money moves with them. Between 2018 and 2022, more than 30,000 New Yorkers relocated to South Florida, bringing $9.2 billion in income. That figure predates the current political shift.
In Palm Beach County alone, 20,000 newcomers arrived with an average per capita income of $190,000. Miami-Dade added 26,000 transplants earning roughly $266,000 each. Fort Lauderdale, where I'm headquartered, has seen similar influxes of sophisticated buyers seeking luxury waterfront properties and exclusive pre-construction opportunities.
These aren't retirees downsizing to condos.
These are high-net-worth individuals making strategic moves. The kind of buyers who understand that tax policy shapes wealth preservation as much as investment returns do. They're the clients I serve daily—discerning investors who deserve first access to South Florida's finest luxury properties.
What the Luxury Real Estate Data Actually Reveals
Political changes accelerate existing trends rather than create new ones. Research indicates the top 1% of income earners typically move out of New York at lower rates than other income groups, around 0.2% on net.
But that's the national average—and averages don't tell the whole story.
What I'm seeing on the ground in South Florida markets from Miami to Palm Beach tells a dramatically different story. In Miami-Dade alone, there were 28 sales of single-family homes priced over $3,000 per square foot from January to July 2025. That represents a 115% jump from the same period in 2024.
Before the pandemic in 2019, there were zero sales in that ultra-luxury bracket.
Zero.
That's not a trend. That's a transformation. And with New York's new political landscape, I'm diagnosing this pattern as one that's likely to intensify, not diminish.
The Opportunity Window for Pre-Construction Luxury Investment
I've positioned my clients to access pre-construction luxury opportunities precisely because of these migration patterns. When wealth concentrates in a region, supply constraints create premium pricing power—and strategic buyers who act early secure the greatest value.
The developments I track—from the Ritz-Carlton Residences in Palm Beach Gardens to the Bentley Residences in Sunny Isles, the Waldorf Astoria Residences in Pompano Beach, the Rosewood Residences on the Hillsboro Mile, and the W Hotel and Residences in Pompano Beach—aren't just luxury buildings. They're strategic assets in markets experiencing unprecedented demand from relocating New York high-net-worth buyers and international investors.
My cultivated relationships and local knowledge provide my clients with exclusive access to premier units and floor plans, in some cases before they're available to the general market. That's the advantage of working with someone who brings both medical precision and decade-long real estate expertise to every transaction.
Miami now ranks among the world's top locations where those with over $100 million in liquid investable wealth own primary or secondary homes. More than 650 individuals in this category own property here—and that number is growing as New York's tax landscape shifts.
That concentration creates network effects that attract even more wealth, making South Florida the default destination for CEOs, financial planners, and family office owners seeking both lifestyle optimization and tax efficiency.
What This Means for Discerning Investors and Relocating New Yorkers
Tax policy debates in northeastern cities will continue. Some high earners will relocate, others won't. But the trend line is clear, and Mamdani's victory in New York has accelerated conversations I'm having with clients daily.
South Florida—from Miami to Fort Lauderdale to Palm Beach—has become the default destination for wealth preservation and lifestyle optimization. The infrastructure, the tax environment, the luxury amenities, the world-class dining and cultural offerings—everything aligns to support that positioning.
For buyers considering pre-construction luxury opportunities or commercial real estate investments, timing matters. Once these ultra-luxury developments reach certain sales thresholds, the best units and floor plans disappear quickly. I've seen it happen repeatedly over my decade in South Florida real estate.
The smart money isn't waiting to see how New York's political situation fully resolves. They're positioning now, securing access to properties that align with long-term wealth strategies rather than short-term market timing. Whether you're interested in luxury waterfront homes, exclusive condominiums, or high-value commercial deals, the opportunity window is now.
That's the real story from The Real Deal Miami Forum.
Not speculation about who might move, but strategic positioning around wealth flows that are already in motion—and my mission is to help you capture those opportunities before they close.
Ready to Discover Your Next Great Luxury Investment?
As a former physician turned luxury real estate expert, I diagnose and fulfill the unique needs of discerning buyers seeking premium South Florida properties. Whether you're relocating from New York, seeking pre-construction luxury opportunities, or ready to make a strategic move from anywhere in the world, I provide the insider knowledge and privileged access you deserve.
My track record includes securing exclusive opportunities for high-net-worth clients seeking the ultimate in luxury living and commercial real estate excellence. From oceanfront towers to luxury intracoastal homes to high-stakes commercial deals exceeding $13 million, I consistently deliver exceptional results tailored to your financial and lifestyle aspirations.
With my unique blend of medical precision and luxury real estate acumen, I help wealthy buyers navigate South Florida's premium markets while maximizing their investment potential. Having lived and worked in New York and now headquartered in Fort Lauderdale, I understand both sides of this migration—and I know how to position you for success.
There's always a good deal somewhere, and I promise to help you find it and close it.
Contact Ross Kuflik today to explore South Florida's finest luxury properties and position yourself ahead of the wealth migration wave. Your real estate success story begins here.
