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The shock from New York City’s recent mayoral primary wasn’t just political—it was felt instantly in the Luxury Real Estate Market in South Florida. Within hours of Zohran Mamdani’s win, phones started ringing in South Florida brokerages. Some Manhattan buyers weren’t waiting to see what came next; they were already calling to ask about oceanfront estates, guard-gated islands, and private showings.
Mamdani, a 33-year-old democratic socialist, built his campaign on promises to add 200,000 affordable homes, freeze rents on stabilized units, impose a 2% millionaire’s tax, and double the minimum wage. Supporters hail these measures as long-overdue solutions to housing affordability. But to some investors and high-net-worth property owners, the proposals signal a less favorable climate for luxury real estate.
What does that mean for you? In this guide, we’ll cover why buyers are shifting, which communities are in demand, the tax basics, and how to shop smart—so you can act with confidence in a fast‑moving market.
Why High‑Net‑Worth Buyers Choose the Luxury Real Estate Market in South Florida
Tax climate and homeowner savings
Florida has no personal state income tax, a major draw for high earners. Kiplinger’s 2025 guide summarizes Florida’s tax profile, including sales and property tax basics. For homeowners, Florida’s Homestead Exemption and Save Our Homes cap can lower and stabilize tax bills over time; the Florida Department of Revenue details these benefits and deadlines.
Lifestyle that fits daily living
WhenBeyond finances, South Florida offers a climate and culture that attract those looking for more than just an investment. Warm weather, boating, golf, and easy flights to the Northeast add lifestyle value that’s hard to match. For newcomers, Visit Florida provides extensive overviews of beaches, dining, arts, and entertainment.
Why timing matters
When policy headlines create uncertainty, affluent buyers often hedge with a second home or a full relocation. That pattern aligns with earlier migration waves tracked by the U.S. Census showing strong state‑to‑state moves.
Hotspots: Where NYC Buyers Are Focusing in the Luxury Real Estate Market in South Florida
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Indian Creek (Billionaire Bunker): Recent nine‑figure land deals highlight ultra‑luxury demand on this private island. Forbes covered a $100M+ lot sale that set records and signaled deep‑pocket confidence.
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Sunset Islands: City documents reference guardhouses and controlled access at Sunset Islands bridges, underscoring privacy and security—key for NYC buyers.
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La Gorce Island: Known for 24/7 security and large waterfront estates; it’s a classic option for buyers seeking low‑traffic streets and dockage.
Other Hotspots in South Florida
Boca Raton’s boutique luxury
Smaller buildings with privacy and upscale amenities are popular with former Manhattanites. Glass House Boca Raton broke ground and targets high‑end, low‑maintenance living in a walkable zone near the beach and golf.
Palm Beach & West Palm Beach: “Wall Street South”
Since 2020, Palm Beach County’s Business Development Board has promoted the “Wall Street South” migration with hundreds of finance firms expanding or relocating.
Fort Lauderdale: Waterfront value and quick access
Fort Lauderdale often offers larger lots and wide canals at a relative value compared to Miami and Palm Beach—plus great dining and the famous boating scene. Start with the official Visit Lauderdale guide for neighborhoods and lifestyle.
What NYC Buyers Want Right Now?
Turnkey, lock‑and‑leave design: Move‑in‑ready homes with new roofs, impact glass, smart security, and low outdoor maintenance are top of list. If you plan to split time, plan for a local property manager and vendor team.
Privacy and security: Guard‑gated entries, limited through‑traffic, and discreet docks remain must‑haves for many buyers checking out islands like Sunset and La Gorce.
Easy access to ocean, golf, and shopping: Proximity to marinas, private clubs, and retail corridors (Bal Harbour, Worth Avenue, Las Olas) adds daily convenience and supports resale value.
FAQs About the Luxury Real Estate Market in South Florida
Is now a good time to buy?
yes—many buyers aren’t waiting on headlines. Inventory can be tight on A‑plus water and guard‑gated islands, so prep financing and move fast when the right home appears. For context on the policy backdrop and inquiry spike, see Axios Miami.
Which city offers the best value?
Often Fort Lauderdale for boating and lot size, while Miami Beach commands premiums for brand‑name islands. Boca Raton appeals to buyers who want boutique buildings and top schools.
What price range defines ‘luxury’ in South Florida?
It varies by submarket, but waterfront single‑family often starts in the multi‑million range, rising to eight and even nine figures on top islands like Indian Creek.
Thinking about moving? Get local, on‑the‑ground advice before you buy. Call (561) 544-7000 or connect with The Mastropieri Group, Realtors® for private showings, tax‑savvy strategies, and off‑market access across Miami, Boca, Palm Beach, and Fort Lauderdale. Your next step in the Luxury Real Estate Market in South Florida starts here.
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