Mamdani effect: Miami realtors report 166% spike in inquiries from wealthy NYC residents

A flood of rich New Yorkers spooked by Mayor-elect Zohran Mamdani’s victory is reportedly set to migrate south — as Miami realtors report a 166% spike in inquiries about multi-million-dollar properties in one of the most in-demand enclaves of South Beach.Real estate agents who are showcasing waterfront condos along Miami’s “Billionaire’s Beach” — which stretches from 14th Street to 21st Street along Collins Avenue — say they stand to benefit from the “Mamdani effect.”“The second that the word on the street was that Mamdani was going to be elected we started getting phone calls,” Pietro Belmonte, executive vice-president at Douglas Elliman, told the US Guardian.Douglas Elliman is the marketing agent for Ritz-Carlton Residences on Miami Beach, where single-bedroom apartments spanning 1,200 square feet start at around $8.6 million per unit.Meanwhile, three, four and five bedrooms on the higher floors range from $10.5 million to $22 million and above while the twin penthouses with rooftop private pools can be had for between $55 million and $69 million.Belmonte and other realtors described the so-called “Mamdani effect” — the sudden and “exponential” increase in the number of inquiries and sales of high-end properties to New Yorkers flush with cash and eager to flee the Big Apple before the democratic socialist takes office on Jan.1.According to Belmonte’s firm, there has been a 166% surge in interest from prospective buyers in New York eager to snap up one of the beachside condo residences at Ritz-Carlton Residences.Michael Patrizio is managing director of Mast Capital, the developer behind the Perigon, an under-construction cluster of 73 high-end residences.“Activity at Perigon right now from the ultra, ultra high net worths is really staggering,” Patrizio told US Guardian.According to Patrizio, Mast is betting that an influx of New Yorkers will snap up offerings at Perigon, which start at $12.5 million for a two-bedroom unit, ...