While the pandemic-induced great migration may be slowing, the demand for ultra-luxury residences in Miami from New York-based high-net-worth individuals remains strong.
Miami’s lower taxes, new inventory, attractive branded properties and overall quality of life are driving this interest. Although inventory remains low in the luxury sector throughout South Florida, New Yorkers are now looking toward pre-construction investment and purchases, according to a new report by Bespoke Real Estate.
A minimum of 1/3 of buyers in South Florida’s ultra-luxury (over $10 million) market either purchased a second home or migrated from New York, the report noted. There have been 310 sales above $10 million in South Florida this year. As more sold and in-contract information is uploaded in the coming months, Bespoke expects this number to increase significantly.
One development seeing high traction is Waldorf Astoria Residences Miami, where Bespoke represents nearly $65 million worth of inventory. “Bespoke’s Exclusive Collection at Waldorf Astoria Miami is a selection of top-tier units within the residential development sitting in the top three cubes of what will be a nine-cube architectural masterpiece,” the press release said. “As the tallest residential tower south of Manhattan, the property is appealing to the New York buyer for its expansive floor plans, five-star service and the reliable brand name.”