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New Yorkers and Miami

New Yorkers have long had close ties to Miami—from investing in the 1920s land boom to the glory days of the 1950s and 1960s, when the city was a millionaire’s playground. In the 1990s, a cohort of New York photographers helped put the city on the map for the fashion set. The latest chapter in this tale of two cities sees Miami as magnet for a new Manhattan-amid-the palm-trees crowd, who come with less fanfare, but with a lot more money.  Investors are not only scooping up trophy properties in the Sun City, but also hanging around to enjoy the fun.

Today, New Yorkers can come here and find the same kind of culture, food, and entertainment they left behind them. When a New York billionaire boards his private jet for the two-and-a-half-hour flight to Miami, increasingly he’s heading to a place where he can find a lot that reminds him of Manhattan, even his favorite restaurant may now have a Miami branch.

Miami has grown up.  As the world was yelling that the city hard a market with a 20-year supply and no big enough demand, thanks to an influx of Latin-American buyers, it turned out to be no such thing; the Miami real estate boom was born.  Investments started to flow from Venezuela, Argentina, Brazil and so on.

Increasingly, developers are paying attention to what New Yorkers want when designing buildings. Flashy features are still there, but now they are accompanied by the typical New Yorker prizes white-glove service and amenities: access to a private spa, a bar, movie theater, pools and cabanas and playroom.  When it comes to layout, New Yorkers who are increasingly making Miami their second home prize closet space (who wants to go back and forth with suitcases?) and large dining areas for entertaining. No point in replicating their New York space; they are in Miami to escape that mode of life and find big, open spaces.

Price range is also a key factor in the link between New Yorkers and Sun City.  So is the case in water view apartments.  In terms of what you can get out of your money, Miami seems pretty attractive to New Yorkers.  Weather, radically different between the two cities, is also a strong plus.  Thus, New York residents are increasingly choosing Miami as an investment zone.  With its diverse supply and cosmopolitan culture, Sun City seems to keep the pace more than well.

 

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