Last night, the Democratic Socialist Zohran Mamdani has advanced to be the main candidate for NYC mayor. Upon hearing the news, Florida Governor Ron DeSantis said this:
“If this socialist mayor candidate wins in New York City, you’re going to see real estate values skyrocket in Palm Beach because people are going to get out of that city.”
The Governor’s fiscal restraint, focus on law and order, and keeping Florida open during Covid led to the massive influx of residents into Florida over the last few years. Real estate values have gone up significantly. Those who bought homes in the years 2020 – 2022 saw their investments grow.
Over the last year, however, the Florida market has been declining. With the slowing population migration, high interest rates, and unstable situation in the world, Florida reflected much of the country by transforming to a buyer’s market. The situation is even more difficult for the condo owners. Following the Surfside condo collapse and the new safety regulations, the owners have been hit with skyrocketing HOAs and crippling assessments. Because of that, the condominium market in South Florida has been at a virtual standstill for over a year.
Is the New York City mayoral election going to bring about the reversal of the market that Floridian real estate investors are looking for? It’s quite possible. Just look at the stated positions of the new front runner. His exorbitant tax proposals are unaffordable for the wealthy and corporations. His rent control proposals are going to freeze real estate investment. His “soft on crime” policies are threatening to transform already dangerous streets of NYC into practically unlivable. And his open displays of antisemitism are an affront to tens of thousands of Jews who call New York City home. So, should he be elected, the danger of flight out of New York is quite real.
If you are a New Yorker (or a resident of another state) who is contemplating purchasing a property in Florida, now is a good time to make your move. There is plenty of inventory, and the sellers are willing to negotiate.
Moving between the states is a difficult and complicated undertaking. If you are thinking of doing it, here is our guideline on how to plan so you don’t regret it.
If you are thinking about a real estate purchase or rent in South Florida, we have a list of options for you to consider.
And, we offer 2.5% buyers’ agent compensation on every property we sell.
Satinleaf Properties 