10 top reasons why New Yorkers are investing in Miami Real Estate

Why is everyone buying Real Estate in Miami?


The world is buying Miami’s real estate. From Latin Americans who are looking for Miami Real Estate as a “security box” to Wall Streets Moguls and other high net-worth New Yorkers who noticed Miami’s upscale Real Estate. For those who are not familiar with Miami Real Estate and still think Miami is only good for some fun in the sun ⇒ This blog is definitely for you!

Miami is number 6 of Important Cities for the World’s Ultra wealthy

10 top reasons why New Yorkers are investing in Miami Real Estate DSG

First things first – Miami is more than just Sun, beaches and fun

 1. The Quality of Miami Real Estate Properties

With the arrival of many international buyers, Miami stepped it up and is now home to ultra-luxurious high-rise with all the services and amenities that someone may wish for.  Simultaneously,  many New York City developers have flocked into Miami, bringing with them New York buyers.

2. Miami Real Estate Prices

Besides the fact that the costs of living in Miami is about 10-40% lower than in New Yrok, the price of Miami Real Estate is nothing compared to the sky high prices in New York.  Where Miami’s most luxurious waterfront Real Estate sells between $2,000 – $3,000 per Sq.Ft, these amounts are still nothing compared to New York Real Estate. Nonetheless, some of Miami’s newest luxury projects are fastly approaching New York prices, and with Miami’s sociodemographic buyer’s profile there seems to be no end to this. Like in New York, people are lining up with checks when sales offices are opened and properties sell out in a heart beat.

3. Lower Taxes 

Florida is among the US’ top 10 best business tax climates. As Florida doesn’t have any capital gain taxes, state income taxes, or estate taxes your return on investment will be much higher.

So if you think about it, a hedge fund manager reporting $1 million in income can expect to pay only the federal government, whereas his counterparts living in New York City and Connecticut will fork over an extra $104,300 and $67,000 respectively.

In Miami Today News one of the City’s brokers (Mr Morr) is quoted saying: “If you earned $1 million in New York and paid 12% combined state and city income taxes, that’s $120,000. If you’re able to homestead in Miami and not pay those taxes, that would buy you a $1.5 million house.How? The cost of finance a $1.5 million house with taxes, insurance and mortgages is about $10,000 per month or $120,000 a year“. The above equals a free house, you could live in a Miami $1.5M house with the money you saved by leaving New York.

10 top reasons why New Yorkers are investing in Miami Real Estate DSG

4. Financial Power House

Miami is the second Financial Hub in the US right after New York. Many International Bank has established itself in Brickell, which is Miami’s financial district. The Miami Downtown Development is creating an environment attractive to bankers in order to establish Miami more and more as an important financial hub in the States as well as for South America

At this moment there are approximately 70 hedge and private equity funds are headquartered in Florida.

5. Increasing location of International Head Quarters

More and more companies, among which many multinationals, position their Latin American Headquarters in Miami. The rise of Latin America as a super power, Miami’s great infrastructure and its multilingual staff  are among the reasons to invest in Miami.

6. An increasing Arts and Culture Scene

Within a period of less than 2 years Miami created a name for itself in the art scene. Previously only associated with retirees and beaches, Miami is now definitely a more diverse animal.  With the opening of the Perez Art Museum Miami and the Miami Museum of Science , Miami put itself on the map. Annual events such as Art Miami and Art Basel -Miami Beach are getting a lot of national and international attention and get bigger by the year. Last but not least the booming Wynwood Area is now for its laid back, artsy scene. Every second Saturday evening of the month there is an “Art Walk” and art galleries open shop for the public.

7. An increasing Fashion Scene

Where do all these fancy condo owners shop? Exactly, with the expansion of Miami and its residents, the ultra luxury shops couldnt stay behind. Previously the Bal Harbour Shops where the place to go for luxury brand such as Hermes, Louis Vuitton and Cartier, these days the Design District is fulfilling your luxury needs with new shops selling Celine, Pucci and Prada and various luxury interior design Stores. More is still to come with Brickell and Downtown getting their own little Luxury Retail areas with respectively Brickell City Center and the Mall at Miami World Center

8. Entertainment

Miami has always been a mecca for entertainment and restaurants but these days Miami can compete with cities like NY, London and Tokyo when it comes to famous hot spots. We have all the big restaurant names, swanky hotels and a big choice of high-end night clubs

9.  A Truly Global Luxury City

Miami is now a truly Global city with a high quality of life. When you speak with people here who lived all over the planet, they will always tell you they their home. The high quality of life is what makes people want to stay in Miami. This year, for the second time in a row Miami was on the list of top 10 most luxurious places to live and Miami is now ranked 7th among the most important cities to the world’s wealthy

10. Sun and Ocean

Well take all the above 9 points and add the thought that every weekend you can be on the beach in the sun, have a cocktail on someones boat or lay in your own pool….. enough said…

Contact the David Siddons Group for more information about moving to Miami and Miami real estate.

David Siddons | 305.508.0899 | David@siddonsgroup.com


These are the most commonly asked Google Real Estate Related questions

1. What are the Current Best New Condos in Miami?

If you want to hear in more details our opinions on the best new Miami new construction condos. Please read this article:Best New Construction Condos 2022-2023

2. What is the best New Construction Condo in Fort Lauderdale?

In our opinion, the Residences at Pier Sixty-six are certainly the most interesting and unique. Already well underway this 32 Acre project will be home to the first of its kind Marina where owners will be able to anchor up vessels up to a staggering 400 ft! For specifics of this project see our independent review of this project.

3. How can I compare the new luxury construction Condos to the best existing Luxury Condos in Miami? 

Our Best Luxury Condos in Miami article will prove to be very useful to those looking to compare the existing to the new. You may also want to watch this video which shows the performance of the best Condos in Miami over the last 15 years!


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David Siddons

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