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How the massive influx of New Yorkers is transforming Miami 🍀 Real Estate & Investment USA
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Investors have caught on : with everything happening in Miami today, now is the time to position themselves. The market has gone through three phases — before, during, and after Covid — and since the pandemic, prices have risen. A large part of this increase stems from the massive influx of buyers from the Delaware region, meaning the entire area surrounding New York City.
For a long time, New Yorkers were “stuck” at home, facing harsh winters, sometimes blizzards. Miami didn’t really appeal to them back then, especially before the subprime mortgage crisis, because the city didn’t yet offer the cultural life and quality of life it offers today. But everything has changed.
With Covid and the rise of remote work, they arrived in droves and sent prices soaring. Their purchasing power, far exceeding that of locals, allowed them to aim for larger, more upscale properties. They first settled in Brickell, replicating the vertical lifestyle they knew from New York’s skyscrapers. Interestingly, they immediately targeted properties priced over a million dollars, even though more affordable options existed.
Today, they are present in every neighborhood, and their arrival has dramatically increased prices. Yet, despite this surge, Miami remains much more accessible than other major American cities. Compared to Los Angeles, Seattle, Chicago, New York, or Washington, the city remains significantly less expensive, while offering exceptional advantages.
Miami now has all the ingredients for continued growth. Investors have understood this well: the challenge is to position themselves before the market starts to rise again.
