Why Miami is a Hotter Real Estate Market Than New York City

Over the years, Miami has been referred to as New York City’s sixth borough, and it would appear that in the exclusive world of luxury real estate, this has never been truer. A wave of New York City developers has washed onto the Florida shoreline in recent months, bringing with them New York buyers...

“I thought, well, you know, everyone is going to Miami. This place is jumping,” said the 80-year-old architect. “I probably should have done this before. But I designed the building and it is great, and I figured I might as well enjoy it myself.”-- Richard Meier, New York City architect, who bought a condo at the Surf Club Four Seasons, Miami (source infra)

New York City Prices in Miami - NYTimes.com: "...“Look, I was the first guy saying that Miami won’t come back for decades after the last downturn, but it came back in three years and prices are 50 percent higher than they were at the very peak of that last cycle,” Mr. Maloney said. “Unlike New York, Miami is fed by South America, and there, to a great extent, is a flight of capital and people. Nothing will change until you restabilize South America, which is years away.”..."

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