There has certainly been a wave of New Yorkers making their way down to Miami recently, and having grown up and lived in Miami for most of my life, I can’t say I blame them. While comparing New York City and Miami can be like comparing apples and oranges (NYC being the apple and Miami the orange), it’s no secret why Miami is known as The Magic City.
Reason #1: The Weather and The Ocean — For starters, there’s the turquoise Miami ocean waters that when paired with the warm, sunny climate year-round, make it a true tropical paradise. For New Yorkers that spend nearly half of the year in cold weather, this is a real perk. Miami has the advantage of being able to enjoy the outdoors at all times throughout the year, relaxing on the beach, out on a boat, or one of my personal favorites – paddle boarding.
Reason #2: Lower Housing Prices — Next, the significantly lower housing prices in Miami, especially relative to size, is definitely appealing to New Yorkers. While New York City is unquestionably great in so many ways, there is no denying that there is a limited amount of space and high demand, both of which drive up real estate prices.
Take a $29.9M condo situated in Central Park West, for example, and compare it to a $29.95M home on Miami’s N Bay Rd. The former is a 5-bedroom, 6+2-bathroom unit measuring 4,743 square feet whereas the latter is a 7-bedroom, 8+3-bathroom property measuring 11,622 square feet. Not to mention that the Miami home sits on a 26,008 square-foot lot with 130 feet of unobstructed open bays views.
Reason #3: Lower Taxes – Real estate prices aren’t the only thing that are more expensive in New York City; taxes are astonishingly higher as well. In Miami, we don’t have city or state Income Taxes, making the amount of money we keep in our pockets substantially higher. Taxes have been the primary driver of high net worth individuals relocating to Miami.
Reason #4: Lots of Space – As I mentioned above, New York City and especially Manhattan, is comprised of thousands of densely populated buildings. Miami, on the other hand, has lots of open space. Here, we have the luxury of living in houses with big yards and pools. Although rooftop gardens are pretty great, there’s no comparison to having an actual backyard, and if it has waterfrontage, it’s a whole different ball game.
Reason #5: A Vibrant, Stress-Free Culture — Finally, the last reason New Yorkers are moving to Miami is to escape the fast-paced, stressful lifestyle that inevitably consumes the City. Due to the highly competitive New York state-of-mind and the expensive nature of living there, New Yorkers live to work. In contrast, it seems many in Miami enjoy more of a work-life balance.
Miami also has a colorful, energetic culture that makes living here exciting to say the least. It’s a combination of being both laid back and dynamic at the same time mixed with a strong Latino influence. Did I mention there is incredible Cuban/Colombian/Argentinian/Peruvian/Brazilian cuisine on almost every corner?
Whether it’s because of the wonderful weather, the relaxed beachy lifestyle, the great real estate values, or a combination of it all, more and more New Yorkers are starting to migrate south.
Thank you for reading and be sure to lookup The Jills next time you are in South Florida for all your real estate needs!
The N Bay Rd home shown above and mentioned in the blog post can be found at: http://www.dannyhertzberg.com/miami-beach-mls-listing/A10079650.htm
