Forget the Hamptons, New Yorkers are heading to Miami. Brokers are telling The Wall Street Journal that second-home buyers from New York are pushing luxury condo prices in Miami to new levels. The average cost of a luxury condo in Miami increased by 32.6% in the fourth quarter of 2012 from the previous year, according to Jonathan Miller, CEO of appraisal firm Miller Samuel Inc.
Douglas Elliman’s Florida brokerage estimates that roughly 60% of the firm’s clients are from the Big Apple, about double the percentage of a year earlier. Even a Miami-based development firm said New Yorkers make up about 25% of its buyers compared with 10% a year ago. Miami has long been seen as a place to retire but more and more younger folks are now purchasing vacation homes there.