Florida Real Estate Reports $100M Surge From New York Buyers

Isaac Toledano, CEO of Miami-based developer BH Group, reported that his firm closed more than $100 million in signed contracts from New York buyers over the past few months. This figure represents approximately double the volume from the same period last year. According to Toledano, buyer decisions appeared to accelerate in the months leading up to New York City’s recent mayoral election.

The transaction volume suggests a measurable change in buyer behavior among New York residents considering property investments in Florida markets. Toledano noted that concerns about lifestyle, quality of life, taxes and public safety factored into buyer conversations. The $100 million figure was higher than expected, though the developer said he was not surprised to see New York buyers driving Florida’s real estate activity.

Market Context and Buyer Considerations

Housing affordability remains a significant factor in both markets. According to Redfin, the median sale price of a home in New York City reached $875,000 in September 2025, up 7.9% year over year and more than double the national average. Realtor.com estimates that a typical U.S. household would need to earn approximately $118,530 annually to afford a median-priced home, more than 50% above today’s median household income of roughly $77,700.

A JL Partners survey for the Daily Mail found that 9% of New Yorkers indicated they would leave the city if Zohran Mamdani won the mayoral election. With New York City’s population at approximately 8.5 million, this represents roughly 765,000 potential departures. Mamdani, the 34-year-old incoming mayor, campaigned on promises including rent freeze, free childcare, government-run grocery stores and free buses, all to be funded by taxing corporations and the top 1%.

For real estate investors and property buyers, demographic trends create both opportunity and planning complexity. Our real estate advisory team works with clients to assess market conditions and build tax-efficient investment structures.

Financial Planning for Interstate Property Transactions

The tax differences between New York and Florida remain significant. New York has a top individual income tax rate that differs substantially from Florida’s no-income-tax structure. For high-income earners and business owners, this difference can represent considerable annual savings. Real estate investors relocating to Florida should consider several tax-planning strategies.

Cost segregation studies can accelerate depreciation deductions on new property acquisitions, improving cash flow in the early years of ownership. Establishing Florida residency requires careful documentation to satisfy both New York’s exit requirements and Florida’s residency rules. Property buyers should work with experienced advisors to understand the complete financial picture before relocating or making investment decisions.

Federal Reserve Chair Jerome Powell noted that the housing market faces ongoing challenges, stating that the country has had and continues to have an insufficient housing supply. According to Zillow, the U.S. is short roughly 4.7 million homes, a gap that has helped keep prices elevated across markets.

Property Market Dynamics and Developer Response

One developer quoted in reporting from The New York Times took a contrarian position, suggesting that Mamdani’s policies may hurt New York City real estate values. Kevin Maloney, founder and chief executive officer of Property Markets Group, reportedly contributed to Mamdani’s campaign not out of support for the platform, but because he expected the policies to create opportunities to purchase properties at lower prices in approximately five years.

This perspective highlights the cyclical nature of real estate markets and the importance of timing in investment decisions. Property valuations should account for local market conditions, insurance costs, property taxes and long-term appreciation potential. 

Housing Affordability and Market Pressures

On his campaign website, Mamdani addressed housing affordability directly, stating that New York is too expensive and promising to lower costs and make life easier. Housing sits at the top of his policy platform. The median sale price in New York City has more than doubled the national average, according to Redfin data.

However, the affordability challenge extends beyond New York. The housing shortage and price increases affect markets nationwide. Federal Reserve leadership has acknowledged the structural supply constraints that continue to pressure home prices nationwide.

For Florida property buyers, these national trends intersect with local market dynamics. While Florida offers advantages, including no state income tax and different regulatory structures, buyers should conduct thorough due diligence on individual properties and markets before making purchase decisions.

Strategic Considerations for Real Estate Investors

The $100 million in signed contracts represents a measurable indicator of buyer interest, though it reflects activity from one firm during a specific time period. Real estate markets respond to multiple factor,s including employment trends, interest rates, local regulations, insurance costs and demographic patterns.

Investors considering Florida properties should evaluate both the opportunities and the risks. Property acquisitions require analysis of cash flow potential, tax implications, financing structures and exit strategies. Working with experienced real estate advisors helps buyers navigate these considerations and structure transactions appropriately.

Together, we help real estate leaders do Moore. Explore how our accounting, advisory and tax services support the financial strength of real estate developers and investors. Visit our Real Estate Services page.

All content provided in this article is for informational purposes only. Matters discussed in this article are subject to change. For up-to-date information on this subject please contact a James Moore professional. James Moore will not be held responsible for any claim, loss, damage or inconvenience caused as a result of any information within these pages or any information accessed through this site.