For New York City’s most wealthy and successful residents, luxury living means state of the art high rises overlooking the fast-paced hustle and bustle of one of the world’s most famous cities. It means panoramic views of the infamous skyline, private outdoor terraces, access to five-star amenities and spacious units with impressive square footage. But even with these luxuries, New Yorkers are coming down to Miami to thaw out, and to buy luxury property of a different sort. With breathtaking views of the water, gorgeous outdoor pools and entertaining areas that can be enjoyed year round, and the easy, tropical attitude of the south, Miami condos, waterfront mansions and rooftop penthouses are a popular option for New Yorkers looking for a change of scenery.
The Sunset Harbor area of South Beach can be compared the Meatpacking District of NYC. In Manhattan, this district is considered one of the most glamorous areas in the city, and is known for its high-energy nightlife, exclusive red rope parties and a combination of both historic and contemporary NYC style. Sunset Harbor has a similar feeling; a yacht club community where anyone who is anyone is part of the exclusive country club, shopping opportunities for true fashionistas, fitness centers and juice bars for the fit and fabulous, and a wide variety of night life options, from sexy and quiet wine bars to adrenaline pumping night clubs that are alive until the early morning hours. New Yorkers who like the affluent feel of the Meatpacking District will feel right at home in the impressive Sunset Harbor community. This is just one of the many spots in Miami where New Yorkers can find luxury real estate property to invest in.
For New Yorkers looking for a profitable investment opportunity, luxury real estate is where it’s at. New Yorkers are used to uncompromised quality when it comes to their residential living spaces, and Miami does not disappoint. The architecture and design elements in most upscale Miami properties rival that of NYC city property, but for a lot less money. New Yorkers jump at an opportunity to buy luxury waterfront property at $2000-$3000 per square foot, where back in the city a similar property would sell for much more. Lower taxes, the entertainment options, the gorgeous weather, a diverse art and culture scene, combined with the fact that Miami is a financial powerhouse and its proximity to the beach make it clear why so many New Yorkers are living it up in Miami.
Some New Yorkers come down to the Sunshine State and plan on just reviewing condo hotel investment options. They’ve spent plenty of time in some of the luxury condos on the beach and have decided they want to purchase one of the luxury units for their personal use. Sometimes they use the home exclusively as their own, private residence and other times they use it as a source of income and rent it out to other families when they aren’t using it themselves. The amenities that high-end Miami hotels offer, such as state of the art fitness centers, spas, fine dining and business centers make it a very easy and convenient place to call home. The security, valet, and concierge of many Miami hotels also add to the luxury and ambiance of owning property in a hotel. Another perk of owning a condo within a hotel is hassle free property management. Being able to fly down from New York, have someone park their car, take their bags, and head right up to their clean and luxurious unit is a major draw for many who are looking for property in Miami. Comfortable, convenient and ultra-luxurious, this is a popular option for New Yorkers who want to arrive in Miami and not worry about a thing. Most investors can agree that The Setai in South Beach, St. Regis in Bal Harbor and W on South Beach are all great condo hotel investment opportunities.
Ultra luxurious, waterfront estate homes are another way New Yorkers can invest in Miami real estate. Exclusive neighborhoods like Coral Gables, Palm Island, and Fisher Island attract an elite class of people from all over the world, with jaw-dropping, multi-million dollar mansions. These sprawling estates have state of the art kitchens, spacious living areas that transform from “inside” to outside with a simple slide of a door, media rooms, immaculate master suites, infinity edge pools, outdoor entertaining areas, and meticulously groomed lawns. Coming “home” to these resort-inspired homes is a nice breath of fresh air for many New Yorkers who spend their time in small offices, small taxis, and big crowds.
Many New Yorkers invest in high-rise condos, as it feels a lot like what they are used to in the city. The industrial yet artistic look and feel of some of Miami’s most upscale condos offer large, open floor plans, private elevator access, rooftop terraces and impressive balconies that offer front row seats for gorgeous sunsets every night. Like the condos within a hotel, high-end amenities are a major draw, giving residents access to fitness centers, spas, dining, beach access, valet, security and professional concierge.
When the weather gets cold and icy in New York, Miami offers warm temperatures and a relaxing escape. New Yorkers who own luxury Miami real estate have a tropical place to thaw out and recharge, and the beautiful city offers plenty to do year round, enticing owners to visit multiple times a year. And with all of the luxury options that Miami has to offer, it is no wonder so many successful New Yorkers are eager to invest in a little slice of sunshine of their own.
Guest Contributor: Kaya Wittenburg is the Founder and CEO of Sky Five Properties. With world-class negotiation and deal-making skills, he brings a highly impactful presence into every transaction that he touches.