23, 2013
New Yorkers are continuing to purchase vacation homes in South Florida. However, today’s buyers are not just older retirees; younger New York residents are also flocking to the Sunshine State to escape cold, winter weather.
With flight times to Miami comparable to a drive to The Hamptons, the South Florida area is becoming increasingly popular with New Yorkers as an escape from stress-filled jobs and brutal winters. While an ultra-luxury building in New York might run 5,000 dollars per square foot, a deluxe building in Miami runs 3,000 dollars per square foot. When compared to Manhattan, The Hamptons and Martha’s Vineyard, Miami offers good space and extravagant amenities for the money.
New York buyers also tend to prefer South Florida over the Caribbean. The diverse population and vast retail options appeal to New Yorkers who are used to luxury shopping and nightlife. While the Caribbean makes for a relaxing vacation destination, the typical, fast-paced New Yorker appreciates the amenities, services, dining options and nightlife in South Florida.
Source: Real Estate Weekly
