Just after Zohran Mamdani secured his Democratic nomination on Tuesday night, real estate agents like Ryan Serhant were inundated with calls from clients eager to back out of deals for New York apartments. It seems high-end buyers are now eyeing properties beyond the city limits.
“My top priority is helping people move from New York to Florida. Again,” Selhunt shared with me. He added that due to the recent outcome, many clients are hesitating to invest in New York City.
Memos I’ve gone through indicate that one client, who had made an offer on a Chelsea apartment, reached out to the broker mere moments after former Governor Cuomo acknowledged Mamdani. “We’ll evaluate this before taking a break until the mayoral election is clearer,” the client stated in an email.
A founder in Manhattan, who has already paid half of her income in taxes, began contemplating relocation. “Where can I go?” she asked me, somewhat anxiously.
Other venture capitalists and bankers I talked to mentioned they’re already considering properties in distant places like Uruguay and Milan, as well as closer options like Palm Beach, contingent upon Mamdani’s performance in the general election this November.
Real estate agents in Florida have already noticed a spike in interest from New Yorkers.
“The volume of New Yorkers reaching out to me about moving to Florida is striking,” Nathan Zeder, a broker with the Jills Zeder Group, mentioned. He noted that his firm has facilitated $1.8 billion in real estate transactions in Florida this year alone.
“People seem worried, and I think we’ll see more folks looking into South Florida over the next few months,” he said, pointing out that these are individuals who can afford to relocate without much hassle.
Selhunt remarked that if Mamdani wins in November, he hasn’t yet decided whether to resign to run the city.
“We’re observing the current situation closely. The real estate and investment community is engaged,” he noted.
Other insiders have indicated that New York’s professional sector has already contributed to Adams’ campaign, as he runs for reelection as an independent and seeks to garner support from the current administration.
Selhunt, who features in the current season of the “Sex and the City” reboot, is facing a disagreement with co-star Cynthia Nixon, who portrays Miranda Hobbes.
Yesterday, Nixon tweeted, “I don’t think I’ve ever been more excited about voting for anyone than for Zohran Mamdani.”
Selhunt explained that the message to the 500 agents across 19 states in his company has consistently been, “The market and policy don’t dictate our success, but they guide our strategy.”
And what’s that strategy? Well, “There are plenty of other places to live,” he remarked. Agents at Sunshine Belt, covering Southern US states such as Arizona, Texas, and Florida, have been especially busy since Ratnight, Serhunt pointed out.
This shift might actually have its silver linings. A source suggested that the influx of New Yorkers eager to flee the potential of a socialist mayor could lead to notable discounts in the real estate market.
