A recently released article in Business Insider takes note that Miami has quickly become a “Wall Street South,” or a hotspot for New York financial titans to buy a second or third home. We at the Alexander Team are glad that the press has finally caught on to a trend that we have been seeing for years!
Not only is Miami extremely simple to get to from NYC (three airports in Miami, three in New York, flights as cheap as $200 round trip), but it has become an attractive real estate destination for numerous other reasons. Firstly, taxes are low compared to New York. There are no individual income taxes, no estate taxes, and no capital gains taxes. According to Business Insider, a hedge fund manager reporting $1 million in income will only pay the federal government, saving him ultimately $104,000 in taxes compared to NYC. Second, setting up shop in Miami allows for access to South America, one of the fastest growing financial markets in the world. And lastly, of course, is the lifestyle: the beaches are some of the best in the world, the nightlife is buzzing and glamorous, and the weather is a steady summery feel all year round. Compared with the February that we have had in New York, who wouldn’t want a place to escape to in Miami?
And The Alexander Team has been in this business since the beginning. With two headquarters, one in Miami and one in New York, we have consistently been able to find clients the best homes in each location, many times in both! Currently, Oren Alexander is selling at the FAENA House, arguably the most popular and most expensive new development condominium in Miami Beach. Check out the Business Insider link to an article about FAENA here! Just to support the claims that Business Insider has made, financial titans Lloyd Blankfein and Leon Black are both rumored to have purchased apartments in FAENA.
Repeatedly, we have been able to do business with clients in New York and Miami, many times simultaneously. Recently, The Alexander Team was able to miraculously close on a client’s apartment in New York on the sell side at 10:00AM, and close on the buy side with a beautiful new condominium in Miami by 12:00PM the same day! A seamless transition and a happy customer: it was all in a day’s work for the Team.
Miami will only continue to grow as a destination for New Yorkers, particularly with the inventory squeeze in NYC, harsher winters, and the oncoming release of many new developments down South. The Alexander Team, established in both markets, is the most experienced and best equipped group to handle all of your needs up and down the east coast.