Contrary to predictions of wealthy residents fleeing New York City after Zohran Mamdani’s mayoral victory, luxury home sales actually surged in November. Reports from Olshan Realty and Douglas Elliman indicate a significant increase in sales of properties valued at $4 million or more. Real estate professionals like Donna Olshan and Noble Black dismissed the exodus predictions, citing the city’s enduring appeal despite potential tax increases. This suggests the city’s cultural and influential environment continues to outweigh any concerns about changes in local government.
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Contrary to predictions of a mass exodus following Zohran Mamdani’s mayoral victory, the luxury home market in New York City has seen a surge in sales. Data from real estate firms indicates significant increases in sales contracts for properties priced above $4 million in the month following the election. Experts attribute the market’s performance to factors like a robust stock market and record compensation on Wall Street, not to any “Mamdani effect”. Despite some initial hesitations, the anticipated flight of wealthy residents to Florida has not materialized, as the real estate market is still doing very well in New York City.
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Contrary to initial concerns, New York City’s luxury real estate market is booming, defying predictions of an exodus of wealthy residents. Signed contracts for Manhattan homes over $4 million saw significant increases in November, according to data from Douglas Elliman and Miller Samuel. This surge in high-end sales contradicts the narrative of wealthy individuals fleeing due to the potential election of a socialist mayor, as indicated by real estate leaders. Jonathan Miller, president and CEO of Miller Samuel, cites strong Wall Street bonuses as a reason for wealthy buyers to come to or stay in New York.
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John Q. Hosedrinker