Surge of New Yorkers relocating to these 4 Palm Beach County cities, real estate agents say
All eyes are on South Florida from New York City residents, wanting to move from the Big Apple now that Zohran Mamdani is officially the NYC Mayor.
WATCH BELOW: ‘The last two weeks, it’s been completely a game changer,’ CEO Talbot Sutter tells WPTV’s Joel Lopez
The recent political shift in New York City, with Mamdani built his campaign around making New York City more affordable, but his policies have raised concerns among some about potential tax increases and policy changes from his administration.
WPTV has uncovered that many NYC residents have already initiated what’s being dubbed the “Mamdani Migration” as people are looking to make South Florida their new home full-time.
Rising demand in real estate
The real estate offices of Sutter & Nugget in North Palm Beach told WPTV’s Joel Lopez, the Palm Beach County market is getting a surge in demand.
“The last two weeks, it’s been completely a game changer,” said CEO Talbot Sutter.
He said his NYC clients have been a mix of seniors, families, residents and workers whose companies are relocating to South Florida.
To meet this surging demand, Sutter shared that they are “having to hire more members to our team to handle the demand from New Yorkers wanting to move down.”
So, where are NYC residents looking to move down to?
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Sutter revealed that the top cities his NYC clients are targeting include Jupiter, Palm Beach Gardens, Delray Beach, and Boca Raton.
Impacts from the migration was further evidenced by recent offers.
“We’ve had directly two offers that were stalemated over the summer that we’ve had three showings Monday and Tuesday and offers today, Wednesday. Because of the race. Directly out of the buyer’s mouth, they said they were waiting until Wednesday, and we got the offer this morning,” Sutter said, emphasizing that issues surrounding taxes and quality of life are significant motivators for these NYC transplants.
In the past few years, Sutter estimates that around 30,000 New York residents have moved into Palm Beach County and Broward County.
Inventory concerns
“As far as inventory goes, are you seeing room for all these people?” Lopez asked.
“I’m seeing a lot of what I call a ‘coke bottle’ effect where it’s an influx of people, and not enough inventory. Some people say inventory is up right now. We were just looking at stats this morning 56% from year to year, but that inventory is also being scooped up in the last month like that,” Sutter replied.
Despite the year-to-year increase in inventory, Sutter insists that “that inventory is also being scooped up in the last month like that.”
Boca Raton’s appeal
On Tuesday, WPTV spoke with Boca Raton Mayor Scott Singer about the city’s efforts to attract NYC businesses and have them relocate their corporate offices to the Boca Raton.
After hearing concerns from Boca Raton residents on the growth this may create, Lopez posed the question: “Wouldn’t you say that also some residents in New York would also see the opportunity to come down here as residents?”
Singer acknowledged the potential influx.
“We will expect to see that, but we can’t accommodate everyone,” Singer stated. “We’re a fairly built-out city. We might have people trying to buy homes here but we’re not building to accommodate everyone who wants to come from New York.”
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He elaborated that new building projects aren’t primarily aimed at incoming residents but focus on creating space for NYC businesses that have already committed to relocating to the area.
Singer calls Boca Raton the economic engine of Palm Beach County, highlighting that it is home to 40 publicly traded companies from industries such as financial services, financial technology, medical technology, AI, quantum computing, manufacturing and more.
“I think that’s great; it provides the job and economic vitality we need in ensuring jobs for the next generation and beyond,” Singer remarked.
Economic impact
Sutter acknowledges the potential for increased traffic but suggests “where companies come, residents will follow.”
He noted New York residents alone have contributed $9.2 billion in revenue to South Florida.
Sutter went through his inventory platform and told WPTV there are over 5,000 single-family houses available for purchase throughout Palm Beach County.
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However, Sutter fears that this inventory may not be enough, predicting they could be sold within the next three months from the surge in NYC residents.
“I’ve seen West Palm as the Wall Street—not the new Wall Street—and I see the area exploding,” he warned.
To navigate the shifting landscape, Sutter has observed that his NYC clients are open to settling in communities further west.
He said he has also heard from people in states like Illinois and California expressing interest in South Florida.
Advice for potential movers
Despite the fervent interest in relocating, Sutter advises potential movers to take their time.
“Don’t rush into a property and research the areas,” he advised.
He recommends buying property in a neighborhood that is in close proximity to work, ensuring a smoother transition for new residents.
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