As political and economic shifts follow the New York City mayoral election, could we see another wave of buyers seeking refuge — or opportunity — in luxury enclaves like the Hamptons and Palm Beach? How might the results of the mayoral election ripple through the Hamptons and Palm Beach real estate markets?
Ann Ciardullo and Keith Green
SOTHEBY’S INTERNATIONAL REALTY
EAST HAMPTON
Mamdani’s election is not an event of biblical proportions. We are not fleeing Egypt/ NYC, and the Shinnecock Canal is not going to part for us. There will no doubt be an earnest and immediate refocus on the future of the city by business interests. Mamdani’s administration can play socialist bingo all they want……but it’s not their city. It belongs to the people and it’s controlled by the titans of banking, media, industry and real estate. They’ve been running it all along. For as long as we’ve been selling real estate in the Hamptons, our mantra has always been: “The Hamptons will always be the primary playground for the greatest city in the world.” Nothing, nothing, nothing is ever going to change that. And while New York may be the city that never sleeps, it has indeed stumbled from time to time. But it has always picked itself up and risen to new heights. And it will again after all this nonsense. That said, it does seem that every major tremor has contributed to a slow but continuing migration to Palm Beach and points south. This calamity will no doubt contribute to that phenomenon.
Margit Brandt
PREMIER ESTATE PROPERTIES
CHRISTIE’S INTERNATIONAL REAL ESTATE
PALM BEACH
With the NYC mayoral race being decided now and the candidate’s acceptance speech giving folks a preview of how the governing style might unfold, New York City residents going forward are transitioning from the “unknown” to the certainty of a Mamdani Administration. A lot of the anxiety and fear amongst the top 1% of earners in New York City, people who prefer favorable tax, business-friendly, and public safety-focused environments, is now not just speculative but real. As a result, and even though places like Greenwich, Connecticut, Westchester, New York, the Hamptons and South Florida were already seeing increased demand in the 90 days leading up to this election, now we have a turbo charge from New York, which is combining with other tailwinds to create the “perfect storm” for South Florida real estate. Other factors that are creating momentum, at the same time, include interest rates dropping, the stock market at all-time highs, winter seasonality coming into effect, and the promise next November of the abolition of property taxes for Florida residents. Not to mention, we currently have the President of the United States visiting Palm Beach during the winter weekends with the global media in tow. All of that, combined with limited inventory and Palm Beach residents not wanting to leave, has led to multiple bidding wars, more contract activity, higher prices, and increased sales volume.
Shelly Newman
THE CORCORAN GROUP
PALM BEACH
There is a reason New York City is nicknamed ‘the city that never sleeps’ — as it never stops bustling, but also never stops evolving. There will always be people who want to move to New York City, and there will always be people who want to leave New York City — both for a myriad of reasons. That being said, we always welcome anyone choosing to make Palm Beach home. Our market has long appealed to luxury buyers from New York City and beyond, and regardless of motivation, we’re here to help newcomers find the right home and lifestyle fit.
Jack Pearson
Compass
Bridgehampton
The CeeJackTeam has had sales momentum since midsummer and is only coming into our off-season slowdown as the weather turns. That being said, I do not think that a lot of people will exit the unique and incredible City of New York for the Hamptons. Even after the Sept. 11, 2001, attacks and COVID-19, most returned to the city in short order. If there is an option to trade places, it might be more logical to think of the immediate suburbs of the city, such as Nassau, Westchester, Connecticut or New Jersey. But certainly, we welcome those who want to make their home in the Hamptons.
Greg Gould
THE LEGACY GROUP
HEDGEROW EXCLUSIVE PROPERTIES
Historically, moments of political or economic uncertainty in New York City have prompted some high-net-worth buyers to look toward markets like the Hamptons and Palm Beach as both a lifestyle upgrade and a financial hedge. If the results of the mayoral election lead to concerns about taxes, safety, or quality of life, we could absolutely see another wave of movement — particularly among buyers who value stability, space, and long-term investment security. The Hamptons tends to absorb that demand quickly because it offers proximity and familiarity, while Palm Beach attracts those seeking a more permanent relocation, a change in weather and a favorable tax environment. Ultimately, these elections can act as catalysts, but the underlying demand for luxury coastal real estate remains consistently strong regardless of who’s in office and these three markets will continue to be directly linked to one another.
This article will appear in the November 14 issue of Behind The Hedges in Dan’s Papers Palm Beach and in the Hamptons.
