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New Yorkers flock to Miami

Forget the Hamptons, New Yorkers are heading to Miami. Brokers are telling The Wall Street Journal that second-home buyers from New York are pushing luxury condo prices in Miami to new levels. The average cost of a luxury condo in Miami increased by 32.6% in the fourth quarter of 2012 from the previous year, according to Jonathan Miller, CEO of appraisal firm Miller Samuel Inc.

Douglas Elliman’s Florida brokerage estimates that roughly 60% of the firm’s clients are from the Big Apple, about double the percentage of a year earlier. Even a Miami-based development firm said New Yorkers make up about 25% of its buyers compared with 10% a year ago. Miami has long been seen as a place to retire but more and more younger folks are now purchasing vacation homes there.

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#Housing analyst, #realestate, #appraiser, podcaster/blogger, non-economist, Miller Samuel CEO, family man, maker of snow and lobster fisherman (order varies)
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Joined October 2007