The Real Deal New York

More New Yorkers ditch Big Apple to buy in Miami

By Alexander Britell | February 03, 2012 02:30PM

From the South Florida website: Sao Paulo. Caracas. Mexico City. Toronto. Buyers from cities like those have been driving Miami’s residential market since the worst of the condominium bust. And although it was largely overshadowed in the foreign buyer shuffle, New York City residents are heading back to Florida with money in hand.

“[New York buyers] are very, very real and very active,” said Phil Spiegelman, principal of brokerage ISG. “It’s tangible, and it’s happening at properties across the board.” [more]