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The Great Wealth Migration: How South Florida is Challenging New York’s Financial Dominance

By Columbus International,9 May 2025

South Florida’s ascent as America’s premier wealth destination is no longer speculation but statistical reality

The financial landscape of America’s elite is undergoing a significant geographic realignment, with South Florida emerging as the premier destination for the nation’s affluent, according to recent data and insights from real estate industry leaders.

The Henley & Partners World’s Wealthiest Cities Report for 2025 reveals that West Palm Beach and Miami have outpaced New York City as the world’s fastest-growing wealth hubs. West Palm Beach recorded a remarkable 112% increase in millionaire growth over the past decade, while Miami followed closely with a 94% surge. In stark contrast, New York City’s growth rate hovered around a more modest 40%.

This wealth migration pattern comes as no surprise to industry insiders. “I’m not at all surprised that multimillionaires are fleeing blue states and heading towards South Florida markets like West Palm Beach, Miami, Palm Beach. [They] are the recipients of people who are upset with the politics and taxes of the states that they are migrating from,” Douglas Elliman’s top-ranked nationwide agent Dina Goldentayer told Fox News Digital.

Industry analysis indicates that South Florida is positioned to become a southern extension of Wall Street, with financial sector growth already underway and accelerating. The transformation of Miami into a financial hub is not a future prospect but a current reality.

The Numbers Behind the Narrative

The comprehensive report analyzes the 50 wealthiest cities globally, evaluating factors including economic mobility, investment migration, and wealth management. American cities feature prominently, with 11 U.S. metropolitan areas ranking among those with the greatest concentration of millionaire residents.

While the growth trajectories favor Florida’s urban centers, New York City still maintains its position as the undisputed leader in total millionaire population with approximately 384,500 high-net-worth individuals. By comparison, Miami hosts 38,800 millionaires, and West Palm Beach is home to 11,500.

Real estate experts note that direct comparisons between Manhattan and individual Florida cities are challenging due to population density differences. However, when considering South Florida as a collective region, the potential exists to surpass Manhattan’s millionaire count in the coming years. This competitive edge depends on New York’s ability to adapt policies that retain wealthy residents, a factor currently working in Florida’s favor.

Beyond Tax Advantages: The Evolving Value Proposition

Florida’s population growth accelerated dramatically following the pandemic, with former Chief Financial Officer Jimmy Patronis noting that approximately 1,000 people relocate to the state daily. While this initial surge was attributed to Florida’s less restrictive pandemic policies, the state’s appeal has evolved beyond its well-known tax advantages.

Market analysis reveals that security concerns are increasingly driving relocation decisions among wealthy individuals from states like California and Illinois. High-net-worth individuals prioritize environments where they can enjoy their lifestyle without security concerns, such as being able to wear luxury items in public without fear.

South Florida has developed significantly in recent years, now offering a comprehensive environment that includes cultural attractions, entertainment options, and top-tier educational institutions. This evolution creates a more complete lifestyle proposition for wealthy transplants, with the caliber of new residents further enhancing the region’s appeal in a self-reinforcing cycle.

Perhaps most telling is that Florida’s zero-income tax model, while still advantageous, is no longer the primary driver of this wealth migration. As a long-established policy, this tax benefit has been superseded by lifestyle factors as the dominant motivation for relocation to the region.

The South Florida Millionaire Profile

Market data from real estate professionals who regularly work with high-net-worth clients indicates that the typical South Florida millionaire defies simple categorization. However, some patterns emerge: they tend to be between 35 and 50 years old, drive Range Rovers, and have families with two to four children.

Recreational preferences frequently include racket sports, with proximity to paddle clubs being a common priority. Educational considerations for children also rank highly among the factors influencing residential choices.

Sustainable Growth vs. Prohibitive Pricing

Analysis of market trajectories suggests that South Florida is unlikely to replicate New York City’s prohibitive cost structure. Property experts believe that the region will maintain its value proposition despite rising prices.

Historical data shows that New York’s boom eventually created an affordability crisis that diminished quality of life perceptions. Florida’s real estate professionals aim to avoid this pitfall, maintaining a balance between premium pricing and perceived value.

The South Florida market’s value proposition is comparable to luxury goods: not simply expensive, but costly in a way that delivers commensurate benefits. The implicit promise is that clients receive full value for their investment, unlike markets where prices have become disconnected from underlying value.

Source: Fox Business

New York Perspective: U.S. Housing Market Gains Momentum as Spring Arrives

By Columbus International,7 May 2025

National housing transactions surge 23% while New York region watches median prices reach $435,000

The traditional spring momentum in the U.S. residential real estate market has arrived with impressive force, according to the latest RE/MAX USA Market Housing Report. March data reveals a substantial 23% month-over-month increase in housing transactions across the 50 metropolitan areas analyzed, marking the largest monthly gain since March 2023’s 37.4% surge.

Market Fundamentals Strengthen, New York Investors Take Note

This sales acceleration comes amid growing inventory, with available homes for sale increasing 8% from February and a remarkable 35.5% year-over-year. New listings have played a critical role in this inventory expansion, jumping 29.8% from February and 7.9% compared to March 2024.

Meanwhile, the median home price reached $435,000 in March, representing a $8,000 increase (1.8%) from February and a $15,000 gain (3.5%) from the previous year. For New York-based real estate investors looking beyond the high-priced metropolitan area for yield opportunities, these national figures represent potential in markets with stronger growth trajectories and lower entry points.

“The arrival of spring, traditionally the most active season for real estate, coupled with increased sales and inventory, could drive further market acceleration,” notes Erik Carlson, CEO of RE/MAX Holdings. “With solid housing availability and stable interest rates—with potential reductions on the horizon—many buyers view current market conditions as the most favorable in recent years.”

New York Regional Context

While Washington D.C. led all metropolitan areas with a 25.3% month-over-month inventory increase, the New York metropolitan region is navigating its own market dynamics within the national spring uptick. The Tri-State area continues to be influenced by the broader national trends of increasing inventory and strong pricing.

According to Bryan Cantio of RE/MAX Allegiance in Washington D.C., this growth became particularly evident mid-month: “We’ve observed gradual inventory increases since January, but the market accelerated more decisively by mid-March. This represents a positive development for buyers who have faced housing shortages for nearly two decades, while sellers will likely need to adapt to greater market uncertainty.”

For New York-based investors and homeowners, these national patterns provide context for local market conditions, where proximity to financial markets and the region’s unique housing density create distinctive market characteristics.

Key Performance Metrics

The RE/MAX report highlighted several other significant market indicators:

Buyers paid an average of 99% of asking price, consistent with both February 2025 and March 2024 figures
Homes sold in an average of 44 days, down from 51 days in February but still five days longer than March 2024
Housing supply measured 2.3 months, below February’s 2.7 months but above the 1.7 months recorded last year

Top Markets for New Listings

The metropolitan areas recording the strongest year-over-year growth in new listings were:

Las Vegas: +28%
Nashville: +26.5%
Manchester: +26.3%

Conversely, Birmingham (-13.4%), Minneapolis (-12.7%), and Des Moines (-12%) experienced the most significant declines.

Transaction Leaders and Laggards

While overall transactions decreased 1.4% year-over-year, certain markets outperformed:

San Francisco: +13.3%
Fayetteville: +9.9%
Dover: +8.4%

Markets showing the steepest annual transaction declines included Bozeman (-11.9%), New Orleans (-11.7%), and Atlanta (-9.5%).

Price Trends and Market Dynamics

Burlington led all markets with a striking 22.4% year-over-year price increase, followed by Trenton (+9.7%) and Fayetteville (+8.8%). Price decreases were most pronounced in Honolulu (-4.5%), Omaha (-3.2%), and New Orleans (-1.8%).

The sale-to-list price ratio reveals additional market dynamics. San Francisco (104.8%), Hartford (103.3%), and Trenton (101.3%) commanded the highest ratios, indicating properties selling above asking price. Miami (94.1%), Bozeman (96.2%), and Tampa/New Orleans (both 96.6%) recorded the lowest ratios.

Market Velocity

Properties sold fastest in Washington D.C. (16 days), Baltimore (17 days), Manchester (17 days), and Philadelphia (18 days). The slowest-moving markets were Bozeman (84 days), Fayetteville (80 days), and New Orleans/Miami (both 75 days).

With inventory levels continuing to rise and spring market momentum building, the residential real estate market appears positioned for an active season ahead, balancing increased choices for buyers with potentially shifting dynamics for sellers. For New York-based readers watching both local and national housing trends, this data offers valuable insights for portfolio diversification beyond the city’s borders, while highlighting the broader economic currents affecting real estate from Manhattan to Miami.

The New Gold Coast: Miami’s Ultra-Luxury Real Estate Defies Market Logic

By Columbus International,16 February 202516 February 2025

Columbus International, your trusted real estate boutique specializing in Miami’s most exclusive properties, has witnessed firsthand the transformation of South Florida into a global ultra-luxury destination. With decades of experience in facilitating transactions for clients with various wealth levels and a deep understanding of local market dynamics, Columbus International stands out as the premier choice for discerning investors looking to capitalize on Miami’s unparalleled real estate boom.

What some might call a bubble, market experts define as the new normal in South Florida’s ultra-luxury real estate sector. As the region continues to attract global wealth and corporate relocations, nine-figure properties have become increasingly common in Miami-Dade and Palm Beach counties.

The first quarter of 2025 has already seen several properties commanding astronomical prices, both on and off the market. Among these prestigious offerings is the magnificent Banyan Ridge Estate, a 11,855-square-foot masterpiece in Coconut Grove, currently available at $135 million. Meanwhile, a rare three-house compound in Miami Beach has hit the market at $150 million, offering an unprecedented opportunity for the ultra-wealthy buyer seeking the ultimate in privacy and luxury.

The northern corridor of South Florida’s luxury real estate market is equally robust, with a remarkable spec house in Manalapan commanding attention at $285 million. Adding to the intrigue, sources indicate that a custom-built residence on the prestigious Indian Creek Island, owned by a prominent sports figure, might be quietly available at $150 million.

These stratospheric prices, while striking, reflect a fundamental shift in South Florida’s luxury real estate landscape since the pandemic. The region’s appeal to ultra-high-net-worth individuals, attracted by the favorable tax climate and year-round sunshine, has created a new benchmark for luxury properties. This trend was solidified when a prominent hedge fund billionaire acquired portions of his Palm Beach compound for over $100 million in separate transactions during 2019 and 2022.

In Naples, on the Gulf coast of the peninsula, a vast estate at 100 Bay Road, known as Gordon Pointe, made headlines last year when it was listed for $295 million. The asking price was subsequently reduced to $210 million. The latest record was set in Miami when an Australian infrastructure investor purchased 10 Tarpon Isle in Palm Beach for $152 million last May. Miami’s condo market is seeing similar prices. Notably, a well-known tech entrepreneur is said to be considering a $100 million condo in West Palm Beach.

Billionaires bring their businesses with them. Along with several Fortune 500 companies that have relocated to South Florida in recent years, last month Amazon signed a lease for 50,333 square feet of space at Miami’s Wynwood Plaza. But while some link the sky-high listings to a real estate bubble that experts warn is growing in Miami, according to the CEO of a major appraisal firm, these properties are in a category of their own.

“The super-luxury market segment has very little to do with the local real estate market,” says an expert. “A $150 million sale is a global listing.”

Agents are capitalizing on this momentum. There were seven closings over $100 million in 2024, the second-highest per year in US history after nine in 2021. And for every shocking list price that gets media attention, several other properties are kept secretly off-market.

The values of these properties haven’t quintupled overnight. A large amount of wealth has poured into Florida and the perception of value has changed.

The elections have also given confidence to the market. As is common nowadays, value is often perceived in terms of how little work a home needs. Defining the phenomenon as the “Uber or Amazon effect,” buyers want instant gratification: “A billionaire, for whom money is not an issue, seeks to save time and have the perfect home.”

With 13 bedrooms and 18 bathrooms, 3585 Anchorage Way boasts more than 180 feet of waterfront across seven lots on Biscayne Bay. The estate also features a century-old banyan tree, waterfalls, a saltwater fish pond, and an infinity pool.

The property on Indian Creek Island Road was built from scratch after purchasing the lot for $17 million in 2020. The bayfront home has a pool, a separate gym, and a cabana.

The property at 190 Palm Avenue comprises three mansions with a total of 21 bedrooms, plus three pools, parking for 20 cars, and 300 feet of waterfront with multiple docks.

The comparable prices are there because there have been, in the last six months, highly publicized and significant deals in this order of magnitude. Linear feet of ocean frontage are the new luxury, the new bragging rights.

Source: New York Post

Miami’s Skyline Reaches New Heights With $850M Luxury Tower Project

By Columbus International,7 February 2025

In a bold move that signals continued confidence in Miami’s luxury real estate market, Mint Developers has unveiled plans for an ambitious $850 million supertall development in downtown Miami, partnering with hospitality giant Sonesta International Hotels. The project, dubbed the James Hotel & Residences, is poised to become one of the city’s most distinctive mixed-use developments when it reaches completion in early 2028.

The 82-story tower, stretching approximately 1,000 feet into the Miami skyline, will feature 336 fully furnished luxury residences and marks the first residential venture for Sonesta’s James brand. The development team, a powerhouse collaboration between AD1 Global, Big Development, and To The Stars, is positioning the project to capitalize on Miami’s growing reputation as a luxury lifestyle destination.

“We’re witnessing a transformation in Miami’s luxury residential market,” says Daniel Berman, who leads Hollywood-based AD1 Global, though he remained strategic about revealing the exact location of the development. The property acquisition is expected to close within 30-40 days, underscoring the rapid pace of development in the area.

The project’s ambitious amenity package reflects the evolving demands of ultra-luxury buyers, featuring a four-story private club, extensive wellness facilities including snow and rain rooms, and multiple dining venues. Douglas Elliman, tapped to handle sales launching in Q2 2024, will offer units ranging from studios to four-bedroom residences.

In a notable twist on the traditional residential model, approximately 60% of the units will participate in a hotel leaseback program, potentially offering investors a revenue stream in Miami’s robust tourist market. This hybrid approach mirrors a growing trend in luxury real estate, where branded residences command premium valuations.

The James Hotel & Residences joins an elite group of supertall projects reshaping Miami’s skyline, including the under-construction Waldorf Astoria Hotel & Residences and Ken Griffin’s planned 1,039-foot Citadel headquarters. However, the market has shown signs of selectivity, as evidenced by Swire’s recent decision to terminate plans for the One Brickell City Centre office supertall.

For Sonesta, which currently manages about 10 properties in South Florida, the project represents a significant expansion of their luxury portfolio and a strategic bet on Miami’s continued appeal to high-net-worth buyers and visitors. The development adds to a growing roster of branded residential projects in South Florida, where luxury brands from various sectors are vying for a piece of the region’s lucrative real estate market.

Source: TRD