The mass exodus of residents from California is turning into significant profit for some Florida real estate developers, as this summer, 40% of one developer’s buyers were from the West Coast.
From 2023 to 2024, California lost 240,000 residents, while Florida gained 39,000 residents. According to some Florida beach city developers, a significant chunk of their customers are now Californians. Now, as long as those California refugees don’t vote for the same Democrat policies they left behind, as so many Californians did in my home state of Arizona, there will be no reason to regret the shift. If they do, everyone will see rising prices.
Florida might not have the nice weather that California does, but it is more affordable and less woke. “Miami represents a new start, a refreshing reset. I think that it’s a place where policies, economics and lifestyle align together very well,” Mast Capital CEO Camilo Miguel, Jr. told Fox News. His company is currently developing the Cipriani Residences Miami and The Perigon Miami Beach, so naturally, he’s thrilled about the population shift.
He added, “It’s definitely good for their wallets and helps them have a little bit more buying power. The advantages here outweigh the drawbacks there.” Fox explained:
At the under-construction Cipriani, 40% of its summer buyers came from the West Coast. In the last six months, web traffic has risen 14% to rank just behind New York in terms of domestic traffic. Additionally, at The Perigon, about 10% of its buyers are from California… units between both buildings have starting prices that range in the low millions to $12.5 million, with completion expected between 2027 and 2028.
As noted above, however, there could be some drawbacks to an influx of Californians. Also, not all areas of Florida are seeing a California-fueled housing market surge.
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Despite the caution signs, Miguel is optimistic about the future of his business. “I think it starts with the convergence of lifestyle and business – zero state income tax, business-friendly policies, year-round outdoor living,” he explained.
He told Fox, “I think it’s also a great transition for a California resident to be moving here to Florida because of the fact that you get to still enjoy and embrace the outdoors, the fact that we’re a great coastal city, the sheer fact that we have access to do pretty much anything you can within 15 minutes of where you live.”
All of this makes a tempting pitch for wealthier California refugees. “I think that convergence is very helpful,” Miguel emphasized, “and it’s really been a magnet for financial giants as well from all over the country.” He acknowledged the role of contrasting politics and state government crime policies between California and Florida. “Crime is certainly a part of the discussion. I think the political climate does come up, but in general, I think overall quality of life takes the lead in those conversations,” he argued.
California certainly isn’t likely to stem its population bleed anytime soon. Its leaders are only doubling down on stupid.
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