Though California and Florida share several similarities — warm climates, expansive beaches, large populations and diverse cultures — many Californians are leaving the high-tax, heavily regulated state and flooding into the Sunshine State’s luxury market.
"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., whose company is developing the Cipriani Residences Miami and The Perigon Miami Beach, told Fox News Digital.
"It's definitely good for their wallets and helps them have a little bit more buying power," he continued. "The advantages here outweigh the drawbacks there."
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.
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The units between both buildings have starting prices that range in the low millions to $12.5 million, with completion expected between 2027 and 2028.
On a broader scale, PODS data released earlier this year showed nearly 240,000 residents left California from 2023 to 2024 – the largest exodus of any U.S. state. More than 39,000 of those people moved to Florida during that time frame.
"I think it starts with the convergence of lifestyle and business – zero state income tax, business-friendly policies, year-round outdoor living. 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," Miguel explained.
"I think that convergence is very helpful," he expanded, "and it's really been a magnet for financial giants as well from all over the country … It’s just a real estate story … 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."
Knowing that serious capital is flowing in and Californians aren’t just window shopping, Miguel’s team increased their sales events in the Los Angeles area. The pitch they bring is being "very well received."
"It goes back to the quality of life story, quality of product, quality of environment," he said. "I think the people buying here from California that we are selling to have an intention to move here and live here … The intention here is to make this a full relocation and make this their permanent move in their permanent home."
For Mast Capital, New York may remain at the top of its buyer migration list, but California brings nearly equal value. A May 2025 report from the National Taxpayers Union Foundation backs that claim, finding that the Golden State lost about $4.5 billion in adjusted gross income last year, with New York close behind, while Florida gained roughly $4.1 billion.
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"I don't think that California will surpass New York. And I just fear it's a more organic and more natural extension of New York, Miami [is]," Miguel said. "Miami has always been a place that New Yorkers have visited and vacationed and held second homes, although they're becoming primary residents. But I do think that California will continue to be a close second to New York going forward."
"If you look at it domestically, Chicago, Texas, Washington, D.C., Boston, I mean, those are all places where we're seeing buyers buying in Miami in our projects. It's quite interesting to see that dynamic evolve and improve and grow," he noted. "And Florida in general is really just kind of outperforming the country."
