Sales at Miami's Cipriani Residences Show California Buyers' Flight to Florida

Key Points:

• 40% of summer buyers at Cipriani Residences Miami came from the West Coast, signaling deepening interest from California.

• Over 240,000 Californians moved out between 2023 and 2024, with more than 39,000 relocating to Florida.

• Mast Capital is ramping up LA outreach as high-net-worth buyers seek full relocations, not just second homes.

Florida’s booming luxury real estate market continues to lure wealthy Californians. Developers like Mast Capital are seeing a clear uptick in West Coast buyers looking to swap regulation-heavy California for Miami’s tax-friendly, lifestyle-oriented appeal, as reported by Fox Business.

West Coast Buyers Fuel Miami Demand

At Cipriani Residences Miami, currently under construction, 40 percent of this summer’s buyers came from California and other West Coast markets. The Perigon Miami Beach, another luxury project by Mast Capital, reports about 10 percent of its buyers are also from California.

Mast Capital CEO Camilo Miguel Jr. attributes the surge to a combination of tax advantages, business-friendly policies, and Miami’s overall quality of life. Units in both projects range from the low millions to $12.5 million, with completions slated between 2027 and 2028.

Migration Trend Backed by Numbers

PODS data shows that California had the largest domestic outmigration between 2023 and 2024, losing about 240,000 residents. Of those, approximately 39,000 moved to Florida.

Florida gained $4.1 billion in adjusted gross income over the same period, while California lost $4.5 billion. This wealth migration is a key driver behind rising real estate demand in markets like Miami.

From Second Homes to Full Relocations

What’s different now is that Californians aren’t just buying second homes — they’re planning full moves. Mast Capital has increased its marketing efforts in Los Angeles, citing strong interest from buyers aiming to make Miami their permanent residence.

Miguel says the consistent selling points include no state income tax, a favorable business environment, and a lifestyle that closely mirrors what many Californians are used to — minus the high cost of living and regulation.

The Bigger Picture

While New York still leads Mast Capital’s migration buyer list, California is catching up fast. Buyers are also flowing in from Chicago, Boston, Washington D.C., and Texas.

For developers and landlords, Miami’s continued ability to attract high-income residents from across the country presents an ongoing opportunity. However, there are still questions about sustainability, affordability, and long-term infrastructure support as population growth accelerates.

Strong National Interest

With strong inbound capital and sustained interest from high-net-worth West Coast transplants, Miami’s luxury real estate market remains a national standout. As developers double down on California outreach, this trend shows no sign of slowing. The real test will be how long Florida’s competitive edge holds amid rising prices and policy pressures.