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alifornia residents are increasingly moving to Florida’s luxury market, drawn by lower taxes, business‑friendly rules, and a lifestyle that blends year‑round outdoor living with coastal convenience. “Miami feels like a fresh start where policy, economy and lifestyle mesh,” says Camilo Miguel, CEO of Mast Capital, which is developing the Cipriani Residences Miami and The Perigon Miami Beach. He notes that the move benefits buyers’ wallets, giving them more buying power and outweighing any drawbacks.

    At the still‑under‑construction Cipriani, 40 % of summer buyers come from the West Coast, and web traffic has risen 14 % in the last six months, ranking just behind New York for domestic visits. The Perigon attracts about 10 % of its buyers from California. Units in both projects start in the low millions and reach $12.5 million, with completion slated for 2027‑28.

    PODS data released earlier this year shows nearly 240 000 Californians left the state between 2023 and 2024, the largest exodus of any U.S. state, and more than 39 000 of them relocated to Florida. Miguel attributes the shift to the convergence of lifestyle and business: zero state income tax, a pro‑business climate, and the ability to enjoy outdoor activities year‑round. “It’s a great transition for Californians to stay outdoors, live near the coast, and have everything within 15 minutes,” he explains. While crime and politics surface in discussions, the overall quality of life remains the decisive factor.

    Recognizing that serious capital is flowing in, Miguel’s team has ramped up sales events in Los Angeles, and the response has been very positive. “We’re selling a quality product in a quality environment,” he says. Buyers from California are not just window‑shopping; they intend to relocate permanently.

    For Mast Capital, New York remains the top buyer destination, but California is nearly equal in value. A May 2025 report from the National Taxpayers Union Foundation found that California lost about $4.5 billion in adjusted gross income last year, with New York close behind, while Florida gained roughly $4.1 billion. Miguel believes California will stay a close second to New York in the future. “Miami has always attracted New Yorkers for vacations and second homes, but many are becoming primary residents,” he notes.

    Other domestic markets—Chicago, Texas, Washington D.C., Boston—also see buyers investing in Miami projects, illustrating a growing trend. Overall, Florida is outperforming the country in attracting high‑net‑worth buyers.