Miami heat: Phones are ringing off the hook as California billionaires look to drop 9 figures on homes in the 305
Business Insider
February 28, 2026
AI-Generated Deep Dive Summary
Miami is experiencing a real estate boom as California billionaires, seeking favorable tax policies, invest heavily in luxury waterfront properties. Google co-founder Larry Page recently purchased three Miami homes for $170 million, while Mark Zuckerberg and Sergey Brin are reportedly eyeing multimillion-dollar deals. This influx of ultra-high-net-worth individuals is driven by a proposed California wealth tax, with many relocating to Florida to avoid paying the one-time 5% tax on assets over $1 billion.
The shift has transformed the local market, with luxury agents like Saddy Abaunza Delgado receiving an unprecedented number of inquiries from tech and finance titans looking for waterfront properties. Prices at the top end have surged, with homes exceeding $30 million now selling in record numbers—19 in 2025 compared to just one in 2018. This trend has been further fueled by Florida's lack of income tax and business-friendly regulations, which have long attracted wealthy individuals.
The influx of billionaires is reshaping Miami’s economy and real estate landscape. While the state had 123 billionaires as of early 2026, up from 110 in January 2025, their impact on local markets has been significant. Luxury agents report that prices are rising rapidly, with empty lots now selling for $100 million—a figure unheard of just a few years ago. The demand for prime waterfront locations like Star Island and Indian Creek continues to escalate, driven by limited availability and the desire for exclusivity.
This trend matters as it highlights broader economic shifts and the role of tax policies in shaping migration patterns. Florida’s appeal to tech moguls and financial leaders could establish Miami as a hub for innovation and investment, rivaling traditional centers like New York and Silicon Valley. The growing presence of billionaires is not only boosting real estate prices but also creating opportunities for luxury agents, legal experts, and financial advisors catering to this elite group. As more ultra-rich individuals move to Florida, the state’s influence in tech and finance may continue to grow, further
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Originally published on Business Insider on 2/28/2026