Florida luxury developers say early 2026 is showing a sharp acceleration in buyers relocating from California and New York, with executives citing more than $126 million in transactions across several condo projects and brokerage activity in roughly the last 60 days.
BH Group CEO Isaac Toledano said his firm’s projects recorded “over $60 million” in sales in the last 30 days, and “over $200 million” across three projects over the last six months. Shoma Group CEO Masoud Shojaee said the company has seen “roughly $50 million” at its Shoma Bay project since the start of the year from New York and California buyers.
Executives Point to Taxes and Predictability
Developers framed the current influx as more than seasonal demand, pointing to tax debates in traditional financial hubs as a key driver. Toledano cited discussions about potential increases in real estate and wealth taxes in New York and California as a factor behind buyer urgency.
Shojaee described a shift in buyer intent, saying people are moving from “looking” to signing contracts. He argued that predictability and business confidence are central to relocation decisions, especially for executives bringing companies, employees, and long-term plans.
Shift From Second Homes to Full-Time Moves
ISG World founder and CEO Craig Studnicky said his firm has seen about $26 million in wealth migration activity from New York and California so far this year, compared with $15 million over the same period last year. Studnicky said the composition of demand has flipped since the pandemic era.
He said that before COVID, “two-thirds” of his U.S. sales were second homes, and that share has reversed, with “two-thirds” now described as permanent residents. Developers argued that when buyers relocate their primary home or business operations, the move is less likely to reverse.
Luxury Projects Adapt to a 24/7 Professional Base
Developers said full-time migration is reshaping amenity priorities in South Florida. Studnicky said project planning increasingly emphasizes practical needs tied to daily life, including parking, as more buyers arrive with multiple vehicles and expect convenience aligned with year-round residency.
Toledano said buyers have become more detail-oriented, focusing on location, developer track record, and design teams. He described customers as more sophisticated, with higher expectations for information and product quality.
What Comes Next for “Wall Street South”
Executives described the trend as durable and potentially compounding if additional financial firms move operations to Florida. Toledano said more corporate relocations could be a “serious game changer,” while Shojaee characterized the shift as an evolution rather than a direct contest with legacy hubs.
Studnicky also argued concerns about newcomers recreating the politics of the states they left are overstated, describing many arrivals as fiscally conservative and entrepreneurial. He also pointed to Palm Beach dynamics as a factor reinforcing Florida’s profile among high-net-worth movers.
