Florida’s luxury real estate market continues to attract a growing number of buyers from California, as residents of the high-tax, heavily regulated state relocate to the Sunshine State in record numbers.

While both California and Florida share similarities such as warm climates, large populations, and diverse cultures, economic and policy differences are driving the migration trend.

Developers and analysts say the combination of Florida’s zero state income tax, business-friendly environment, and high quality of life has turned the state into a magnet for new residents, particularly from the West Coast.

“Miami represents a new start, a refreshing reset,” said Camilo Miguel, Jr., CEO of Mast Capital, in an interview with Fox News Digital.

“I think that it’s a place where policies, economics and lifestyle align together very well. It’s definitely good for their wallets and helps them have a little bit more buying power. The advantages here outweigh the drawbacks there.”

Mast Capital is developing two high-profile projects — Cipriani Residences Miami and The Perigon Miami Beach — both of which have seen strong demand from California buyers.

According to Miguel, 40% of buyers at the under-construction Cipriani project this summer came from the West Coast.

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Web traffic to the development’s site has increased 14% over the past six months, trailing only New York in domestic visits.

At The Perigon, roughly 10% of its buyers are from California.

Units in both properties start in the low millions and reach up to $12.5 million, with completion scheduled between 2027 and 2028.

National migration data supports the trend. According to PODS, nearly 240,000 residents left California between 2023 and 2024, the largest outflow of any U.S. state.

Of that total, more than 39,000 relocated to Florida during the same period.

Miguel said the reasons go beyond real estate. “I think it starts with the convergence of lifestyle and business — zero state income tax, business-friendly policies, year-round outdoor living,” he explained.

“It’s also a great transition for a California resident to be moving here to Florida because you still get to enjoy and embrace the outdoors … We’re a great coastal city, and we have access to do pretty much anything you can within 15 minutes of where you live.”

He added that Florida’s appeal has drawn attention from across the financial sector.

“It’s really been a magnet for financial giants as well from all over the country … Crime is certainly a part of the discussion. I think the political climate does come up, but in general, overall quality of life takes the lead in those conversations.”

Recognizing the influx of serious buyers, Miguel said his company has increased its outreach in California.

“It goes back to the quality of life story, quality of product, quality of environment,” he said.

“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 home.”

Although New York remains Mast Capital’s top source of buyers, California’s market now delivers nearly equal value.

A May 2025 report from the National Taxpayers Union Foundation supports that finding, showing that California lost approximately $4.5 billion in adjusted gross income last year, while Florida gained about $4.1 billion.

“I don’t think that California will surpass New York,” 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.”

Miguel also noted that the migration extends beyond California and New York.

“If you look at it domestically — Chicago, Texas, Washington, D.C., Boston — those are all places where we’re seeing buyers buying in Miami in our projects,” he said.

“It’s quite interesting to see that dynamic evolve and improve and grow. Florida in general is really just kind of outperforming the country.”