South Florida is experiencing a significant surge in real estate sales driven by wealth migration from New York and California, according to exclusive interviews with top developers and sales firms [1]. In the first 60 days of 2026, three companies—Shoma Group, BH Group, and ISG World—reported over $126 million in sales to buyers relocating from these states, marking a shift from a temporary trend to what industry leaders describe as a 'permanent' migration of high-net-worth individuals [1]. BH Group CEO Isaac Toledano stated that his three projects saw over $60 million in sales in the last 30 days and over $200 million in the past six months, with New York, California, New Jersey, and Illinois as the main sources of buyers [1]. Shoma Group CEO Masoud Shojaee reported approximately $50 million in sales at Shoma Bay since the start of the year, emphasizing that buyers are now signing contracts with conviction, indicating lasting momentum [1]. ISG World founder Craig Studnicky noted $26 million in wealth migration sales from New York and California so far in 2026, up from $15 million during the same period last year, and anticipates that total transactions this year will surpass those of 2025 [1].
The developers attribute this influx to Florida's favorable tax environment and the rise of socialist-leaning policies and looming wealth taxes in New York and California. Toledano highlighted recent statements from Mayor Mamdani about potential increases in real estate and wealth taxes in New York, as well as similar trends in California, contrasting them with expectations of reduced real estate tax bills in Florida [1]. The mood among buyers and developers in Florida is described as optimistic, with a compounding growth curve expected to continue throughout the year [1].
The market implications are substantial, as the migration of high-net-worth individuals is fueling robust real estate activity and capital inflows in South Florida. The developers unanimously agree that this trend is not a temporary uptick but a sustained shift, with forward-looking statements suggesting continued growth and record-breaking transaction volumes in 2026 [1].
CONCLUSION
South Florida real estate is benefiting from a permanent migration of wealth from New York and California, with over $126 million in sales reported in the first 60 days of 2026. Developers expect this momentum to continue, driven by favorable tax policies and ongoing political shifts in blue states. The market impact is high, with expectations for record transaction volumes throughout the year.