Miami, FL
Miami heat: Phones are ringing off the hook as California billionaires look to drop 9 figures on homes in the 305
Saddy Abaunza Delgado has sold luxury real estate in South Florida for over three decades, typically to doctors or family business owners ready to spend as much as $8 million on a home in the Miami area.
Almost overnight, that’s changed. Her phones are ringing with billionaires — titans of tech and finance — looking to drop nine figures on waterfront properties.
“I got a flurry of requests and inquiries,” Delgado, who has landed two billionaire clients recently, told Business Insider. “I had a lot of Zoom calls with people coming in January after the holidays.”
While the Florida migration among everyday people may have cooled following a pandemic-era boom, billionaires are fueling a spree of massive purchases. They are largely looking to avoid a proposed California wealth tax, which Delgado said led to the busiest January she’s ever experienced. She’s not the only one; three other agents told Business Insider that inquiries picked up at the end of 2025 and continued into 2026.
Google cofounder Larry Page dropped nine figures on properties in the 305 over the past few months, sparking a series of news articles about who might follow. His cofounder, Sergey Brin, is reportedly close to closing on a $50 million property, and Meta CEO Mark Zuckerberg is reportedly looking in the area.
“The Californians were never really a target market for us,” Delgado said. “California’s a beautiful state, but now, because of all the political situations and all the tax laws, it’s just coming in our favor.”
Florida’s billionaire population is growing. The state had 123 as of the start of the year, up from 110 in January 2025, according to Forbes data compiled by Americans for Tax Fairness.
California’s billionaires aren’t the only ones taking an interest. With Palantir planning to move its HQ from Denver to Miami, CEO Alex Karp may soon be putting down roots.
When Big Tech comes to call
People moving to Florida for tax reasons is nothing new. The state — which has a 0% income tax, including capital gains, and limited business regulation — has seen waves of ultrawealthy migration.
During the pandemic and shortly after, Miami boomed, attracting people from the northeast and Chicago who were drawn by lax COVID-19 restrictions and lower taxes.
Big names from the world of finance, like Citadel’s Ken Griffin and Thoma Bravo, moved themselves, and then their companies, to the city. Crypto firms flocked to take advantage of Florida’s friendly policies — FTX, pre-fall, made a grand entrance by buying the naming rights to the local arena — and many big-name VCs ensured they had at least one partner on the ground to make deals.
The proposed billionaire tax is helping propel the latest wave.
At the end of last year, some billionaires began cutting ties with California ahead of a proposed Billionaire Tax Act deadline, which would impose a one-time 5% tax on California residents worth over $1 billion, including those who moved after January 1. The proposal hasn’t yet garnered enough support to make the November ballot, but that doesn’t mean rich residents haven’t threatened to leave the state.
Page spent over $180 million on three properties in Coconut Grove. Brin looks set to follow, with outlets including the New York Post reporting he’s in talks to buy a $50 million waterfront property on Allison Island. Zuckerberg, too, is looking to make a deal on billionaire bunker Indian Creek, as The Wall Street Journal reported.
Representatives for Page and Brin did not respond to requests for comment from Business Insider. A Meta spokesperson declined to comment on Zuckerberg’s potential move to South Florida earlier in February.
Finance set the table, now it’s tech’s turn to eat — and their meals are the most expensive yet.
“Before, having a $20 million or $30 million sale was an outlier,” Ana Teresa Rodriguez of Coldwell Banker Realty told Business Insider. “You needed to be very lucky to sell that.”
Data from Miami real estate research firm Analytics Miami shows that in 2018, one single-family home over $30 million sold in Miami-Dade County. In 2025, 19 homes priced over $30 million sold — a 1,800% increase.
Empty lots are even selling for $100 million, a price point unheard of in Miami before 2020, according to Analytics Miami.
Water frontage has become the ultimate target for the ultrawealthy, and since there isn’t that much of it, it’s going for whatever someone is willing to pay.
“The prime single-family waterfront areas, like Star Island, Indian Creek, and the Venetian Islands, all those places, that’s prime scarcity,” Analytics Miami founder Ana Bozovic told Business Insider. “The influx of billionaires from California,” she said, will likely add to the “escalation of the market.”
More than mansions
Billionaires are famously high-maintenance, and attracting them is no small feat.
Douglas Elliman agent Dina Goldentayer said that the latest crop of Miami movers — coming from an already sunny state — aren’t just fascinated by the sun rays and glamour of South Florida.
“Miami has never been as sophisticated and as diverse as it is in 2026, and the level of wealth moving here is making Miami level up,” Goldentayer told Business Insider.
Though the number of billionaires arriving in Miami enclaves is small relative to those neighborhoods’ total populations, their wealth is not. A dozen billionaires can have an outsize influence on a local economy.
“Wealthy people like to have access to really good financial advice; they want to have access to good legal advice,” Liam Bailey, the global head of research at Knight Frank, told Business Insider.
To attract that infrastructure, Billionaire Florida transplants Griffin and Stephen Ross put a combined $10 million toward a new effort to bring talent and companies to Florida’s “Gold Coast,” the stretch from Miami to Palm Beach.
Their push, called “Ambition Accelerated,” aims to attract tech and business sectors by working with founders, CEOs, and investors, CEO Mike Simas of the Florida Council of 100, which is running the initiative, told Business Insider. He pointed to the region’s expanding educational and healthcare options, such as new private schools and a Cleveland Clinic branch in West Palm Beach, as key selling points.
And of course, money — from tax savings to utility costs — is a big part of the pitch.
“You’ve got a partner in government for your growth rather than a government that’s trying to cap that success with regulation or tax, or other burdens,” Simas said.
To be sure, Miami has been trying to make Miami happen for quite some time — and it’s a long way from becoming the next Wall Street or Silicon Valley.
“Even if compared to the size of the financial cluster in New York, it’s tiny, and the tech cluster in California, it’s tiny. What’s going on at the moment, in Miami, is embryonic,” Bailey said. “Over time, if you get enough of this kind of activity, you are basically constantly enhancing the depth of talent pool and the depth of opportunities.”
After all, a tanned and McMansion-filled Rome wasn’t built in a day.
Miami, FL
Miami biotech executive was followed into his condo by man who allegedly threw him from 25th floor
A Miami biotech executive was followed into the skyscraper where he lived by the man, accused of pushing him off the building’s 25th floor, newly-released surveillance video shows.
Justin Zelin, 35, was seen walking into Miami Beach’s 47-story Akoya Condominium with a bearded man Corey Hutterli, 37, following behind on Feb. 12 — three days before his death, NBC6 reported.
Zelin, who was wearing a casual outfit, threw away some trash in a garbage can before walking up to the entry door in the high-rise condominium’s parking lot, unaware he would fall to his death.
Hutterli, who was wearing a bucket hat, was following closely behind, carrying bottles of alcohol.
Just three days later, Harvard graduate Zelin called 911 to report a disturbance. During the call, he ordered Hutterli to leave the apartment, WPLG reported.
Zelin, who had worked as a biotechnology equity research analyst at BTIG since January 2021, reportedly shouted, “Get away from me Sasha,” using a nickname Hutterli was known by.
There was a bust-up and cops said, “During said physical altercation defendant Hutterli caused victim Zelin to perish due to blunt force trauma.”
Zelin’s body hit a path on the ground floor, according to surveillance video recorded eight minutes after the 911 call.
Hutterli’s defense team claimed Zelin “went over the balcony” after an alleged mental episode.
They claimed Zelin, who was identified as JZ in court documents, screamed at Hutterli in “what can only be described as a complete break with reality.”
“JZ can be heard ranting, claiming that he was killed by a homeless person, and insisting that he is dead.
“During this mental break, JZ ran in and out of the apartment, and then he went over the balcony of his 25th-floor condo and fell to his death.”
But the state of Hutterli’s body suggested something more sinister had happened. He had scratches on his cheek, and a cut on his thumb.
He was also in what “appears to be an excited state, according to police.
“What’s going on?” a shoeless Hutterli asked one officer.
“Somebody, he freaked out, attacked me.”
The cop asked Hutterli if he was alone, to which he replied, “No I don’t know where he is.
“I kept telling him to relax.”
Hutterli then blurted out, “What is the situation? Did he jump?”
Cops then searched the apartment – which had items strewn inside – and they found Hutterli’s bucket hat.
There were blood spatters on the rails, and clumps of Hutterli’s beard hair were also found.
Blood was also found on Hutterli’s shirt – and they found ketamine in his bag.
Hutterli was arrested on April 8 and faces a second-degree murder charge, which carries a maximum sentence of life imprisonment.
Cops were able to make an arrest after Zelin’s DNA was discovered on Hutterli’s jacket.
He also faces burglary with assault or battery, possession of a controlled substance, and drug paraphernalia charges.
Tributes, meanwhile, were paid to Zelin following his death.
“Justin was one of the best biotech analysts I have ever worked with,” friend Amit Jolly wrote on Linkedin.
“His work was rigorous, thoughtful, and deeply coordinated.
“He had a rare ability to see around corners and articulate complex ideas with clarity and conviction.
“Our field has lost an extraordinary mind, and many of us have lost a trusted voice and friend.”
Miami, FL
Miami-Dade condo owners plead for help after weeks-long elevator outrage impacting residents’ health
Condominium owners near Doral are appealing for help after their buildings have been without elevator service for weeks. They are speaking exclusively with CBS News Miami, sharing stories of hardship amid the area’s suffocating heat. Several owners, who are elderly and have disabilities, say they are struggling to climb the stairs.
This is not the first time the issue has plagued Parkwood Condominiums. Last July, CBS News Miami reported that one building in the complex had been without elevator service for more than a week.
Currently, service has been out at 9240 Fontainebleau Boulevard since May 14. The elevator at 9270 Fontainebleau Boulevard has been out of service since May 15, and the elevator at 9180 Fontainebleau Boulevard is also non-functional, though the duration there is unknown.
Ronald Bedenis, who has lived on the fifth floor of 9240 Fontainebleau Boulevard for 31 years, expressed worry for his wife and others.
“It’s terrible. People are having a really difficult time,” Bedenis said. “My wife cannot go out. I have an 80-year-old woman who cannot go down the stairs. Another neighbor is 104 years old, and she is in a wheelchair. How is she supposed to get down and buy food?”
His neighbor, 68-year-old Sandra Hanson, shared her struggle. “It is horrible. It is very bad because my husband is 80 years old and he cannot walk. He is very sick. He is stressed out,” Hanson said.
At 9270 Fontainebleau Boulevard, 77-year-old heart patient Luis Jorge said the outage is impacting his health.
“They put two catheters in my heart before, and I have another operation coming up,” Jorge said. “To go down is not a problem. But to go up is a problem. We called, and there is no one to talk to. I feel like I am in prison”.
His neighbor, Iris Hernandez, called the situation “frustrating”.
“It’s a big hardship, and I am in disbelief,” Hernandez said. “I feel like I am in a nightmare. I would like to see the elevator fixed”.
CBS News Miami contacted Atlas Property Management Services in Doral and received a statement from Joaquin Alvarez, the property manager.
Alvarez reported some progress at 9270 Fontainebleau Boulevard, where a damaged property edge was repaired, but they are waiting for a control card. At 9240 Fontainebleau Boulevard, Alvarez said the elevator had a damaged valve, and he expected a new one to be installed by the end of the week. He confirmed the Condominium Association had authorized repairs.
For 9180 Fontainebleau Boulevard, Alvarez said the problem involves a defective control board, which the elevator company is working with the manufacturer to resolve. He noted the issue has been ongoing “for a while” but did not provide a repair completion date for that building.
Miami, FL
Developers pay off $115M in Miami construction loans as condos near sellout
South Florida developers knocked out a combined $115 million in construction loans for Miami condo towers that are nearly sold out, as the demand for hospitality-branded residences heats up in the region.
North Development paid off a $70 million loan to Forman Capital and Core Capital for Domus Brickell Park, while Rosso Development and Midtown Development paid off a $45 million mortgage to Arkansas-based Bank OZK for The Standard Residences, Midtown Miami.
The projects have hit major milestones.
North’s 172-unit Domus Brickell Park recently opened and has posted 120 closings, while Rosso and Midtown’s 228-unit Standard Residences is nearing completion with only five units left to sell.
North Development, a partnership between Ricardo Dunin’s Oak Capital and Juan Carlos Tassara’s Edifica, paid off its loan in April for the building at 1611 Southwest Second Avenue.
The project offers a mix of studios, one-bedroom and two-bedroom units that are short-term rental friendly. Units were marketed from the $600,000s to $1.2 million.
Zyscovich Architects is the architect, and Urban Robot Associates is the interior design firm. Amenities include the Peacock Room, which Dunin previously described as an activated lobby with food and beverage concepts, a market, and co-working spaces for guests and the public that were inspired by the ACE hotel in New York.
The payoff comes as North pushes ahead with Domus Brickell Center, another short-term-rental-friendly condo tower nearby. The developer said that 35-story, 579-unit project at 1034 Southwest Second Avenue is more than 50 percent sold and ahead of schedule. Less than a year ago, the project secured $220 million in financing, consisting of $180 million in C-PACE funding from Coral Gables-based Bayview PACE and a $40 million mortgage from Core Capital.
A few miles north, Rosso Development and Midtown Development paid off a $45 million construction loan for The Standard Residences, Midtown Miami, the first standalone residential project from the lifestyle hospitality brand. Another Standard-branded residential tower is under development in Brickell by Newgard Development Group and Two Roads Development.
Designed by Arquitectonica, the 12-story Midtown project includes 228 residences and more than 34,000 square feet of amenities, featuring a rooftop pool, pickleball court, coworking spaces and several food-and-beverage offerings, including a Juvia Group restaurant on the rooftop.
Units range from 432 square feet to 965 square feet, and include studios to two-bedroom condos. Owners will be able to rent their units out for terms as short as one month. In October 2023, fewer than 35 units remained, priced between $500,000 to $1 million.
A JLL Capital Markets debt advisory team led by Brian Gaswirth and Jimmy Calvo arranged the financing in 2023. According to JLL, the loan was paid off ahead of schedule.
Bank OZK is one of South Florida’s most active condo construction lenders. The bank also provided PMG’s state record-setting $668 million construction loan for Waldorf Astoria Residences Miami, which is expected to become the tallest residential tower south of New York City.
Even as interest rates have gradually come down in recent years, the environment is still relatively high, and construction costs continue to climb.
Read more
Juvia to open rooftop restaurant at Standard Residences in Midtown
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Standard Residences in Midtown Miami scores $45M construction loan
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South Florida
Ricardo Dunin, Juan Carlos Tassara land $220M financing for Domus Brickell Center
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South Florida
Ricardo Dunin, Peruvian partner score $70M loan for Domus Brickell
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