Luxury home prices are falling nationwide—except in Florida, where billionaires like Jeff Bezos and Ken Griffin have spent hundreds of millions
Billionaires including Jeff Bezos, Ken Griffin, Mark Zuckerberg, Larry Page, and Sergey Brin have spent hundreds of millions of dollars on South Florida estates, drawn by no state income tax, the lifestyle, and the business climate.
Key points
- Amazon founder Jeff Bezos also sold his $63 million Seattle mansion for million and has spent $237 million on three properties on Indian Creek, the island nicknamed “Billionaire Bunker.” In September, a Delaware LLC reportedly tied to Bezos paid $69.5 million for an oceanfront estate in nearby Golden Beach.
- Naples led the country with a 9% jump to about $3.75 million, making it the only one of the nation’s 10 most expensive luxury markets where prices climbed.
- Florida took in a net $137 billion in income from other states between 2019 and 2023—and that was before even more billionaires moved to the state ahead of the proposed wealth taxes in California and Washington.
Only 12 of the 43 metros Realtor.com analyzed saw luxury prices rise at least 1% over the past year, and five were in Florida: Naples-Marco Island, North Port-Bradenton-Sarasota, Cape Coral-Fort Myers, Miami-Fort Lauderdale-West Palm Beach, and Tampa-St.
Additional details
- But in Florida, the luxury threshold in the Miami-Fort Lauderdale-West Palm Beach metro rose 4.1% to about $2.3 million, and in Naples, it climbed 9% to about $3.75 million, more than three times the national entry point.
- We continue to see tremendous amounts of wealth moving into Florida, especially South Florida,” Camilo Miguel Jr., founder and CEO of Mast Capital, one of the partners on the project, previously told Fortune.
- Meta CEO Mark Zuckerberg and his wife, Priscilla Chan, also closed on a $170 million Indian Creek estate this year, and Google cofounder Larry Page spent about $173.4 million on two Coconut Grove properties.
- The pandemic packed years of luxury price growth into roughly 24 months, and as of May, the typical luxury market had held onto only 59% of that run-up, according to a June Realtor.com report.
- Meanwhile, the national entry point for luxury housing, meaning the asking price that marks the top 10% of listings, fell to $1,197,014 in October, down 2.3% from a year earlier.
How this summary was made: extractive summary — built from the sources' own reporting. It is drawn only from the reporting of the sources listed below — read the originals for full detail. How we summarize →
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