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South Florida – A Magnet for the World’s Rich and Famous

Tuesday, October 14, 2014
Tags:   Miami Beach Luxury Real Estate, Miami Beach homes

The Jills have made enough record-breaking sales of Miami Beach Homes to know that South Florida is attractive to the most affluent and distinguished tastes. Not including the global elite who regularly visit the region, over two dozen billionaires and millionaires worth at least $200 million live in the area, at least seasonally.

This privileged community includes both longtime locals – such as Mick Arison CEO of Carnival Cruises and owner of the Miami Heat – and relative newcomers, like Carl Icahn of Icahn Enterprises, the richest South Floridian, with a net worth of about $26.6 billion. All of them made their fortunes in varied ways, from investment management and IT, to media and energy extraction.

But as recent a Miami Herald article notes, all share in common their attraction to this vibrant and opportune region:

While many of the billionaires and multimillionaires with South Florida homes are longtime residents, a growing number are relative newcomers lured by absolution from harsh winters and a state income tax.

“There’s a growing trend where people spend six months and a day in Florida and maybe the balance [of the year] elsewhere, maybe California or Manhattan,” to qualify as Florida residents for tax purposes, Navas said.

More than just a winter home for the rich-and-retired set, South Florida also has become a principal residence for wealthy people “who are still in their earning years,” said Teresa Weintraub of Fiduciary Trust International of the South, which manages money for wealthy entrepreneurs and families from the U.S., and Latin Americans with U.S. business interests. “It's not just that they’re coming to live in a nice home and retire.”

Weintraub, who was born in Cuba and raised in Miami, said the city “has become a very exciting place to live.” Although South Florida remains a popular place to retire, “because of the quality of life you’re seeing in Florida ... and because of the tax structure you have, people in the prime of their lives are moving here permanently,” she said.

Indeed, South Florida has remained one of the fastest-growing regions in the entire country, drawing in residents from all over the world who clamor to enjoy its phenomenal climate, vast attractions, and numerous commercial opportunities.

Given their extensive experience in South Florida real estate, as well as their deep roots in the region, it is unsurprising that The Jills themselves were cited in the herald piece, offering their own valuable expertise:

Realtor Jill Hertzberg said that for some homebuyers, profit potential is a major lure.

“What’s happened now is a whole different, almost sport, where people are getting into real estate in a very strong way and understanding it as a business opportunity, not just a place to live, or a second home,” said Hertzberg, who markets herself as part of a team called The Jills with another Coldwell Banker agent, Jill Eber. “They’re making money in real estate here,” Hertzberg said. When a billionaire New Yorker profits from home ownership in South Florida, “he goes back and tells two other big boys, who tell two others, and all of a sudden you've got a whole world of people like that here.”

“It’s the same thing with people from South America: A group will come in, and then another group will come in and say, ‘it’s safe, it’s wonderful, it’s a good place to put your kids in school,’ and, by the way, I made money there,” Hertzberg said. “The same thing has happened with Russians, but unfortunately their political situation has made it more difficult for them to come in now.”

Advances in communications technology have enabled more wealthy business owners to run their companies remotely from South Florida. “For lots of people, their businesses are more fluid … There are a lot of businesses you can conduct and live here in South Florida as your main residence,” Hertzberg said.

The Jills know firsthand what this amazing community has to offer. They list some of the most opulent and expensive properties available on the market, spanning such famously exclusive communities as Indian Creek and Star Island. From chic high-rise penthouses, to classic Mediterranean-style estates, there is something for everyone in this exciting world city. Miami Beach Luxury Real Estate has no peer!

And with all this wealth and popularity, South Florida is brimming with leisure and recreational opportunities: world-class golf courses, acclaimed spas and resorts, pristine beaches, five-star dining, and so much more. Hosting everything from the nation's second-largest performing arts center (Adrienne Arsht) to one of its largest indoor malls (Aventura Mall), the region is coming into its own as a destination for fine living.

No wonder the rich and famous are drawn here! If you want to follow in the footsteps of these success stories and see why South Florida has beckoned them, contact The Jills today.

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