Life is grand in Miami. Opulence, elegance and wealth flow from the sprawling oceanfront penthouses through the veins of its sun-kissed owners to the bottles of Champagne being popped on mega yachts in the city’s many beautiful harbors. It’s paradise for the rich and famous, and with new residential towers on the rise, high-end amenities being added and billionaires moving to town, Miami is quickly becoming the year-round stomping ground for America’s elite.
According to Forbes, there are 51 billionaires living in Florida, with most of them residing in South Florida. Carnival’s Micky Arison, U.S. Secretary of Commerce Wilbur Ross Jr. and H. Wayne Huizenga are some of the household names, while hedge fund wizard David Tepper recently moved his Appaloosa Management down from New Jersey to call Miami Beach home. Why do these folks live where you vacation?
“We have more amenities, more restaurants and just more options geared towards the locals—that coaxes the clients to stay longer,” says Dan Hechtkopf, director of luxury sales at Douglas Elliman, who recently helped sell $80 million in property between Park Grove and Arbor in Coconut Grove alone. “Over the past 10 years Miami has really changed from being primarily for vacationers to now being more of an actual place to live full-year round.”