Ultra-Rich New Yorkers Splurge Over $1M on Florida Countryside Homes, Driving Up Prices

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The arrival of ultra-wealthy New Yorkers and Californians to Florida rose country club memberships to six and seven figures, recent reports suggested. The most popular ones are located in the Miami area, and it is impossible to get into some. 

From Wall Street to golf courses 

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The Financial Times reported that the most famous country clubs in the Miami area have doubled or tripled their membership fees since 2020. The influx of wealthy New Yorkers and Californians to Florida came with increases in housing and fierce luxury golf competition. 

Wait lists are up to ten years long 


One hedge fund investor, a golf player, told the Financial Times that people who arrived expected the best of the best, but they are met with unpleasant reality since some clubs have 10-year-long wait lists. Reportedly, even some A-listers are on the waiting list. 

Good enough for DJ Khaled

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Allegedly, DJ Khaled is waiting to become a member of La Gorce Country Club in Miami Beach. The club’s fee has been $700,000, or $200,000, since before the pandemic. He reportedly already is a member of a group’s invitation-only Shell Bay, a country club in Miami Beach that charges $1.35 million. 

New clubs to the rescue 


The Financial Times reported that new clubs are being designed. New York-based developer Witkoff announced plans to open a new club in the Palm Beach area with a fee of $350,000. This will be the first new club in the area in a quarter of a decade. 

Southeast Florida club costs are four times the average 

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In Southeast Florida, membership costs are reportedly four times higher than the national average. Filippo Incorvaia, the founder of Miami-based FI Real Estate, told The Post that there is a rise in country clubs in this area, and the clubs are capitalizing on the demands.

Billionaire Bunker

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The private club on the Miami island Indian Creek is also called “Billionaire Bunker” because among its members are Ivanka Trump, Jeff Bezos, Tom Brady, and other well-known public figures. According to reports, the fees for new members are $500,000. Before the pandemic, the membership was half that amount. 

100 people on the waiting list 

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The Financial Times reported that a Palm Beach club, The Breaker, charges $550,00. Before the Covid pandemic, the membership was around 300,000. Emerald Dunes in West Palm Beach reportedly has around 100 people on its waiting list, charging $700,000, while before the pandemic, it was around $300,000. 

Getting into a club is a challenge 

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Most of the famous clubs are “invitation only.” They do not comment on their members or the fees. New clubs, among already dense Florida courses, promise even more luxurious experiences, though many wanted to know if this rapid growth is sustainable. 

Rise of prices 

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Miami housing prices have surged 40% since the pre-pandemic days, and similar trends have been noticed in Dallas and Austin, Texas. This is mainly due to the number of those who escaped lockdowns and the lack of supply. The state’s skyrocketing cost of home insurance is only making things more challenging. 

Inflation is not helping 


Despite rising inflation across the States, Florida’s situation is alarming. This is partly due to an insurance crisis caused by potential extreme weather events. The Sunshine State has the highest home insurance premiums in the country, but it does not stop there. Food and rent costs also skyrocketed in the second-fastest-growing state in the country. 

Florida attracts ultra-wealthy


Between 2012 and 2022, a small number of cities experienced over 70% millionaire growth, and West Palm Beach and Miami are among the top five. Miami has the largest increase in millionaires and billionaires. 

Miami is the next Silicon Valley


Aneel Ranadive, managing partner at capital fund Soma and one of the owners of the NBA franchise Sacramento Kings, wrote on X that Miami is becoming the next Silicon Valley. Anthony Pompliano, an investor specializing in startups, agreed, claiming Miami will be bigger than the San Francisco area. 

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Kate Smith, a self-proclaimed word nerd who relishes the power of language to inform, entertain, and inspire. Kate's passion for sharing knowledge and sparking meaningful conversations fuels her every word.