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For decades, the standard play for wealthy out-of-state transplants was to head straight for the high-octane flash of Florida’s East Coast. But as California’s housing affordability challenges, homelessness and proposals for higher taxes have pushed some families to a state of constant “high alert,” a secondary corporate and residential gold rush is quietly emerging along the Gulf Coast.
Driven by an I-75 corridor stretching from Tampa to Marco Island, Hollywood elites and high-net-worth families are trading the challenges of major West Coast cities for what transplants describe as a “smaller, safer Beverly Hills,” helping fuel a multibillion-dollar real estate boom in historically quiet retirement havens.
“This is actually very, very common, especially the younger that the family is. I think that the older the demographic gets, they are coming specifically for one reason, and that’s either retirement or to be close to family. But when you have a younger family… or someone that just graduated college, they are looking for lots of different life transitions to happen, wherever that is. So they are not just looking for where they’re familiar with vacationing and what that kind of lifestyle is, they want to know what it’s like to live there,” Compass agent and Naples native Madeline Tracy told Fox News Digital.
Her clients, longtime Los Angeles actors Philip Levens and Carolyn Stotesbery, recently purchased a home in Naples after spending more than two decades in California.
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“I flew into Tampa, St. Pete, Sarasota, went all the way down the coast and I kept saying, ‘No, this isn’t where I would want to live.’ And I was actually getting a little depressed thinking, okay, well, maybe this side of Florida isn’t what we need,” Levens recalled. “I remember I drove to downtown Naples, and then I took a right there that goes to the dead ends of the beach. I got out of the car… I called my wife and I said, ‘This is where we’re going to live.’”
“He was FaceTiming me from the beach,” Stotesbery said, “and he just had a sparkle in his eye, and showed me the beach and the city, and loved the architecture and the colors, and it just really called to us.”
“Tampa down to Naples is a unique corridor because it gives you, in that two-and-a-half-hour geographical drive that you would have… you have both culture, you have the arts there, but you’re able to settle in a more quaint community that isn’t as urbanized as it may be on the East Coast,” Kolter Urban Senior Vice President Ed Jahn told Fox News Digital.
The Gulf Coast migration could soon see an extra boost as newly-minted millionaires from tech IPOs like SpaceX — and eventually Anthropic and OpenAI — move their capital and residencies to tax-friendly Florida, finding more price flexibility along the state’s western coastline as markets like Miami become oversaturated.
For Levens and Stotesbery, their move is fueled by what they describe as a desire to escape concerns about public safety and city governance in major metropolitan areas such as Los Angeles.
“The first thing I notice is there’s no homeless people in homeless tents, [homeless] cities and garbage,” Levens said. “When you come from a city that is not well-run, like Los Angeles, you immediately notice the difference, and just everything seems to work.”
“I was walking my daughter in the stroller in Los Angeles and there was a homeless man like lying on the ground while I was strolling past,” Stotesbery said. “It just really kept my nervous system on high alert, and so when we came here, just the entire vibe of the city made us feel just more at ease and peaceful.”
Naples has transformed significantly over the last 15 years from a quiet retirement town with agricultural remnants into an elite luxury destination that now attracts premier global brands. Upon his first visit, Levens said it reminded him of Beverly Hills.
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“Downtown Naples has a very similar architectural style to Beverly Hills. That struck me right [away], I saw that immediately. But also, Beverly Hills is a very clean, safe area, but it’s still surrounded by Los Angeles. And so you don’t have that here. You have swamps or… the ocean,” he explained. “So Naples as a whole is much safer than Beverly Hills, and it’s cleaner, too.”
“When I was five years old, okay, Waterside Shops was not Waterside Shops. It was a strip mall with a Victoria’s Secret in it, and next to the CVS was a chicken farm. So it has so drastically changed over time with just the commercial aspect of it really building up,” Tracy added. “They do have this exclusivity feel, but also this extension of feeling like, oh, this feels like home, this feels something familiar where I just came from that you can’t get [anywhere] else.”
“The East Coast did seem quite hustle-and-bustle for us and our family,” Stotesbery also noted. “Peacefulness was a big part of what I valued for my daughters growing up and our children in general… If we wanna go off for a weekend to Miami, like we can go off for a weekend to Miami or to Delray or the East Coast, have a date night over there, bring in grandma, watch the kids. But what do we want for our overall experience day to day?”
The wave of liquid capital emanating from recent gains in the technology sector, private-company liquidity events and financial markets has lowered the average age of luxury buyers, creating a younger class of affluent primary residents. This trend has benefited developers like Kolter Urban, which has more than $3.2 billion invested in active Gulf Coast developments.
“When you come from a city that is not well run, like Los Angeles, you immediately notice the difference.”
“These buyers that are in the financial markets, whether they’re in cryptocurrency… or private equity, that group of buyer wants flexibility, wants convenience. And the urban condo high-rise lifestyle that is centered in great walkability areas, such as Sarasota, St. Pete, Tampa, down in Naples, offers them that,” Jahn said.
According to the local real estate professionals and recent transplants, overcoming the hesitation to relocate often leads to a ripple effect: Once a household makes the move, friends and colleagues in higher-tax states frequently express interest in following suit.
“Focus on the lifestyle, not the house. You can make a house into a home by changing the floors, by changing whatever you want. But it’s so, so important that you do what Carolyn and Philip did and come down, experience the neighborhoods,” Tracy encouraged.
“It’s a big move from California to here. It’s 3,000 miles and there’s a lot of things your friends say, ‘Why? How can you leave?’” Levens said. “So it’s a difficult move, but I would say just do it… Fortune smiles on the bold. Just make the move and things will fall into place the way you need them to.”
“There’s always a reason to talk yourself out of something like this,” Stotesbery said. “But when you decide, ‘I want to change, I want a new lifestyle, this isn’t working for me anymore,’ and you stop procrastinating and move past that fear and that anxiety, it’s so worth it.”
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