Miami becomes billionaire haven

Florida has emerged as the top destination for the ultrawealthy in recent years, offering a safe haven from potential wealth taxes in California and Washington state.

Raffles launches first residential tower

Raffles is building its first standalone residential building with thirty five waterfront homes starting at four point five million dollars in Miami's Coconut Grove neighborhood.

Tech titans invest in Coconut Grove

Citadel founder Ken Griffin paid one hundred six point nine million dollars for an estate in Coconut Grove in two thousand twenty two.

Wealth migration to Florida accelerates

Florida absorbed a net one hundred thirty seven billion dollars in income from other states between two thousand nineteen and two thousand twenty three, according to a Miami Realtors analysis of IRS data.

Coconut Grove transforms into enclave

Once Miami's quieter alternative to Miami Beach, Coconut Grove sits on Biscayne Bay with historic waterfront estates, dense tree canopy and restaurants within walking distance. It is now a billionaire enclave.

No hotel guests, only residents

Raffles Residences Coconut Grove will have no hotel and no overnight guests. The building at two thousand five hundred forty five South Bayshore Drive will have two to four point five bedroom homes and a…

“No one is checking out”

Demand outpaces supply before launch

About forty people have expressed interest in the roughly thirty five units before Thursday's announcement. The developers plan to collect presales this season and start construction sometime next year.

Buyers seek permanent homes, not flips

Developers expect many buyers to be families living in the building full time. Miami condo buyers once looked to flip properties, but that mentality has changed as more owners move in permanently.