The priciest neighborhoods in the US are going through a transformation. Moving away from places like New York City, affluent families and their businesses are now moving by the masses to the warmer, less-crowded state of Florida. As a leader of a family office company in Miami’s Brickell neighborhood, which is now becoming known as Wall Street South because of its finance-heavy atmosphere, Bloomberg recently turned to WE Family Offices CEO and Managing Partner Mel Lagomasino to learn more about this migration.
“The pandemic really was like a tectonic plate shift,” says Lagomasino. She also tells the publication that she believes this migration of wealthy families to the area is far from over and is instead only in “the early innings.” However, with Florida being home to 38 of the 50 million-dollar neighborhoods in the country with the largest price gains by percentage over the past three years according to Zillow, it is safe to say this geographical transfer of wealth is off to a strong start.
