Why Billionaires are Quietly Moving to Florida | Jay Roberts E485

Why Billionaires are Quietly Moving to Florida | Jay Roberts E485

From The Rich Somers Report by Rich Somers

April 7, 2026 · 43 min

About this episode

Rich Somers interviews Jay Roberts about luxury waterfront condo development and the migration of billionaires to Florida.

Rich sits down with Jay Roberts, CEO of Prosper Group, who's managing over $3 billion in active real estate developments out of Miami — and breaks down exactly how luxury waterfront condo development actually works, from land acquisition to sellout. They get into why billionaires and tech giants are fleeing California for South Florida, how Jay underwrites a $345 million development to hit a 30% profit margin, the pre-sale deposit structure that lets developers use buyer cash to fund construction, and why waterfront real estate is the one asset class that never stops appreciating. If you want to understand how the big money in real estate actually moves, this one's for you. Let's get into it. Connect with Rich on Instagram: @rich_somers Interested in investing with Somers Capital? Visit www.somerscapital.com/invest to learn more. Interested in joining The 7 Figure Creator Mastermind? Visit www.the7figurecreator.com to book a free intro call. Interested in joining our Boutique Hotel Mastermind? Visit www.somerscapital.com/mastermind to book a free call.

People in this episode

Host: Rich Somers

Guest: Jay Roberts

Topics covered

  • real estate
  • billionaires
  • Florida
  • development
  • profit margin
  • investment

Keywords

  • real estate development
  • luxury condos
  • profit margin
  • Florida real estate
  • billionaires moving
  • construction funding

Mentioned in this episode

Organizations: Prosper Group

Products: waterfront real estate

Places: Florida, California, Miami

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