Why Billionaires are Quietly Moving to Florida | Jay Roberts E485

The Rich Somers Report

Rich Somers

Investing, Business

5.0 • 1K Ratings

🗓️ 7 April 2026

⏱️ 43 minutes

🔗️ Recording | iTunes | RSS

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Summary

If you're an accredited investor interested in our Catalina deal, connect with us at somerscapital.com/invest 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 t...

Transcript

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0:00.0	So one of the advantages of developing in Miami and South Florida, Florida is very business friendly.
0:09.2	And it's development friendly.
0:12.0	So we have a great zoning code.
0:13.9	We encourage development.
0:15.2	We encourage investing in the community.
0:17.2	We encourage, you know, building more home.
0:19.3	On the flip side, that also means that it's easy to build or somewhat easy. So there's a lower, a lower barrier
0:26.4	to entry. Lower barrier to entry. So that means more supply can can go up. So we're evaluating a lot
0:33.2	of economic factors. We're looking at population growth. We're looking at wealth migration.
0:37.4	We're looking for the very best site so that we can have a better program than the next
0:41.3	development, and which is one of the reasons that Prosper Group, we buy and invest and develop on
0:45.8	the water. Welcome to the Rich Strummers Report where we talk real estate, business, and
0:50.8	wealth building, all while keeping it real. No fluff, no BS.
0:54.4	I hope that you enjoy the show.
1:00.7	All right, guys, today I got someone who's out here from Miami doing big things on the
1:06.9	East Coast on the development side.
1:08.7	He is the CEO of Prosper Group where he's got over $3 billion of active developments rocking and rolling. I got my man Jay Roberts in the building. What's up, Jay? Rich, great to be here. I'm from selling California. I got off the plane. The weather was perfect. Oh, man. I know why you guys live here. You're going to be on the
1:28.2	yacht tomorrow for our yacht workshop. It's going to be 84 and sunny middle of February, man. I can't wait. I can't wait to be on your yacht. Dude, I'm glad that we finally connected. Dude, it's been a long time coming. I know you're doing big things out in there, out there in Miami. me a lot of respect for everything you're doing, man, and I can't wait to dive in this conversation.
1:45.3	Today, the listeners are definitely in for a treat, man.
1:48.4	But first things first, dude, we got a lot of money and a lot of high net worth individuals
1:53.6	leaving California. They're going out to Miami. A lot of billionaires leaving. Drop some game on
1:59.5	that. So I'm from California.
	...

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