Just before a power lunch at Sant Ambroeus in Palm Beach, real estate billionaire Jeff Greene picks up the phone to discuss the past year’s “huge migration” to southern Florida. “People have realized that they can get a much higher quality life and still make the same amount of income,” he says. “I’ll see more interesting people at Sant Ambroeus in Palm Beach than I would at Sant Ambroeus in Manhattan.” 

But Greene—who owns more than $2 billion worth of property, roughly half of it in Florida, according to Forbes estimates (he says it’s worth more)—thinks the frenzy is nearing a peak. “Prices have just gone higher than anyone ever could have imagined,” he says. Come autumn, he believes, many families will return to their original homes in New York, Los Angeles and…

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