Fort Lauderdale Emerges as a Luxury Haven as Billionaires Drive Up Prices in Miami and Palm Beach
Once infamous for its lively spring break scene, Fort Lauderdale has transformed into a sanctuary for millionaires who are being priced out of Miami and Palm Beach by even wealthier buyers.
Situated between the glitz of Miami and the glamour of Palm Beach, Fort Lauderdale is emerging as a haven for millionaires in search of more affordable luxury.
This trend is part of a broader shift impacting real estate markets in Texas, Tennessee, and particularly South Florida. The influx of affluent buyers has driven up home prices across Florida.
Consequently, many wealthy purchasers are gravitating towards suburban areas like Palm Beach Gardens and Boca Raton, where prices are also soaring.
The fierce competition among billionaires is prompting wealthy buyers to reconsider often-overlooked Fort Lauderdale.
The New York Post reports that before the pandemic, Fort Lauderdale’s priciest home sold for $17 million. Today, 18 homes in the area are listed for more than that, according to Zillow. The average home price has soared 59% since 2019, reaching $530,000.
Fredrik Eklund, a luxury real estate broker and star of Million Dollar Listing who recently moved to South Florida, noted, “People are priced out of Miami and Palm Beach.”
Eklund added, “It’s popular for Northeasterners who want a foothold in South Florida but might not want something overly large or expensive. The market is maturing in a way that’s exciting to me.”
As usual in real estate, Eklund’s observations are spot on.
Keep an eye on Fort Lauderdale and its suburban areas to witness the remarkable transformation and anticipate which other regions will experience growth as space becomes limited.
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