Fort Lauderdale Becomes Haven for Millionaires Outpriced by Billionaires
July 26, 2024
While billionaires like Jeff Bezos and Ken Griffin dominate Palm Beach and Miami, Fort Lauderdale is becoming the go-to spot for the merely rich. Home prices in Fort Lauderdale are skyrocketing, with a mansion at 733 Middle River now listed for $47.9 million, a 60% increase from its purchase price 16 months ago. Another local home is on the market for $50 million, and a beachfront property that set a record at $40 million in 2023 is now back on sale for $47.5 million.
Luxury broker Rick Teed, who moved from San Francisco to Miami, noted the surprising price surge in Fort Lauderdale. Once known as “Fort Liquordale” for its spring-break scene, the city attracts millionaires looking for more affordable luxury, especially for docking superyachts. This trend is part of a broader real estate shift in states like Texas and Tennessee, but it’s particularly pronounced in South Florida.
High-profile buyers like Lionel Messi, who purchased a nearly $11 million home in Fort Lauderdale, and Anthony DeGradi, who bought his house for $29.5 million, are driving demand. DeGradi’s mansion at 733 Middle River, with features like AstroTurf decks, a helipad, and a superyacht dock, exemplifies Fort Lauderdale’s evolving luxury market.
Fort Lauderdale, positioned between the glamor of Miami and Palm Beach, is experiencing a clash of old and new. The city boasts miles of inland waterways, making it a magnet for yachting enthusiasts. The real estate boom includes developments like a Michelin-starred restaurant in the Four Seasons hotel and a luxury penthouse listed for $15.5 million.
Despite its transformation, Fort Lauderdale retains some rowdy spring break past. Streets filled with college bars and bikini-clad servers handing out tequila shots are still part of the scene. However, as Fredrik Eklund, a renowned luxury real estate agent, points out, the city’s maturing market is appealing to those priced out of Miami and Palm Beach, making Fort Lauderdale an exciting new hotspot for the wealthy.
