As billionaires flock to Miami’s waterfront, millionaires on the cheap flock to Fort Lauderdale

You’ve heard of the “Billionaires’ Bunker” and Miami’s Star Island, playgrounds for the ultra-rich like Jeff Bezos and Ken Griffin.

But what about Fort Lauderdale?

Once known for its raucous spring break scene, Fort Liquordale is now a haven for millionaires hailing from Miami and Palm Beach – from billionaires.

Fort Lauderdale is seeing a real estate boom, with home prices rising to record highs. Case in point: a residence at 733 Middle River, complete with an AstroTurf covered pool, is on the market for $47.9 million. It was repped by Rick Teed and Daniel Tzinker of The Agency Miami.

That’s a 60% increase from its purchase price just 16 months ago. Another local stunner is listed for $50 million, while a beach house that sold for a record $40 million last year is now available for $47.5 million.

Teed is amazed by the transformation of the market.

“Trust me, I thought Fort Lauderdale wasn’t going to bring in prices like this,” he told Bloomberg, which reported on this migration trend to Fort Lauderdale. “I was just as surprised, but the market is changing.”

Nestled between the glitz of Miami and the glitz of Palm Beach, Fort Lauderdale is becoming a haven for millionaires seeking more affordable luxury. It’s part of a broader trend affecting real estate markets in Texas, Tennessee and especially South Florida.

The influx of wealthy buyers, including the likes of Griffin and Bezos, has boosted home prices across Florida. As a result, many affluent buyers are returning to suburban areas like Palm Beach Gardens and Boca Raton, and to the often-overlooked Fort Lauderdale.

Even the Florida Panhandle is seeing an increase. Earlier this month, CoStar Group founder Andy Florance sold a beachfront home there for a record-breaking $28.5 million.

Before the pandemic, Fort Lauderdale’s most expensive home sold for $17 million. Today, 18 homes in the area are listed for more than that, according to Zillow. The median home price has increased 59% since 2019, reaching $530,000.

“When somebody comes down and they start looking at Palm Beach, they realize they’re priced out of the market,” Teed said. “In Miami, they will see that the prices are also crazy. So they’ll decide to save $10 million and be in Fort Lauderdale.”

Among the high-profile buyers is soccer superstar Lionel Messi, who snapped up an $11 million home to be close to Inter Miami CF’s arena and training facilities.

Teed represents Anthony DeGradi, owner of Surgical Surgery Centers in New York. DeGradi bought his Fort Lauderdale home last year for $29.5 million. He invested an additional $100,000 in landscaping, and the property is now listed at a price more than 60% higher due to increased demand.

The property at 733 Middle River boasts generous extras, such as a black-and-gold motorcycle parked under a staircase (included with the home), a third floor of greenery, and a helicopter. It even has a marina for superyachts, befitting a city known for its extensive inland waterways.

Fort Lauderdale is embracing its transformation. A Michelin-starred chef recently opened a restaurant at the Four Seasons Hotel and Pier Sixty Six — a luxury waterfront hotel and residence currently under a $1 billion redevelopment — is marketing a penthouse for $15.5 million, which will set a city record for apartment sales. .

Still, some of her wild spring break spirit lives on. The city’s main drag still draws crowds of college kids, where bikini-clad servers dispense tequila in test tubes.

Fredrik Eklund, famous for finding homes for the super rich in New York and LA, recently moved to South Florida.

“People get paid from Miami and Palm Beach,” Eklund told the media. “It’s popular for Northeasterners who want to set foot in South Florida but might not want something super big or expensive. The market is maturing in a way that’s exciting to me.”