You’ve heard of Miami’s “Billionaire Bunker” and Star Island, playgrounds for the ultra-rich like Jeff Bezos and Ken Griffin.
But what about Fort Lauderdale?
Once notorious for its rowdy spring break scene, “Fort Liquordale” is now a haven for millionaires being priced out of Miami and Palm Beach — by billionaires.
Fort Lauderdale is seeing a real estate boom, with home prices skyrocketing to record highs. Case in point: a mansion at 733 Middle River, complete with an AstroTurf-covered pool deck, is on the market for $47.9 million. It’s 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 at $50 million, while a beachfront home that sold for a record $40 million last year is now up for grabs at $47.5 million.
Teed is astonished by the market’s transformation.
“Believe me, I thought Fort Lauderdale wouldn’t bring in these kinds of prices,” he told Bloomberg, which reported on this Fort Lauderdale migration trend. “I was just as surprised, but the market is changing.”
Nestled between Miami’s glitz and Palm Beach’s glamour, Fort Lauderdale is becoming a refuge for millionaires seeking more affordable luxury. It’s part of a broader trend affecting real estate markets in Texas,…