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Millionaires priced out of Miami and Palm Beach by billionaires are now flocking to this balmy Florida city
Millionaires who have been driven out of Miami and Palm Beach by an influx of billionaires have resettled in a different Florida city- Fort Lauderdale.
Super wealthy individuals like Jeff Bezos and Ken Griffin have snapped up homes in Miami and Palm Beach, driving up real-estate prices and squeezing out the less rich.
As a result, millionaires have created a lavish enclave in Fort Lauderdale, where thousands of college students celebrate spring break.
The surge of millionaires in the city has led to a mansion-building spree and a rise in property prices.
Millionaires who have been driven out of Miami and Palm Beach by an influx of billionaires have resettled in a different Florida city- Fort Lauderdale
Millionaires have created an enclave in Fort Lauderdale, where thousands of college students celebrate spring break
One extravagant estate that features a pool deck covered with AstroTurf recently hit the market for $47.9 million, which was a 60 percent increase from what is was purchased for only 16 months earlier.
Another swanky home in the area is being listed for $50 million, a price that would have been almost unthinkable several years ago.
On the market, there is also a beachfront mansion that fetched $40 million in 2023, which was a local record at the time.
Now that same property is being offered for $47.5 million.
Frederik Elkund, who distinguished himself as a house-hunter for the super wealthy in places like New York and Los Angeles before moving to South Florida, said the trend was 'exciting.'
The surge of millionaires in the city has led to a mansion-building spree and a rise in property prices
On the market, there is also a beachfront mansion that fetched $40 million in 2023, which was a local record at the time
'People are priced out of Miami and Palm Beach,' he told Bloomberg.
He continued: 'It's popular for northeasterners who want to put a foot in South Florida but might not want something super big or expensive.'
Nestled between Miami and Palm Beach, Fort Lauderdale is now bucking its spring-break identity and becoming a refuge for millionaires who are desperate for cheaper ways to park their superyachts.
The dramatic increase in the number of billionaires in Miami and Palm Beach has also forced millionaires to consider more suburban areas like Palm Beach Gardens and Boca Raton.
Before the pandemic, the most expensive home ever sold in Fort Lauderdale fetched $17 million
This has affected real-estate prices across the entire state, including in the panhandle. Earlier this month, a beachfront mansion was sold in this area for $28.5 million.
Before the pandemic, the most expensive home ever sold in Fort Lauderdale fetched $17 million.
According to Zillow, there are currently 18 homes being listed for more than this amount.
The average home in Fort Lauderdale goes for $530,000- a 59 percent jump from 2019.
Famous new home-owners in the city include Lionel Messi, who dropped almost $11 million on a property in close proximity to the Inter Miami CF stadium.
The migration of millionaires has also somewhat reshaped the Fort Lauderdale economy.
The migration of millionaires has also somewhat reshaped the Fort Lauderdale economy
In the posh Four Seasons hotel, a Michelin-starred chef opened a new restaurant. In addition to this, a lavish waterfront hotel has listed its recently renovated penthouse for $15.5 million, which would be a record condo sale if someone purchases it at that price.
'Believe me, I thought Fort Lauderdale wouldn't bring these kinds of prices,' Rick Teed, the broker who is selling the mansion with the AstroTurf pool deck, said.
'I was just as surprised, but the market is changing,' he told Bloomberg.
Anthony DeGradi, who Teed is representing, purchased his Fort Lauderdale compound last year for $29.5 million.
Nestled between Miami and Palm Beach, Fort Lauderdale is now bucking its spring-break identity and becoming a refuge for millionaires who are desperate for cheaper ways to park their superyachts
The owner of the Surgicore network of surgery centers in New York, DeGradi poured in an additional $100,000 on the property after acquiring it.
Hoping to take advantage of the red-hot demand in the area, he is now listing the property at a price that is 60 percent higher than what he purchased it for.
'When somebody comes down and they start to look in Palm Beach, they realize they’re priced out of the market,' Teed told Bloomberg.
'In Miami, they’ll see the prices are crazy too. So they’re gonna decide to save $10 million and be in Fort Lauderdale.'