Millionaires who were driven out of Miami and Palm Beach by the influx of billionaires have relocated to another Florida city: Fort Lauderdale.
Super-rich people like Jeff Bezos and Ken Griffin have bought homes in Miami and Palm Beach, driving up real estate prices and displacing the less wealthy.
As a result, millionaires have created a luxurious enclave in Fort Lauderdale, where thousands of college students celebrate spring break.
The rise of millionaires in the city has led to a wave of mansion construction and a rise in property prices.
Millionaires who were driven out of Miami and Palm Beach by an influx of billionaires have relocated to another Florida city: Fort Lauderdale.
Millionaires have created an enclave in Fort Lauderdale, where thousands of college students celebrate spring break
An extravagant property featuring a pool deck covered in artificial grass recently went on the market for $47.9 million, which was a 60 percent increase from what it was purchased for just 16 months earlier.
Another posh home in the area is on the market for $50 million, a price that would have been almost unthinkable a few years ago.
Also on the market is a beachfront mansion that sold for $40 million in 2023, which was a local record at the time.
Now that same property is listed for $47.5 million.
Frederik Elkund, who made his name as a house hunter for the super-rich in places like New York and Los Angeles before moving to South Florida, said the trend was “exciting.”
The rise of millionaires in the city has led to a wave of mansion construction and a rise in property prices.
Also on the market is a beachfront mansion that sold for $40 million in 2023, which was a local record at the time.
“People can’t live in Miami or Palm Beach because of the prices,” he said. Bloomberg.
He continued: “It’s popular with Northeasterners who want to settle in South Florida but might not want something super big or expensive.”
Located between Miami and Palm Beach, Fort Lauderdale is now shedding its spring break identity and becoming a haven for millionaires desperate to find cheaper ways to park their superyachts.
The dramatic rise in the number of billionaires in Miami and Palm Beach has also forced millionaires to consider more suburban areas such as Palm Beach Gardens and Boca Raton.
Before the pandemic, the most expensive home ever sold in Fort Lauderdale was worth $17 million
This has affected real estate prices across the state, including in the Panhandle. Earlier this month, a waterfront mansion in the area sold for $28.5 million.
Before the pandemic, the most expensive home ever sold in Fort Lauderdale was priced at $17 million.
According to Zillow, there are currently 18 homes for sale for more than that amount.
The median home price in Fort Lauderdale is $530,000, up 59 percent from 2019.
Among the city’s famous new owners is Lionel Messi, who spent nearly $11 million on a property just down the road from Inter Miami CF stadium.
The migration of millionaires has also transformed Fort Lauderdale’s economy to some extent.
The migration of millionaires has also transformed Fort Lauderdale’s economy somewhat.
At the swanky Four Seasons hotel, a Michelin-starred chef has opened a new restaurant. And a luxury beachfront hotel has put its recently renovated penthouse on the market for $15.5 million, which would be a record sale for a condo if someone were to buy it at that price.
“Believe me, I thought Fort Lauderdale wouldn’t have these prices,” said Rick Teed, the broker who is selling the mansion with the artificial turf pool deck.
“I was still surprised, but the market is changing,” he said. Bloomberg.
Anthony DeGradi, whom Teed represents, bought his Fort Lauderdale compound last year for $29.5 million.
Located between Miami and Palm Beach, Fort Lauderdale is now shedding its spring break identity and becoming a haven for millionaires desperate to find cheaper ways to park their superyachts.
DeGradi, the owner of the Surgicore network of surgical centers in New York, invested an additional $100,000 in the property after acquiring it.
Hoping to capitalize on high demand in the area, he is now listing the property at a price that is 60 percent higher than he bought it for.
“When someone comes and starts looking in Palm Beach, they realize the prices are out of the market,” Teed said. Bloomberg.
“In Miami they will also see that the prices are crazy, so they will decide to save 10 million dollars and stay in Fort Lauderdale.”