Fort Lauderdale continues to shine as one of the strongest real estate markets in South Florida. “The median price in Fort Lauderdale is a record [$305,000] going back at least 10 years, blending of homes and condos. That’s something we’re not seeing in most of the other markets,” as quoted by Jonathan Miller of Miller Samuel. In addition, “Broward County was the only one of the three counties to post higher single-family sales in 2016. The county had 17,170 homes trade hands last year, a 2 percent increase from 2015. Sales dropped 3 percent in Palm Beach County and 5 percent in Miami-Dade” as reported recently in the Sun Sentinel.
Fort Lauderdale’s central location between Miami and West Palm Beach, provides an ideal base for residents and incoming corporations. For many years, Fort Lauderdale was regarded as the step child to Miami, but as Miami real estate prices kept escalating, buyers started looking to Fort Lauderdale for more value.
A medium sized city such as Fort Lauderdale, with a population of approximately 166,000 as per the 2010 census, is attracting baby boomers, millennials, and corporations. The boomers and millennials are approaching life changes that traditionally motivate people to buy, sell or rent. Baby boomers generally look to sell and downsize to a smaller home as they approach retirement. Millennials, those born between the early 1980’s and early 2000’s, prefer to rent in order to have job flexibility and tend to prefer the benefits of living in an urban environment.
In order to meet the needs of all these groups, Fort Lauderdale’s downtown area is undergoing a renaissance with five new residential buildings planned near the north bank of the New River. Just north of downtown, Flagler Village is undergoing significant re-development geared toward attracting millennials and baby boomers. The beach is also undergoing a renaissance as the city just approved a new beachfront park, event space and a mixed use parking structure.
The three major property owners along Las Olas Boulevard have hired a new leasing company to find the right mix of national brand name tenants along with independent retailers to expand the business district and make it more inviting. With apartments, condominiums, and hotels being added to the downtown mix along with the convenience and proximity of a growing international airport, these positive developments should continue to help grow the market well into the future.