Miami has been at the epicenter of high-end luxury real estate for many years. However, due to rising values over the last couple of years, the market has shifted north to Broward County. The Fort Lauderdale real estate market has been evolving and growing for almost a decade and there is still ample upside potential. A recent business conference held on February 28, 2017 at Marriott’s Harbor Beach Resort brought together government leaders, real estate professionals and developers who shared their views on the Fort Lauderdale market.
Jack Seiler, mayor of Fort Lauderdale stated, “We are leading the State in job creation, with a 4.4 percent unemployment rate, lower than the rate in Miami, the State and the Nation.” Also, “Fort Lauderdale’s millage rate for property tax assessments at 4.111%, is the lowest among the 25 largest cities in Florida.” Mayor Seiler believes these are just two of the incentives for investors. Jimmy Tate, CEO of Tate Capital, stated “Fort Lauderdale is virtually underdeveloped.” Patrick Campbell, Vice President of the Related Group, stated “Condo prices at Auberge Beach Residences & Spa are averaging $1,100 per square foot, compared to $3,000 per square foot for new condos in South Beach.” Robert Shapiro, president of Master Development, one of the companies behind the upcoming Dania Pointe development, stated “Mixed use developments where people can live, work and play are proliferating in Fort Lauderdale and the trend has implications for all classes of real estate.” Harvey Hernandez, CEO of Newgard Development Group and the Gale Boutique Hotel and Residences Fort Lauderdale Beach, stated “There’s still a lot of opportunity on the condo side of the market.”
As the airport continues to expand, expect more diverse international buyers to discover and invest in our city along with new domestic buyers, as well. The outlook for 2017 and beyond is very bullish for Fort Lauderdale.