“Our international market is what’s keeping luxury sales pushing forward,” he said.įort Lauderdale’s real-estate market is also benefiting from a high number of cash buyers undeterred by rising rates. Softening the downturn in Fort Lauderdale are sun-seeking foreigners flocking to its new residential towers, said David Dweck, president of the Broward-Miami Association of Realtors, a division of Miami Realtors. There were more homes in the city priced over $1 million for sale in November 2022 than in November 2021, but fewer than in November 2019, according to the association. Similarly, sales of homes in Fort Lauderdale over $1 million fell to 40 in November 2022, down from 77 in November 2021, but up from 30 in November 2019, according to the Miami Association of Realtors and the MLS. Lucie Realtors, an association with several South Florida locations, down from $3.5 million in the red-hot market of November 2021-but up from $2.1 million in November 2019. The average sale price of the city’s homes over $1 million dropped to $2.7 million in November 2022, according to Broward, Palm Beaches & St. Sales and prices of luxury homes in Fort Lauderdale are declining from record highs in 2021 but are still well above prepandemic levels. “Florida’s economy is evolving, and this downturn will slow it down, but it will not stop it,” said Mr. Johnson said, benefits from a continuing inflow of residents that boosts housing demand, low inventory that props up prices, and a changing economy drawing affluent buyers to its growing technology and financial services sectors. Six new condo buildings are being planned in downtown Fort Lauderdale. Johnson, an economist at Florida Atlantic University in Boca Raton. ![]() But high-end home buyers aren’t balking, and developers keep building, banking on South Florida’s long-term growth prospects, said Ken H. ![]() ![]() Now, the economic downturn is casting a cloud on this transformation: Home sales in Broward County in November 2022 were down 35% from November 2021, and real-estate listings rose for the fifth straight month, according to the Miami Association of Realtors and MLS. ![]() The trend was fueled by the pandemic, with its influx of remote workers from northern states relocating for sunnier surroundings, fewer Covid restrictions and lower taxes, said Jenni Morejon, president and chief executive of the Fort Lauderdale Downtown Development Authority, a public-private partnership. That transformation began around 2016 when Fort Lauderdale, long a modest, middle-class destination with dive bars for shoeless and shirtless tourists, attracted developers looking for lower-priced land on the same coastline as its more glamorous neighbors.Įarly prestige projects such as Auberge Beach Residences & Spa and 100 Las Olas sold out swiftly, and more upscale projects piled in. Known as a spring-break destination since the 1960 movie “Where the Boys Are,” a comedy about four college girls letting loose in Fort Lauderdale, the resort town is transforming itself into a year-round, urban community rife with glitzy developments. Michael and Aletha Burrage on the balcony of their oceanfront condominium at the Four Seasons Hotel and Residences in Fort Lauderdale.
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