Why the wealthy and developers are buzzing about Fort Lauderdale
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Is Fort Lauderdale the next Miami? Photo: Zak Bennett/Bloomberg via Getty Images
While Miami and Palm Beach have long attracted the nation's wealthy, Fort Lauderdale is shaping up to be South Florida's next luxury real estate hot spot.
Why it matters: Developers are pouring money into Fort Lauderdale, transforming a city that has historically been a more affordable alternative to Miami and Palm Beach.
What they're saying: "If you look at the type of product that New York developers are bringing to town and proposing, it is over-the-top compared to what we have traditionally seen," Still Hunter, a managing director at real estate finance firm Walker & Dunlop, told Bloomberg.
Zoom in: Bloomberg reports New York firms account for 4.6 million square feet of downtown development (45%), compared to just 13% of completed projects between 2021 and 2024.
Case in point: St. Regis, Ritz-Carlton and Viceroy are bringing luxury residential towers to the city.
- Related Group is developing Andare Residences, a 46-story luxury condo building on Las Olas, which is already more than 50% sold.
- Ombelle, two 44-story condo towers with the city's first Equinox gym, is coming to Flagler Village.
By the numbers: Fort Lauderdale is drawing more transplants from California, along with young families and professionals.
- The Fort Lauderdale Downtown Development Authority reports 22% of newcomers have moved from San Diego and Los Angeles.
- The under-45 population has grown 25% since 2020, Bloomberg reports.
- "I'm amazed at what I'm seeing in terms of people coming from California, New York," development consultant Amy Ballon tells Axios. "They're coming to Fort Lauderdale like 'You're the best kept secret in South Florida.'"
State of play: As more wealthy buyers move to Fort Lauderdale, home prices have climbed 14% from September 2025 to September 2026, according to Redfin.
- Miami's median home price is just $45,000 more at $650,000.
- "For some people, Miami became too hectic, too busy, too noisy," developer and Naftali Group CEO Miki Naftali told Bloomberg.
Zoom out: The wave of luxury developments has fueled a rush of restaurant openings and private social clubs.
- Caviar Club, a "retro-glam American steakhouse" with a private social club, is opening on Las Olas this month.
- Pier Sixty-Six opened Fort Lauderdale's first invitation-only social club.
- "They want the curated experiences. It's no longer, 'I just want to go to clubs like Coral Ridge, play golf, play tennis, have my happy hour on Friday,'" Ballon says.
Yes, but: Fort Lauderdale could have some competition.
- Pompano Beach, dubbed the next Palm Beach by the New York Post, is undergoing a $2 billion redevelopment of its 75-acre downtown.