The Rise of Ultra-Luxury Real Estate in Fort Lauderdale

Fort Lauderdale has firmly established itself as Florida’s newest ultra-luxury real estate hotspot, where waterfront mansions now regularly command prices that would have seemed unthinkable just a few years ago. To break into the highest echelons of this market, properties must check specific boxes: peninsula locations with water on multiple sides, deep-water dockage for substantial yachts, and newly built or extensively renovated homes designed for lavish entertaining. These waterfront palaces—with price tags ranging from $39 million to nearly $50 million—reflect a fundamental shift in Fort Lauderdale’s luxury market, which has been transformed by the influx of wealthy transplants from high-tax states. The city now offers an enticing value proposition for ultra-high-net-worth individuals seeking Florida living without the premium prices of Palm Beach or Miami Beach, while still delivering comparable luxury and amenities.

The statistics reflect this dramatic market evolution: the median price for luxury homes in Fort Lauderdale jumped 20% year-over-year to $3.65 million in the third quarter, according to Miller Samuel and Douglas Elliman Real Estate. Even more telling is the explosion in ultra-luxury inventory, with nineteen single-family homes priced at $10 million or higher hitting the Broward County market in September 2023—compared to none during the same period the previous year. This surge follows Fort Lauderdale’s record-breaking sale in 2022, when financier Donald Sussman’s waterfront estate sold for an unprecedented $70 million. While nothing currently listed reaches that figure, numerous properties are testing the market’s upper limits, driven by what top broker Chad Carroll describes as “enormous wealth migration” from traditional luxury markets like California, New York, and Connecticut, with buyers seeking comparable residences to what they left behind.

Among Fort Lauderdale’s most coveted offerings is 516 Mola Avenue, currently the priciest single-family residence on the market at $49.99 million. Located on a private peninsula previously owned by the late Blockbuster Video founder Wayne Huizenga, this newly built 10,000-square-foot architectural masterpiece by Max Strang features a striking cantilever design that creates the illusion of floating above the water. The property boasts 740 feet of waterfront on three sides—enough to accommodate a 150-to-200-foot yacht—along with luxury amenities including a pickleball court, movie theater, separate guest quarters, and an adjacent deeded lot that provides both privacy and expansion potential. This combination of prime location, architectural distinction, and ultra-luxury amenities exemplifies the new standard for Fort Lauderdale’s most exclusive properties.

The exclusive island of Isla Bahia Drive, within Fort Lauderdale’s gated Harbor Beach community, hosts two mansions with equally ambitious pricing. At the western tip, 1 Isla Bahia Drive recently completed an extensive renovation of its 14,000-square-foot estate comprising a main residence and two-story guest house, with six bedrooms and thirteen bathrooms. Set on 343 feet of point lot with 170 feet of protected deep-water dockage, the property offers access to a private marina and beach—ideal for serious yachting enthusiasts. The renovation added luxury touches including a glass elevator and an expandable four-car garage, earning its $42.5 million asking price. At the island’s opposite end, 84 Isla Bahia Drive commands the easternmost point with 300 feet of waterfront and sweeping Intracoastal views. This three-level residence features soaring ceilings, custom closets, smart home technology, four fireplaces, six wet bars, a commercial-grade elevator, and a top-floor lounge designed to maximize the spectacular vistas. Outdoors, an infinity-edge pool, waterfront terrace, and private dock complete the package, justifying its $45 million price tag.

Two of Fort Lauderdale’s most distinctive ultra-luxury homes are currently listed at $39 million each, both marketed by Chad Carroll of Compass. The first, 600 Isle of Palms Drive, is a 15,000-square-foot “resort-style home” with eight ensuite bedrooms, including two primary suites (one finished in rare Fijian stone). However, this property distinguishes itself as an entertainment showpiece, featuring eight bars, a wine cellar, a rooftop terrace, two pools, two hot tubs, an outdoor amphitheater, and 300 feet of waterfront. Just minutes away, 1400 West Lake Drive—currently under construction and expected to be completed in March 2024—will offer a 10,400-square-foot, three-story residence with seven bedrooms, a wellness center, a game room, and a three-car garage with lifts, all situated on 250 feet of waterfront capable of accommodating multiple vessels. The outdoor space will feature multiple pools, hot and cold plunges, waterfalls, and fire features—creating a comprehensive luxury lifestyle destination.

Another standout property at the $39.99 million price point is 1845 SE 7th Street, a three-story waterfront estate with a roof deck and seven bedrooms offering expansive Intracoastal views. This home exemplifies the showstopping features that define Fort Lauderdale’s ultra-luxury market, including 250 feet of deep-water frontage for yacht docking and a remarkable 23-foot, two-story TV screen so massive it’s visible to passing boaters when the shades are up. The property further distinguishes itself with a swimming pool featuring 4-inch-thick glass walls that allow for underwater Intracoastal views—the kind of unique, conversation-starting amenity that ultra-wealthy buyers now expect. These extraordinary features, combined with Fort Lauderdale’s relative value proposition, explain why top brokers like Chad Carroll—whose team has already surpassed $850 million in sales this year—are bullish on the market’s continued strength. As Carroll notes, “Where else are you going to find over two acres of land and 200-plus feet on the ocean?” This combination of space, waterfront access, and luxury features at prices still below Miami Beach and Palm Beach makes Fort Lauderdale increasingly attractive to the ultra-wealthy, with 2025 projected to be another record-breaking year for luxury real estate in this rapidly evolving market.