DataMarkets & Economy

Broward County weathering the South Florida luxury storm

Report shows Miami's high-end real estate market is shifting, letting Broward County take the lead
  • In the first half of the year, luxury condos in Broward County performed better in price per square foot and total price volume than Miami.
  • Coral Gables’ non-waterfront market was up 25 percent since last year.
  • Broward County revealed a 200 percent increase in luxury condo sales since 2011.

Although global economic conditions have taken their toll on demand for Miami luxury homes, a well-known international buyer haven, some neighborhoods are faring better than others, according to One Sotheby’s Mid-Year Luxury report. Travel slightly north toward Fort Lauderdale in Broward County, and you’ll see a growing downtown financial center attracting large companies like American Express. Fort Lauderdale has potential to attract more millennials if the tech industry gains ground there, given the weather, nightlife, culture and recreation. Further, luxury condos in and around Fort Lauderdale advanced faster than Miami luxury condos in both price per square foot and total price volume when comparing the first half of 2015 to this year. Coconut Grove, Coral Gables remain strong – for the most part Despite overall softening, waterfront detached homes in Coconut Grove saw a 22 percent price per square foot boost in the first half of the year compared to the s...