“Broward County real estate had another strong month,” Broward MIAMI President Sharon R. Lindblade said. “Many metrics rose year-over-year, including $1
Why do so many rich people live in Fort Lauderdale Florida?
Very simple, it’s a fantastic place to be, all of South Florida is. But Ft.Lauderdale is not the only place where rich people live. Lets look at 3 counties: Miami-Dade, Broward, and Palm Beach counties, and where the expensive homes are. Now, I’m not a real estate agent, so my estimate of the home values is just what I’ve read.
MIAMI-DADE COUNTY: The most expensive place in Dade county would be Indian Creek Island, where Julio Iglesias has an $90 Million dollar home. I think there are only 7 homes on this island, all water front mansions. Don Shula also lives there. There are smaller islands in Dade with 1000 people living on them, so you can see why this island is for the Super Elite. Other islands; Star, Fisher, Palm and Hibiscus all have their share of the Rich and Famous. All of these islands are gated, but I know that some of these islands will allow tourists to drive around and take pictures, I’ve done it. Al Capone’s house on Palm Island was a mansion in 1930, but by today’s standard, it is little and ugly. After the islands, any waterfront property is going to be over $10 Million. Coral Gables also has $ Million dollar mansions. Everyone knows that Miami is one of the largest cites in the country, internationally famous for the jet-setting life style. But, most people don’t know that it is the ’Wall Street” of South and Central American banking. If you can’t afford to live with the rich people, the majority of Downtown Miami, is a slum, where people are murdered every night. There are very few ‘Middle Class’ neighborhoods! You drive a Ferrari or you carry a gun, or both! And finally, very few people realize that Dade county is mostly Agricultural land, supplying most of the produce for Florida! In fact it is the only county in the US that is agricultural and also has a major city.
BROWARD COUNTY: Ft. Lauderdale has totally changed in the 37 years I have lived here. Until 1983 it was a sleepy beach town, a party town with bars on every corner, many open till 4 AM. South Florida was also the Cocaine capital in the 70’s to 1983. But the county counsel was out to change that image. They enacted the strongest DUI and drug laws in the country, and they increased the Sheriff’s department to enforce those laws. Broward County Sheriff’s office is the largest in the country! They closed down ‘Spring Break’ and the bars. Ft. Lauderdale doesn’t have Miami’s International glitz, it is not a Major Metropolitan city, but it is still a great city. The crime is not as bad with fewer bad neighborhoods and there are many middle-class neighborhoods, and that is a great plus! Waterfront properties in Broward range from $10 to $35 Million. This can be very misleading. My dear friend passed away 3 years ago, she was 95. Her fiance bought the best waterfront property in Ft Lauderdale in @ 1945, which was a point lot with over 200 feet of dock space. She was a famous dancer and the house was filled with pictures of her dancing, and all of the famous celebrities that came to visit her, including the ‘Rat Pack’, Humphrey Bogart and many others. When she died her niece inherited the house and sold it for $5 or 6 Million. I worked on her house for years, repairing the solid Teak doors, refurbishing her antique furniture, upgrading the electrical system. I knew when she would die the new owner would bulldoze the house and build a new super mansion on the property, which is what happened. Who knows what it is worth today. Everyday another strip mall or used car lot is being turned into another mid-rise or hi-rise apartment building. The county claims there is a water shortage and continues to raise the water price, even though it has an ocean of water on its Eastern boarder. The real problem is that, the county likes hundreds of thousands of new residents paying property tax, but they don’t want to build a water desalination plant.
Palm Beach County has a few areas with homes over $1 Million. Obviously, Worth Avenue on Palm Beach Island, with the Trump, the Kennedy, and John Lennon’s homes. The 75 properties in Le Lac, in Boca Raton; lots start at $3 Million, with a house starting at $6 Million, Chris Everett had a house there. There are other communities in Boca Raton and in Palm Beach County with homes over $1 Million.
You ask why there are so many rich people in Ft. Lauderdale or South Florida. There are 322 Million people in the USA the top 1% would be 3,220,000 people. These 3 Million people can afford several homes, which are good investments. So they may have a home in NY, CA, South FL., and other places. If you are a businessman you need several suits, not just one. A woman may have 30 pairs of shoes. If you have money you will have more than one car, probably a truck, a boat, an RV, and a Jet Ski.
But many more people, than the top 1%, buy houses here, because the real Estate market is always good. 50,000 Russian immigrants have moved in to the city of Hallandale Beach. 50,000 Brazilian immigrants have moved in to the city of Pompano Beach. My uncle lived in a $500,000 house in the Pittsburgh suburbs. He would buy a pre-construction home in Boca Raton for $1 Million; he would only put $100,000 down. In 6 months the home was finished, so he would sale it for $1.25 Million, and make $250,000 in 6 months! In his last big deal he bought twenty (20), $1 Million houses. Since he bought so many, he got them for $750.000 each. A year later when they were built, they would be worth twice as much. Unfortunately, that was 2006-2007, an he was lucky to break even.
As I said at the beginning, almost everyone wants to live near the beach in South Florida. 100,000 Canadians come here every winter. No one wants to live in a $6000 house in Wheeling West Virginia!
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