The Fort Lauderdale Boom
The city of Fort Lauderdale was once well known for being a popular vacation and spring break destination for many. However, today the landscape is changing with more and more people relocating to officially call it a permanent home.
Home prices continue to rise with low inventory with the swelling population as part of the equation. According to the Greater Fort Lauderdale Realtors Association, single family homes listed for sale in particular have declined by 7.2% between January of 2016 and January of 2017. Multifamilies also declined but by a more modest 2.9% for the same time frame.
Fort Lauderdale attracts many people for different reasons. Some find Florida’s west coast a bit too slow, while others find cities like Miami a bit too much. Fort Lauderdale offers the right pace with much to offer. Among the best parts is the boating lifestyle. There are many marinas, homes with deep water frontage and plenty of coastline to travel.
Companies who are based here include AutoNation, Hotwire Communications and Citrix Systems. These companies benefit from a diverse pool of labor, a great location for domestic and international markets as well as favorable tax incentives. Recently the Canadian pharmaceutical company, Apotex, shared that they would be opening a development center and packaging facility in nearby Miramar. Other firms such as Magic Leap, a virtual reality startup are also expanding here which is drawing more people to the area. In fact, Fort Lauderdale’s population in 2016 was just over 180,000 and is forecast to increase to nearly 195,000 in the next 4 years by 2021 according to the Greater Fort Lauderdale Alliance.
For those who see the value in Fort Lauderdale, it can be a great find. By comparison, it is less expensive than Miami which is just a half an hour south. Many developments are being erected, especially on the higher end of the market to cater to the draw of buyers looking for luxury and turnkey housing. To accommodate the population increase, Mass transit will also be enhanced with the new Brightline express train service running between Miami, Fort Lauderdale and West Palm launching this summer. Service to Orlando will also be expanded in the next few years making mobility very easy between the major cities.
The continued interest and widespread investment in infrastructure shows that Fort Lauderdale is certainly a hot spot on the rise.