The high-end property market is booming in the Venice of America. From June 2013 to June 2014, the top 10 percent of homes by value performed better than the rest for the housing market in Fort Lauderdale.
Square footage values for high-end condos and townhouses rose nearly 18 percent to an average of $477, while square footage values for luxury single family homes reached an average of $570, an increase of 4.2 percent, according to data released by the Financial Times.
The area is becoming an increasingly popular destination for high-end buyers, particularly foreign nationals seeking a home with the benefits of the South Florida lifestyle without the Miami price tag.
Fort Lauderdale airport's $2.3 billion upgrade is playing a key role in this insurgence as airlines continue to add more direct routes, including to London, Lima, and Scandinavia.