South Florida Waterfront Homes: Miami vs. Fort Lauderdale

Waterfront homes in Miami and Fort Lauderdale

With the recent move of Lionel Messi to Fort Lauderdale, the city has received more attention than ever before. Now Fort Lauderdale is more on everyone’s radar we decided to do a podcast on the difference between waterfront living in Miami vs Fort Lauderdale.

In this article, we will discuss where the market is, where it is heading, and our favorite neighborhoods in each city.

Waterfront Living in Ft Lauderdale Vs Miami

Let’s first dive into the numbers and what you can expect to pay in each city for waterfront living. In the table below we referenced the lowest, average, and highest price per SF for waterfront homes in different neighborhoods across Fort Lauderdale and Miami.
As you can see Fort Lauderdale waterfront homes are much more affordable than Miami waterfront homes. Fort Lauderdale’s top of the market is often less than Miami’s average or even equals the price of a dry lot home. In Miami, it is not uncommon to see a. brand-new waterfront home trade for $4,000n to $6,500 per SF. In Fort Lauderdale, these prices top at $4,000 per SF. The top of the market here is between $2,500 and $3,300 per SF. Miami has also experienced several really high-end sales such as a $108M sale in Coconut Grove, Jeff Bezos’ $68M purchase, and another home that traded for $57M. As of October 2023, we have 26 homes that are listed over $30M.

Why is Miami so much more expensive?

Firstly, it’s a prominent global city that attracts a substantial number of new residents and businesses. The increased population and global recognition contribute to its higher living expenses compared to Fort Lauderdale, which is a city in its own right but not as expansive as Miami.
Miami’s economic strength is another factor driving up costs. The city has become a hub for hedge funds, tech entrepreneurs, and other businesses. With the relocation of these businesses, their top-level executives are moving along looking for a primary residence. As these are primary homes, people spend top dollar on top-tier homes. As inventory is limited and money is often less of an issue, prices have increased significantly.
The geographical features also play a role in pricing. Fort Lauderdale boasts more canals, while Miami has more Bayfront homes which are often more desired. Fort Lauderdale however has a significant number of marinas (120), making it a hub for the marine industry, even hosting the world’s largest boat show. .
Additionally, private golf courses like Bay Colony and Indian Creek contribute to the variation in property prices in different areas of these two cities. Each city has its unique neighborhoods and features, which can impact property values.

The top (Gated) Communities

Buyers looking for high-end waterfront homes are often attracted to gated communities. Some gated communities you can enter without too much trouble while others are impossible to enter without an invite or clearance at the gate.

• Ultra Secure gated communities in Fort Lauderdale include Bay Colony or Harborage Island within Harbour Beach.
• Ultra Secure gated communities in Miami include Star Island or Tahiti Beach.

Top three gated communities in Fort Lauderdale According to Elaine Tatum

1. Harbor Beach. A great community with some of the most beautiful waterfront homes on wide deep canals. In addition, you can join their Surf Club for only $600 per year with private beach access. The private beach is located just across the beach.

2. Las Olas Isles. Its unique location and many waterways are the ideal community for many boaters. This iconic neighborhood sells waterfront homes at an average price of $1,200 per SF, a great deal compared to similar properties in Miami. This area has several ultra-luxury homes for sale and offers spectacular sub-neighborhoods such as Idlewyld and Seven Isles.

3 Coral Ridge: This community, located a little further north is commanding good values. There are lots of new construction homes and the average price per SF is around $1,000.

Top three gated communities in Miami According to David Siddons

1. Gables Estates. This superb waterfront community is located on the mainland in Coral Gables. This is my preferred community due to its privacy, and surrounding neighborhoods of Coral Gables and Coconut Grove. The community offers large lots a deep bay inlet areas which are kind of big lakes with great views. Because of these deep bay inlets, you are less exposed to water turbulence, which is also better for your vessel. If you are lucky enough to find a home here, the price will be close to $3,000 per SF. Entry-level prices for nicer, newer homes start around $25Mil. Many of the good homes are often traded off-market.

2 Allison Island. One of my favorites as it is gated, private, and quaint. As it is small it is often overlooked but there are some great quality homes on this island. Another pro is the accessibility to the actual beach. The island has two sites, one faces east to Collins Ave, while the west faces La Gorse Island and Pine Tree Dr.

3 Key Biscayne. This island community is not gated but still deserves a spot in my top 3. It is very close to Brickell and often undervalued. Key Biscayne offers many waterfront homes, and great A-Rated schools, and is known for its great community and resort lifestyle. It really is the closest thing to a country club environment that Miami has to offer. The island offers its own police force, a marina, tennis facilities, and a golf course and unlike other areas in Miami you can see kids playing on the street, cycling to school, and golf carts are the main mode of transportation.

Example of a TOP WATERFRONT LISTING in Miami

Rising Sea levels

While discussing rising sea levels and their associated risks may not be a popular topic, it is a necessary conversation. Here is what is done in South Florida to fight the risks. New construction homes are held to stringent building standards, and various measures are in place to reduce these risks. In Fort Lauderdale, new construction is mandated to be at least 5 feet above the ocean’s base level. For older homes, it is essential to bring their seawalls up to code requirements. Additionally, the city of Fort Lauderdale is actively engaged in seawall reconstruction efforts. There is a substantial $4 trillion investment in safeguarding our cities, with initiatives including elevated roads and comprehensive water management programs.

Due to their lower elevations and high insurance costs, older homes are not actively promoted by the David Siddons Group. Our team is committed to providing guidance on flood-prone areas and properties with favorable insurance conditions. Some individuals opt to purchase and renovate older homes, but this choice can lead to substantial expenses in the long run, as these properties lack elevation, causing insurance costs to soar. If you want to keep Insurance rates affordable you really need to focus on newer construction homes.

Once again, we are here to offer advice and support on these matters.

Conclusions

Fort Lauderdale may not be as well-known as Miami, but we invite you to reach out to us. Elaine is available to provide you with a guided tour of Fort Lauderdale, allowing you to become better acquainted with the area. During the tour, she will walk you through the various neighborhoods, highlighting their advantages and disadvantages, enabling you to make a more informed comparison between the two cities. Furthermore, Elaine possesses extensive expertise in the Boca Raton region, allowing her to offer a well-rounded comparison of these diverse areas.

We have area managers for the different areas in Miami as well so we can really give you a holistic overview of the different areas and what will work best for you! Whether you are looking at Miami, Fort Lauderdale, Boca Raton, or Vero Beach we have you covered with the best advice.

Schedule Time with David and Elaine (Via Zoom or in Person)