The Real Deal

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Yachting-friendly homes buoy Broward's high end

Sometimes called the "Yachting Capital of the World," Fort Lauderdale is home to billions of dollars of yachts and marinas. The county's wealthiest boaters prefer to park their luxury vessels in their own backyard — the Intracoastal Waterway.

While high-end prices in Broward County don't outperform Palm Beach County, Fort Lauderdale — Broward's highest-priced city — is nonetheless seeing some mega transactions thanks in part to its yachting reputation.

The highest-priced sale ever recorded in the county was at 1 Isla Bahia Drive in Harbor Beach, the exclusive, upscale waterfront community: The property traded for $16.25 million in December 2005. Harbor Beach features a private marina and the Harbor Surf Club with its 300 feet of private beachfront space.

"Fort Lauderdale has come into its own," said one broker. "Parking your yacht behind your house is a unique feature that creates valuable property that wouldn't otherwise be so valuable."

The second priciest transaction in Fort Lauderdale history — and the priciest so far this year — confirms this idea. In January, the home at 2727 Aqua Vista Boulevard sold for $9.9 million. The Intracoastal Waterway borders the property, offering plenty of room for dockage.

So coveted are Intracoastal properties that 2727 Aqua Vista nearly doubled its value in four years.

Still, despite these high prices, brokers say the overall market is stormy.

Blockshopper's list of the top 100 all-time highest-priced property sales in Fort Lauderdale demonstrates a dramatic slowdown at the high end: Only two of the top 100 sales occurred in 2008. That compares to 17 properties on the list sold last year and 13 sold in 2006. A whopping 24 of the top 100 highest-priced properties sold in 2005 at the height of the market.

Only eight properties on the top 100 list sold for $10 million or more. By comparison, 68 residential properties have sold for $10 million or more in Palm Beach.


Broward's highest-end enclave
Fort Lauderdale's priciest sales this year

1. 2727 Aqua Vista Boulevard: Sold for $9.9 million on Jan. 24, 2008
2. 30 Isla Bahia Drive: Sold for $6.45 million on March 14, 2008
3. 1760 SE 10th Street: Sold for $4.475 million on Jan. 10, 2008
4. 2455 E. Sunrise Boulevard: Sold for $4.061 million on June 11, 2008
5. 1811 SE 14th Street: Sold for $3.65 million on July 1, 2008