The decision to invest in a beachfront property or a suburban home in Fort Lauderdale largely depends on personal preferences, lifestyle, and financial considerations. Let's examine the benefits of both areas.
Beachfront Homes
Beachfront homes in Fort Lauderdale offer a unique lifestyle filled with scenic views, easy access to beaches, and numerous water-related recreational activities. Living close to the beach can provide a great sense of tranquility and offer a more relaxed, laid-back lifestyle.
However, beachfront properties often come with a higher price tag, and homeowners may also need to consider higher insurance rates due to the risk of flooding and storms.
Given that the median sale price of a home in Fort Lauderdale was $550,000 last month, up 10.1% since last year, and the median sale price per square foot is $401, beachfront properties can be quite expensive. Nevertheless, they may also offer a higher potential for rental income if you're considering it as an investment.
Suburban Homes
Suburban homes, on the other hand, can provide more space for your money, potentially offering larger yards and more square footage compared to beachfront properties. Suburbs often have a strong sense of community and can be great places for families due to factors like lower crime rates and good schools. It's worth noting that Fort Lauderdale has several highly-rated elementary schools.
While suburban homes may not command the same premium prices as beachfront properties, they might offer better value in terms of space and amenities. As mentioned, the median sale price for homes in Fort Lauderdale is $550,000, with homes usually selling around 4% below the list price and going pending in about 59 days. Depending on the suburb's location and amenities, these homes may also hold significant investment potential.
Both beachfront and suburban homes in Fort Lauderdale have their unique offerings, and the choice between the two will largely depend on individual needs, lifestyle preferences, and budget considerations. The city itself is somewhat competitive in terms of its housing market, which could imply a healthy demand for homes in both areas.
Regardless of whether you choose a beachfront or suburban home, keep in mind that Fort Lauderdale is expected to experience more hot days per year due to climate change and has a slightly higher-than-average drought risk. These factors might impact your living experience and the long-term value of your property.