How Florida beach town explodes with new residents

Daily Mail​

2 days ago

Pompano Beach, Florida used to be a quiet retirement community, devoid of the bustle and the noise of its neighbors to the south; Miami and Fort Lauderdale. But in recent years, especially since the pandemic, the area has exploded with new residents. More and more buyers are flocking to the enclave to enjoy its sprawling beaches, crystal clear waters, and luxury for less as Pompano has a unique offering - numerous branded residences.
The W, Ritz-Carlton , and Waldorf Astoria, are all opening or have already opened premiere branded residences in the area, an idea that was completely unheard of just a decade ago. Isaac Toledano, the founder of the BH Group , told the Daily Mail: 'If you told someone 10 years ago [there would be branded residences] they'd probably think you were crazy.'
His Southern Florida development company was responsible for the W Pompano Beach Hotel and Residences , one of the most notable changes at the forefront of the evolving city. He said as places like Miami and Fort Lauderdale got more and more crowded, moving north to start developing was the obvious choice. 'The next natural area was Pompano Beach. The city is doing a magnificent job at improving the city and infrastructure.'
Pompano Beach sits an hour or so north of Miami and just 30 minutes north of Fort Lauderdale. Its crystal clear waters, sprawling beaches, and proximity to the Intracoastal Waterway and Atlantic Ocean make it an attractive location. Realtor and Pompano Beach native Roxanne Hall said she knew people were catching on to the city's appeal when the first Whole Foods opened there.
'Pompano has been considered a sleepy retiree town for many years. I'd say about 10 or 11 years ago we got a Whole Foods. 'When Whole Foods comes to town it knows what it's doing. It does its market research.' She said in the years that followed people from all over North America began slowly but surely trickling into Pompano Beach.
However, statistics show that the population has been growing steadily since 2000 when the 25 square-mile city boasted 70,000 residents. In 2023, 113,000 people called it home. But Hall said that the growth has come with difficulties. She explained that during the Covid pandemic the real estate market in the area was a disaster. 'We saw a huge influx.
'I mean it was a nightmare. People were overbidding, we couldn't find homes for everyone and my buyers were crying. Everything was going for a lot of money.' Buyers can get more bang for their buck than they would in Miami or Fort Lauderdale and the area also has far more space on its beaches for beachfront properties . 'You go south, you're getting massive congestion and much higher prices,' said Hall. 'The price point in Pompano was very desirable.'
David Marder, an agent in South Florida, Fort Lauderdale, told Mansion Global that buyers pay around $2,000 per square foot for luxury developments. In Pompano Beach, it would be between $1,200 and $1,500 for the same development. Nowadays, luxury is the name of the game in Pompano. 'There's tons of them,' said Hall of branded luxury developments. 'So the appeal is that you buy branded luxury and you protect your purchase. Branded luxuries are there, they're beautiful.
'I mean you don't have to fix anything. There's no assessment so we see a lot of desire for our ultra luxury.' Toledano said when people are investing in these luxury properties they're being sold a brand, and all of the amenities that come with it. The brand recognition of a company that people already know and trust and the luxury of 24/7 hotel living are attractive to buyers, especially when they can get it for around the same price point.
'People want to be affiliated with a brand,' he said. 'They want to make sure that you will deliver a quality product.' And brand recognition is the best way to deliver the amenities and luxury that buyers want to see. Spaces like the W Residences offer award-winning dining, sprawling pool decks, fitness centers, and a concierge on call whenever residents need them. Hall said it's hard to get a desirable single family condo in the area for less than $700,000.
Nearby Miami has been at the epicenter of a condo crisis after the 2021 collapse of a condo building in Surfside led to a new law that requires condo buildings to undergo structural inspections and shore up reserves. This has meant that many HOAs have been hiking fees and doling out hefty special assessments to comply with the new rules, which has reduced demand for condos. 'People are staying away from condos that are 40 years or older. They really want 10 years or less and there's only a handful of those,' Hall said.
Most people are hoping for one or two bedrooms with a pool or easy beach and water access. Florida in general may be known for Snowbirds and retirees but Hall said buyers and people looking to move there are gradually getting younger. 'You go to a restaurant here and it's the 50s and 60s crowd and the 20s and 30s altogether. It's a real mix,' she said. Toledano said that despite the rapid growth, the city seems to be keeping up. 'Pompano Beach has a lot of places for growth,' he said.
Many old buildings and developments are being swapped out for new ones and Pompano Beach has even spent $2 billion on public green spaces, piers, shopping, dining, and walkable streets. A local herself, Hall said natives are open to the changes. 'Pompano Beach is a wonderful town. It's three miles of sandy beaches. We have 18 wreck sites for diving. We have this beautiful pier that they just renovated with new restaurants. 'It's a water town. It's for boating. It's for beach lovers.'