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New Record Set for Luxury Real Estate Prices in Fort Lauderdale

The Elmes Group has brokered the sale of this property six times since 1990.

The sale of an extraordinary waterfront estate for a record-breaking $70 million in Fort Lauderdale has further positioned the area as a top luxury real estate market. Situated at 5 Harborage Isle, where the Intracoastal meets the New River, the property spans 2.7 acres and features 1,035 linear feet of waterfront. The primary residence, covering 20,000 square feet, includes six bedrooms, 11 bathrooms and a seven-car garage, while the guest house offers four bedrooms, 4.5 bathrooms, and a three-car garage. The new owner intends to demolish the main estate and construct a new, more modest home on the property.

The Elmes Group of Compass Florida represented the buyer, while Michelle Howland, LLC acted as the seller’s representative in the initial purchase and sale of the estate. In 2016, the property was purchased by the seller, Donald Sussman, a prominent financier and philanthropist, for a then-record-breaking $27.5 million.
 
“We are thrilled to have been involved in these record transactions over the years,” says Tim Elmes of The Elmes Group. “This home is truly one-of-a-kind, offering unparalleled luxury and privacy.” 
 
Fort Lauderdale’s ability to draw sophisticated buyers from across the globe is not slowing down. The Elmes Group currently has several properties ranging from $2 million to $50 million available for purchase. They are actively negotiating for all-cash offers on a few homes within the $40 million to $50 million range, demonstrating the sustained high demand for luxury real estate in the Fort Lauderdale area.
 
“Fort Lauderdale’s status as a sought-after destination for affluent buyers is cemented by this extraordinary sale,” says Elmes. “The city’s capacity to provide an exceptional level of luxury and sophistication is evident in its ability to attract such high-profile transactions.”
 
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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.