Known for years as little more than a retirement community with a racetrack and a few pastel-hued motels that had seen better days, this small oceanfront town is not the first place that comes to mind when wealthy Brazilians and Russians seek out expensive condominiums.
But the construction boom of recent years south of here, in Miami Beach and its neighboring areas, has used up almost all the best lots. So developers are migrating north to Broward County locales like Hallandale Beach, Hollywood and Fort Lauderdale that do not have as much cachet but which, because of their beachfront locations, are seen as having great upside potential. The land is cheaper, too, which makes for relatively good deals — at least for now.
“It’s very, very exciting,” said Joy F. Cooper, the mayor of Hallandale Beach, who views the luxurious residential projects here as a transformative shot in the arm. When she was elected a decade ago, Ms. Cooper said, development was “stagnant” and the median age of the city’s residents was in the 70s. Now, it’s 47.
“We’ve seen a total gentrification of our community,” she said. “We took the playbook right out of Miami Beach.”