Chicago Real Estate Mogul Sells Renovated Fort Lauderdale Waterfront Estate for $19 Million
A Strategic Investment Yields Impressive Returns
The Fort Lauderdale luxury real estate landscape continues to evolve as another significant transaction reinforces the area's prominence among affluent buyers. Nicholas Stratigakes, CEO of the Chicago-based commercial real estate firm Atwater Group, recently sold his meticulously renovated waterfront residence for an impressive $19 million—nearly tripling his initial investment in just three years.
Property records reveal that Stratigakes acquired the residence at 2519 Aqua Vista Boulevard for $6.8 million in 2021. After completing an extensive renovation project in 2024, the property commanded substantially higher market value, though ultimately selling below its initial asking price of $22.5 million according to Redfin data.
The transaction involved Nicole Bentz of Florida Luxurious Properties representing the seller, while Susan B. Meyers with the Keyes Companies brought the buyers: Joseph Matarese, Tracey Matarese, and Mark Prestipino.
Property Profile: A Waterfront Masterpiece
The luxury residence epitomizes high-end Florida living with specifications that justify its multi-million dollar valuation. Originally constructed in 2005, the property encompasses:
- 7,500 square feet of living space
- Eight spacious bedrooms
- Seven full bathrooms and two half-bathrooms
- Dedicated fitness center/gym
- Private theater room
- 100 feet of direct waterfront access
- Resort-style swimming pool
- Complete interior and exterior renovation (completed 2024)
The strategic location on Aqua Vista Boulevard places the estate within one of Fort Lauderdale's most coveted waterfront neighborhoods, offering convenient access to the Intracoastal Waterway and Atlantic Ocean—critical factors for luxury watercraft enthusiasts and those seeking the quintessential South Florida lifestyle.
South Florida's Luxury Market Transformation
This $19 million transaction represents more than just a successful property flip—it illustrates the remarkable transformation of Fort Lauderdale's luxury real estate sector. Once overshadowed by neighboring Miami and Palm Beach, Fort Lauderdale has emerged as a premier destination for ultra-high-net-worth individuals seeking waterfront properties with relative value compared to other luxury markets.
Industry analysts attribute this market evolution to several converging factors:
- Sustained wealth migration to South Florida from high-tax states like New York, California, and Illinois
- Limited inventory of premium waterfront properties
- Increasing international buyer interest in secondary U.S. luxury markets
- Enhanced lifestyle amenities throughout the Fort Lauderdale region
- Relative value proposition compared to Miami Beach and Palm Beach prices
"Fort Lauderdale's luxury market has demonstrated remarkable resilience and growth potential," notes regional property analyst David Carmichael. "Properties with direct water access and recent renovations command particular premium, as evidenced by the Stratigakes transaction."
Record-Breaking Sales Redefine the Market
The $19 million Aqua Vista Boulevard sale joins an impressive roster of recent high-value transactions reshaping Broward County's luxury property landscape. Most notably, financier Donald Sussman's waterfront estate sale in September 2024 established a staggering new county record at $70 million—eclipsing the previous benchmark of $40 million.
Additional recent notable transactions include:
- A property exchange between a local developer and Pennsylvania businessman totaling $37 million (April 2025)
- Freight heir Phillip Kirschbaum's waterfront mansion sale of $15 million (March 2025)
- Multiple eight-figure transactions along the exclusive Las Olas Isles and Harbor Beach neighborhoods
These sales patterns confirm that Fort Lauderdale has permanently elevated its position within the national luxury real estate hierarchy, attracting both domestic wealth migration and strategic real estate investors seeking appreciation potential.
Behind the Deal: Nicholas Stratigakes and Atwater Group
The seller's background provides additional context for this significant transaction. Nicholas Stratigakes leads Atwater Group, a diversified commercial real estate development and brokerage firm with operations spanning multiple U.S. regions including the Midwest, Southwest, Mid-Atlantic, and increasingly, South Florida.
Industry observers note that Stratigakes' personal investment in Fort Lauderdale real estate aligns with Atwater Group's expanded focus on South Florida development opportunities. The company has strategically positioned itself to capitalize on the region's growth trajectory through both commercial and high-end residential projects.
The substantial return on investment achieved through this transaction—approximately $12.2 million before accounting for renovation expenses—demonstrates the potential financial upside available to sophisticated investors with market knowledge and redevelopment expertise in South Florida's luxury sector.
Market Insights: What You Need to Know
Is Fort Lauderdale's luxury market overheated?
Despite significant price appreciation, market fundamentals remain relatively sound compared to historical bubble conditions. Limited waterfront inventory, consistent demand from high-net-worth relocations, and property uniqueness (particularly with water access) continue to support premium valuations.
What features command the highest premiums in Fort Lauderdale luxury properties?
Direct waterfront access with accommodations for large watercraft, recent high-quality renovations, privacy features, and proximity to Fort Lauderdale's dining and entertainment districts all contribute significantly to property valuation. The Stratigakes property exemplified these desirable attributes.
How does Fort Lauderdale compare to Miami and Palm Beach luxury markets?
Fort Lauderdale continues to offer relative value compared to Miami Beach and Palm Beach, with luxury waterfront properties often priced 15-30% lower than comparable offerings in those markets. This value proposition attracts buyers seeking the South Florida lifestyle without the premium costs of Miami or Palm Beach addresses.
What renovation investments deliver the highest returns for luxury properties?
For waterfront properties specifically, investments in modernized seawalls, expanded dock facilities, updated exterior entertainment areas, smart home technology integration, and contemporary interior finishes consistently deliver the strongest ROI in the current market environment.
How are rising insurance costs affecting the luxury market?
While insurance premiums have increased substantially throughout Florida, luxury buyers typically factor these costs into ownership calculations. Properties with upgraded hurricane protection features, elevated construction, and comprehensive storm mitigation elements often qualify for relatively better insurance rates.
The $19 million sale of Nicholas Stratigakes' Fort Lauderdale property represents not just a successful investment strategy but further confirmation of South Florida's enduring appeal among luxury real estate buyers. As wealth migration continues and inventory remains constrained, market analysts anticipate Fort Lauderdale's premium properties will maintain their strong valuation trajectory for the foreseeable future.
