Drake Tower Homes for Sale

Drake Tower is a residential community in Fort Lauderdale, Florida. Active listings are currently priced from $140K–$350K.

Pure Equity Realty covers Drake Tower and the Fort Lauderdale area. We list for 1%, which includes photography, MLS syndication, and negotiation support. Buyers pay nothing for representation. For current market data, see Florida Realtors' market statistics.

Our MLS feed shows 5 Drake Tower Fort Lauderdale homes for sale as of October 2026. The median asking price is $245,000. Asking prices run from $140,000 to $350,000.

That is 65% below the Fort Lauderdale median of $693,000. On a per-foot basis, homes here ask about $250 per square foot, compared with $468 across Fort Lauderdale. So the median price buys roughly 1,000 square feet of living area.

Listings here have averaged 99 days on the market. That is faster than the Fort Lauderdale average of 145 days. As a result, buyers here should be ready to write an offer soon after a showing.

Homes listed in Drake Tower date from 1975, so they are about 51 years old.

All of these homes predate Florida's 2002 statewide building code. So roof age, window protection and the wind mitigation report matter a great deal for insurance.

In addition, most Florida insurers ask for a four-point inspection on homes 30 years or older. It covers the roof, electrical, plumbing and HVAC. Updated systems usually make coverage easier to place.

Condo buyers should also know Florida's 2022 condo safety law. It requires milestone structural inspections for buildings three stories or taller as they age. It also requires a structural integrity reserve study. Before you sign, request both reports and the current reserve balance.

Drake Tower is a condo building. Also request the association budget, recent minutes and any special assessments before you sign.

Rentals in Drake Tower have a median asking rent of $2,300 per month, across 3 active rental listings. For comparison, the Fort Lauderdale median is $2,700, so rents here run 15% lower.

For investors, those medians imply a gross yield near 11.3% a year. However, that figure comes before HOA dues, property tax, insurance and vacancy. Also check the association documents first, because many Florida HOAs cap leases or set minimum terms.

You can browse current Fort Lauderdale rentals or ask us for a rent estimate on a specific Drake Tower home.

Here is what the median Drake Tower price means in Florida closing terms. At $245,000, a 20% down payment comes to about $49,000, leaving a loan near $196,000.

Florida then taxes that loan twice. First, documentary stamp tax on the note runs 35 cents per $100, or about $686. Next, the intangible tax of 0.2% adds about $392. Buyers normally pay both at closing.

On the seller side, Florida deed stamps cost 70 cents per $100 of price. At the Drake Tower median, that is about $1,715.

Finally, owner-occupants should file for the Florida homestead exemption by March 1. It removes up to $50,000 of assessed value. After that, Save Our Homes caps yearly assessment increases at 3% or inflation, whichever is lower. To see what these numbers mean for your budget, get pre-approved before you tour.

Recent Drake Tower listings show assignments to Bennett (elementary), Sunrise (middle) and Fort Lauderdale (high). However, boundaries can change each year, so confirm the assignment for a specific address with Broward County Public Schools.