Michael Burrage liked Fort Lauderdale ever since his first visit as a college student in the 1970s but bought a home there only in March 2022, when the latest addition to a burgeoning luxury market, Four Seasons Hotel and Private Residences, opened in the Florida beach town. Last spring, with the slowdown on the horizon, Mr. Burrage spent $13.45 million to buy three condominiums in the complex’s yacht-shaped building on the Atlantic Ocean. Mr. Burrage, 72, co-founder of Oklahoma City-based law firm Whitten Burrage, said he trusted the chain’s brand and had studied sales and resale prices at its other residence projects, including one in Miami.

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