I've been doing my share of web searching on accommodations in the area for my vacation in April, and one thing I've discovered is that there is an abundance of condos available in the Hollywood area. Seems like the supply has driven down the pricing, and you can get a nice unit right on the beach (broadwalk, actually) for $80 to $100 per night. In fact, many of the owners will negotiate with you on pricing if the units are empty. I made several calls and had two owners actually start talking about lowering the price without me even asking.
Hollywood is not as close to the dive boats or the shore diving in Ft. Lauderdale, though (mapquest says 20 min drive to Pompano). Also, all my research has been post-Spring Break, so your dates may change things.