Fisher Island Condos – Real Estate Market Report – November 2011

There are currently 105 Fisher Island Condos for sale: (1 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $180,000 for a 1 bedroom / 1 bathroom residence at Marina Village (short sale)
• Pending Sales: 4 (1 less than last month)
• Closed sales in November: 2  (same as last month)

The 2 Fisher Island Condos sold in November were:

• Seaside – 19223 Fisher Island Dr – listed for $1,699,000 and selling for $950,000.
• Bay View – 5211 Fisher Island Dr – Foreclosure listed for $1,663,600 and selling for $1,810,000.

Many will say that Fisher Island is back but most will agree that it was never gone.  Of course the luxury real estate market gets hit, but it doesn’t ever get hit as badly as the rest.  We will continue seeing some fluctuation in sales on the island since there’s still a 12% distressed inventory with 8 short sales and 4 foreclosures.

**all information obtained from the Southeast Florida Multiple Listing Service**

Fisher Island Condos – Real Estate Market Report – October 2011

There are currently 106 Fisher Island Condos for sale: (6 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 5 (3 more than last month)
• Closed sales in October: 2  (1 less than last month)

The 2 Fisher Island Condos sold in October were:

• 2426 Fisher Island Dr #5206 – Bayside Village condo listed for $1,590,000 and selling for $1,450,000.
• 2435 Fisher Island Dr #5305 – Bayside Village foreclosure condo listed for $699,900 and selling for $735,000.

Fisher Island is definitely reaching normalcy with the regular cold months with no real estate activity and the random multi-million dollar sales.  The 2 types of buyers for Fisher Island are those looking for privacy for their second home destinations and those that want to live there year round because of the island amenities, family feel of the island and unparalleled security.

**all information obtained from the Southeast Florida Multiple Listing Service**

Fisher island luxury condos Fisher Island Condos – Real Estate Market Report – September 2011

There are currently 106 Fisher Island Condos for sale: (6 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 5 (3 more than last month)
• Closed sales in September: 3  (2 more than last month)

The 3 Fisher Island Condos sold in September were:

• 7852 Fisher Island Dr – Oceanside condo listed for $5,750,000 and selling for $5,000,000
• 2036 Fisher Island Dr – Bayside condo listed for $1,495,000 and selling for $1,350,000
• 19123 Fisher Island Dr – Seaside Village Condo listed for $775,000 and selling for $685,000

The Median sales price for September in Fisher Island was $1.3 Million and the average sales price was $2.345 Million.  And just in case you missed it, please read Fisher Island is America’s Richest Place according to Forbes.

**all information obtained from the Southeast Florida Multiple Listing Service**

Fisher Island is America’s Richest Place according to Forbes

Well, we need to define what Forbes means by “America’s Richest place”, before we get excited, but personally, I didn’t find this to be a surprise.   To find out where this country’s most prosperous hang out, William Baldwin explains, in his America’s Millionaire Capitals article,

So I put a finer sieve on the database [IRS database of income tax statistics], zeroing in on communities where the average income within the 200K-and-up set is at least $1 million.

Result: a set of 130,400 tax returns from 64 hot spots of prosperity–suburbs, islands, parts of cities. The list of ritzy places ranges from Fisher Island, an enclave of yacht owners off Miami, to the Tribeca area of Manhattan, where wage slaves with seven-figure salaries have their chic loft apartments.

Here’s where it gets interesting, Baldwin not only calculates that Fisher Island has an average of $3.2 million per high-bracket taxpayer, but he also estimated net worths using figures on dividend, interest and business income as starting points.

In estimated net worth, the richest five communities are: Fisher Island, at $57 million per high-bracket return; Alpine, at $28 million; Medina, at $26 million; Palm Beach, Fla., at $23 million, and the King’s Point/Great Neck area on Long Island, at $22 million.

And in case you keep believing all the here say about the rich paying less taxes -

The federal tax take from this club is $41 billion, or a fourth of their $164 billion in income. That 25% rate is almost double the rate for the average American paying at least some federal income tax.

And when it comes to charity,

There’s a big range, too, in charitable impulses.  The big givers live in Medina, Longboat Key and the horse country around Charlottesville, Va. Wealthy families in these three places put aside 5% or more of their income for philanthropy.

Hats off to Fisher Island for keeping their reputation intact through the years, even in the midst of such a crazy and fluctuating economy.

fisher island luxury condos Fisher Island Condos – Real Estate Market Report – August 2011

There are currently 106 Fisher Island Condos for sale: (6 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 5 (3 more than last month)
• Closed sales in August: 1  (2 less than last month)

The Fisher Island Condo sold in August was located at Oceanside at 7765 Fisher Island Drive.  It was listed for $4,299,000 and sold for $3,900,000.  This condo was originally listed for $4.95 Million in June of 2010 with several price reductions.

There are still 12 distressed Fisher Island condos available for sale right now – but making up only 11% of the total inventory for sale in the island.  The median price in Fisher Island this year being $2.7 Million and showing that Fisher Island is still as exclusive as ever.

**all information obtained from the Southeast Florida Multiple Listing Service**

Fisher Island Condos – Real Estate Market Report – July 2011

There are currently 112 Fisher Island Condos for sale: (2 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 2 (6 less than last month)
• Closed sales in July: 3  (6 less than last month)

The 3 Fisher Island Condos sold in July were the following:

• Oceanside at Fisher Island – 7734 Fisher Island Dr – listed for $8,900,000 and selling for $7,250,000
• Oceanside at Fisher Island – 7232 Fisher Island Dr – listed for $3,900,000 and selling for $3,900,000
• Oceanside at Fisher Island – 7251 Fisher Island Dr – listed for $2,490,000 and selling for $2,501,000

Glad to see movement pick up in Fisher Island, especially at Oceanside.  With a mega sale over $7 Million, this puts Fisher Island back on the map!  Doesn’t surprise me, since it’s the perfect vacation spot for those that seek privacy.

**all information obtained from the Southeast Florida Multiple Listing Service**

Fisher Island Condos: Real Estate Market Report – June 2011

There are currently 112 Fisher Island Condos for sale: (2 less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $81,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
• Pending Sales: 2 (6 less than last month)
• Closed sales in June : 9  (8 more than last month)

The 9 Fisher Island Condos sold in June were the following:

• Bay View at Fisher Island – 5161 Fisher Island Dr – listed for $6,900,000 and selling for $5,287,500
• Oceanside at Fisher Island – 7611 Fisher Island Dr – listed for $6,750,000 and selling for $5,500,000
• Oceanside at Fisher island – 7925 Fisher Island Dr – listed for $3,000,000 and selling for $2,700,000
• Bayview at Fisher island – 5132 Fisher Island Dr – listed for $2,800,000 and selling for $2,500,000
• Oceanside at Fisher Island – 7936 Fisher Island Dr – listed for $1,950,000 and selling for $1,950,000
• Seaside Condo – 19226 Fisher Island Dr – listed for $1,825,000 and selling for $1,630,000
• Bayview at Fisher Island – 5143 Fisher Island Dr – foreclosure listed for $1,734,000 and selling for $1,650,000
• Bayside Village – 2134 Fisher Island Dr – listed for $1,495,000 and selling for $1,350,000
• Bayside Village – 2421 Fisher Island Dr – listed for $1,300,000 and selling for $900,000
• was located in Oceanside at Fisher Island (unit 7938).  It was originally listed in May of 2010 for $3,3 Million and lowered to $2.9 Million in June of 2010 and then again to $2.499 Million in November – finally closing on May 18th, 2011 for $2 Million.  The sellers had bought this residence in August of 2001 for $1.725 Million.

Talk about a drastic change in sales in Fisher Island in the month of June.  From one single sale, to 9 and with 3 being above the $2.5 Million mark.  Oceanside and Bayview tore the sales stats for last month in Fisher with the most sales in these 2 buildings.

**all information obtained from the Southeast Florida Multiple Listing Service**

Fisher Island Condos: Real Estate Market Report – April 2011

There are currently 120 Fisher Island Condos for sale: (3 more than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $134,500 for a studio at Marina Village Gardens (short sale)
• Pending Sales: 5 (2 more than last month)
• Closed sales in April : 2  (same as last month)

The 2 Fisher Island Condos sold in April were the following:

• Oceanside Fisher Island– 8022 Fisher Island Dr – listed for $2,200,000 and selling for $1,999,000
• Bayside Village – 2021 Fisher Island Dr #2021– listed for $1,195,000 and selling for $900,000

13% of the current Fisher Island Condo inventory is distressed (short sales and foreclosures).  Although this number may be low for the common Miami and Miami Beach neighborhood, it’s unheard of for Fisher Island, one of the nation’s most expensive zip codes according to Forbes.com in years past.  This is great for second home owners that love fisher island for the amenities, but only need a small pie-a-terre for occasional weekends, but not so great for residents who just want normalcy on the island.

**all information obtained from the SouthEast Florida Multiple Listing Service**

Fisher Island Condos: Real Estate Market Report – March 2011

There are currently 117 Fisher Island Condos for sale: (same as last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $180,000 for a one bedroom at Marina Village No2 (short sale)
• Pending Sales: 3 (2 less than last month)
• Closed sales in March : 2  (same as last month)

The 2 Fisher Island Condos sold in March were the following:

• Oceanside Fisher Island– 7755 Fisher Island Dr – listed for $3,900,000 and selling for $3,100,000
• Bayside Village – 2212 Fisher Island Dr #3102– listed for $988,000 and selling for $840,000

Fisher Island Condos are moving very slowly, but the good news is that only 9% of the inventory is distressed!!  This should be quite a relief not only for the residents and vacation owners of Fisher Island condos, but also to the The Fisher Island Hotel that was starting to get a bad rap for its hotel program because there was distressed inventory in the island!!  Soon enough that will be old news and Fisher Island will start getting its great reputation back.

**all information obtained from the SouthEast Florida Multiple Listing Service**

Fisher Island Condos: Real Estate Market Report – February 2011

There are currently 117 Fisher Island Condos for sale: (10 Less than last month)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $180,000 for a one bedroom at Marina Village No2 (short sale)
• Pending Sales: 5 (2 more than last month)
• Closed sales in February : 2  (2 less than last month)

The 2 Fisher Island Condos sold in February were the following:

• 7400 Oceanside– 7464 Fisher Island Dr – listed for $2,990,000 and selling for $3,025,000
• Bayside Village – 2312 Fisher Island Dr #4102– listed for $785,000 and selling for $705,000

Fisher Island Condo sales have been slow and with huge disparities – with multi-million dollar properties as well as lower end properties selling.  Yes, there are lower end condos inside Fisher Island, but that’s only price….the lifestyle is still there and it remains exclusive and very desirable.  The lower price sales represent second and third homes for the purpose of vacation destinations.

**all information obtained from the SouthEast Florida Multiple Listing Service**

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