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**

Fisher Island Condos: Real Estate Market Report – January 2011

There are currently 127 Fisher Island Condos for sale: (4 more than the end of 2010)

• Highest priced listing: $30,000,000 for an exclusive Oceanside 5/5.5 home with artwork and all!
• Lowest priced listing: $139,000 for a studio at Marina Village (short sale)
• Pending Sales: 3
• Closed sales in January : 4

The 4 Fisher Island Condos sold in January were the following:

• Seaside Villas – 15312 Fisher Island Dr – listed for $3,700,000 and selling for $2,400,000
• Bayview Fisher Island – 5233 Fisher Island Dr – listed for $2,300,000 and selling for $1,750,000
• Bayview Fisher Island No 2 – 5335 Fisher Island Dr – listed for $1,500,000 and selling for $1,500,000

Fisher Island is as popular as ever and people come from all over the world to stay in the hotel and enjoy the unparalleled Fisher Island Lifestyle.  Not that we need proof, but it made Businessweek’s Top 50 Small Towns in America.

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

Fisher Island makes Businessweek’s “America’s 50 Most Expensive Small Towns 2011″

Of course we are not surprised that Fisher Island would make another “American Most Expensive Towns” list, but this time it is in Bloomberg Businessweek.  Vanessa Wong begins by telling us what we already know,

Rich people may like to travel, but like everyone else they want to keep their daily commute as short as possible. So when it comes to buying a home, they want to be close to work, and because they’re rich they can pretty much be where they like. But they also like safe neighborhoods, good schools, pretty views, and, if possible, access to beaches and country clubs.

But most importantly, it mentions that values dropped in 33 of the 50 towns with the biggest decline coming from Woodside, California at 15.7%.  Jupiter, Florida, also made the list with values dropping 11.3% from a year ago to just over $2.8 million.

Businessweek also reiterates what we’ve been telling you here in Miamism, that there have been fewer high-end sales (and this is evidenced nationwide, not just in Miami).

What makes small towns such as Sagaponack attractive is their proximity not just to natural beauty and first-class golf courses but also to other wealthy people. That’s why the most expensive small towns often cluster around major financial centers.

Agents across the country reported the following:

“Across the board, everyone brought their homes down 15 percent to 20 percent. Sellers are becoming more realistic”

- Hamptons

“Our really high-end market is almost frozen,”

- Cape Cod

Other Florida towns that made the list were Gulf Stream at 49 and Jupiter at number 2

According to Businessweek’s numbers, Fisher Island ranks number 11 in America’s 50 Most Expensive Small Towns in 2011 (from number 10 last year), has a Median home value of $1,766,928 and a population of 467.

Fisher Island in Miami-Dade County is one of the country’s wealthiest areas, with median household income exceeding $250,000, according to Census Bureau data. As no road connects to this exclusive island, it is accessible only by private boat or ferry. Once owned by William Kissam Vanderbilt II, it is known for being a private getaway for celebrities, and homeowners include Julia Roberts, Oprah Winfrey, and Andre Agassi, reports luxist.com.

Fisher Island Real Estate Market Report – October 2010

There are currently 127 Fisher Island Condos for sale: (4 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: $139,000 for a studio at Marina Village (short sale)
• Pending Sales: 2 (1 less than last month)
• Closed sales in October : 2 (same as last month)

The 2 Fisher Island condo sales in the month of October were the following:

• Bayview VIII – 5274 Fisher Island Dr – listed for $1,750,000 and selling for $1,500,000
• Bayside Village – 2122 Fisher Island Dr – listed for $895,000 and selling for $725,000

I already told you last month about “Forbes Most Expensive Zip Code List” where Fisher Island moved from 33 to 37th.  You will be surprised to hear that there are 11 distressed listings in Fisher right now, including a $2 Million foreclosure at Bayview and a $2.1 Million short sale at Oceanside.  But even THAT inventory is slowly disappearing.

Fisher Island Real Estate Market Report – August 2010

There are currently 123 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: $159,000 for a studio at Marina Village (short sale)
• Pending Sales: 7 (same as last month)
• Closed sales in August : 1 (1 less than last month)

The single Fisher Island condo sale in the month of August was the following:

• Seaside Village – 19237 Fisher Island Dr – listed for $699,000 and selling for $600,000

A client of ours called last week in disbelief about Fisher Island having distressed sales.  How in the world could someone that could afford the lavish lifestyle of a private island have to short sale or be foreclosed on?  Well…the reality is that the rich are not immune to adversity but this by no means should suggest that Fisher Island Real Estate is suffering.  When putting numbers into perspective, you will realize than only 8% of the existing Fisher Island Condo inventory is distressed, which when compared to other areas in Miami and Miami Beach, is minuscule.

Fisher Island Real Estate Market Report – July 2010

There are currently 120 Fisher Island Condos for sale: (5 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: $190,000 for a studio at Marina Village
• Pending Sales: 7 (3 less than last month)
• Closed sales in July : 2 (2 less than last month)

The 2 Fisher Island condo sales in the month of July were the following:

• Palazzo Del Mare – 7183 Fisher Island Dr – listed for $3,900,000 and selling for $3,200,000
• Palazzo Del Mare – 7182 Fisher Island Dr – listed for $3,200,000 and selling for $2,750,000

Here we are seeing, once again, a huge disparity between listing and sales price – with a $700k reduction in one and $450k in the other.  Most don’t realize that Fisher Island makes the perfect second home for those that like and need privacy…selling at a loss is not a problem as long as both parties are reasonable with terms and conditions.  There are deals to be found and incredible opportunities out there, but you need to know how to handle them and cannot be arrogant about the transaction (absurd to think that arrogance can kill a real estate deal no?).

Fisher Island Real Estate Market Report – June 2010

There are currently 115 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: $190,000 for a studio at Marina Village
• Pending Sales: 10 (same as last month)
• Closed sales in June : 4 (1 more than last month)

The 4 Fisher Island condo sales in the month of June were the following:

• Bayview at Fisher Island– 4931 Fisher Island Dr – listed for $3,200,000 and selling for $2,600,000
• 5000 Bayview at Fisher Island – 5044 Fisher Island Dr – listed for $2,890,000 and selling for $2,500,000
• Oceanside – 8031 Fisher Island Dr – listed for $2,498,000 and selling for $1,800,000
• Seaside Villas – 15923 Fisher Island Dr – listed for $820,000 and selling for $750,000

We are seeing a huge disparity between Fisher Island listing and sales prices.  It seems that owners are being flexible and realizing that they most sell at a loss rather than keep the inventory.  We have seen 19 Fisher Island condo sales this year which is not bad considering that there were 25 total sales in 2008 and 32 in 2009.

Fisher Island Condo Sales in April 2010

There are currently 119 Fisher Island Condos for sale: (7 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: $190,000 for a studio at Marina Village
• Pending Sales: 8 (same as previous month)
• Closed sales in April : 2 (2 less than last month)

The 2 Fisher Island condo sales in the month of April were the following:

• Seaside Village – 19145 Fisher Island Dr – listed for $2,399,000 and selling for $2,100,000 (The seller had bought this Seaside Village hotel unit for $2,375,000 in May of 05 and listed it for $2.8M in November of 09, suffering a small loss after 5 years)
• Bayside Village – 2012 Fisher Island Dr – listed for $699,000 and selling for $680,000 (the owners of this unit bought in 2004 for $699,000 and listed it on and off since 2007, with a starting price of $1,800,000)

There have been 11 Fisher Island Condo sales in the first 4 months of the year compared to the 32 sales in 2009 and 25 sales in 2008.  I was asked if the Fisher Island real estate market is suffering like the rest of the South Florida Real Estate Market.  The answer, in my opinion, is yes and no.  We saw Fisher Island drop in rank from first in Forbes Most Expensive Zip Codes to thirty-something in just one year.  We started seeing distressed sales in this exclusive island, and we started seeing speculators getting hit as well as multiple property owners.

But the real truth is that Fisher Island, mostly as a vacation spot, secluded get-away and second home, affords its owners a little loss without it really hurting the pocket.  We see sellers loosing a couple of hundred thousand dollars and they don’t necessarily have to short sale and can walk away without pain.  Those that really need to sell, will drop their guard, others will just wait for the right buyer.

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