Fisher Island Condos: Real Estate Market Report – May 2011
June 3, 2011
There are currently 114 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: $134,500 for a studio at Marina Village Gardens (short sale) << in heart of commercial sector (perfect for crew or visitors)
- Pending Sales: 8 (3 more than last month)
- Closed sales in May : 1 (1 less than last month)
The Fisher Island Condo sold in May 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.
Distressed Fisher Island inventory keeps decreasing as the months go by, now showing 10%, as opposed to April’s 13%. Fisher Island remains a “go to” destination for 2nd home owners and locals who are looking for a getaway! Just a ferry-ride away and you will be in an exclusive resort-like setting that is unparalleled anywhere in South Florida.
**all information obtained from the Southeast Florida Multiple Listing Service**
Fisher Island Condos: Real Estate Market Report – March 2011
April 5, 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
March 1, 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
February 7, 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 Real Estate Market Report – September 2010
October 8, 2010
There are currently 123 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: $159,000 for a studio at Marina Village (short sale)
- Pending Sales: 3 (4 less than last month)
- Closed sales in September : 2 (1 more than last month)
The 2 Fisher Island condo sales in the month of September were the following:
- Palazzo del Mare – 7100 Fisher Island Dr #7121– listed for $3,700,000 and selling for $2,600,000
- Marina Village III – 42208 Fisher Island Dr – listed for $525,000 and selling for $400,000
You may have heard about the infamous “Forbes Most Expensive Zip Code List” – well….Fisher Island did it again! going down from 1st most expensive 2 years in a row, to 33 and now 37. The Fisher Island Luxury real estate market may seem very volatile, but the truth is that anyone that can afford Fisher Island to begin with will either be open to an offer or not – no science needed, no pressure expected, and definitely not many “I will give away because I HAVE to” deals. If you are interested in buying in Fisher Island, know that you have the opportunity to negotiate.
**all information obtained from the SouthEast Florida Multiple Listing Service**
Fisher Island Real Estate Market Report – August 2010
September 6, 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 – June 2010
July 19, 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 Condos – May 2010 Real Estate Market Report
June 3, 2010
There are currently 117 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 (2 more than last month)
- Closed sales in May : 3 (1 more than last month)
The 3 Fisher Island condo sales in the month of May were the following:
- Seaside Villas – 15913 Fisher Island Dr – listed for $4,900,000 and selling for $2,650,000 (This unit had been listed since 07 for $5.6 million with several price reductions and brokerage changes – owners had bought it for $1,55 in 2002, so the 46% price reduction looks worse than it really is)
- Oceanside Fisher Island – 7823 Fisher Island Dr – listed for $3,100,000 and selling for $2,500,000 (this condo had been listed since May of 09 with a starting price of $4.6 million)
- Bayview at Fisher Island – 4153 Fisher Island Dr – listed for $2,750,000 and selling for $2,100,000 (listed on and off since 06 starting at $3.85 million)
Fisher Island’s Luxury market has definitely gotten hit, but the truth is that most of the residents are second home owners who can deal with the loss. 15% of the current Fisher Island Condo inventory is distressed with 15 short sales and 3 bank owned foreclosures. The impressive number is the percentage of distressed properties from the pending sales – 30% of the current contracts in Fisher Island are short sales ranging between $525,000 to $1,095,000. I suspect we will see the same projections in Fisher Island as the rest of the county – a decrease in short sales and foreclosures.
Fisher Island Real Estate Market Reports – November 2009
December 7, 2009
There are currently 139 listings in Fisher Island: (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: $190,000 for a studio at Marina Village
* Pending Sales: 3 (same as last month)
* Closed sales in November: 2 (2 less than last month)
Fisher Island Real Estate’s November closings were the following:
* Oceanside at Fisher Island – 7222 Fisher Island Drive – listed at $4,200,000 and selling at $3,200,000 (originally listed for $6,000,000 in December of 2006, then $5,490,000 in February 2008 and selling at almost 50% of original price – OUCH!)
* Bayview at Fisher Island – 4924 Fisher Island Drive – listed at $1,495,000 and selling at $1,275,000 (this unit had been originally priced in November 2005 for $3,050,000, taken off the market and relisted in April of 2009 for $1,495,000) – glad to see the sellers came to their senses.
The great thing about buying at Fisher Island is the fact that so many are vacation homes or 2nd or 3rd homes. When sellers are ready to sell, they usually will do so quickly, so make offers….you will be surprised what gets accepted now in the island for those that want out.
Fisher Island Real Estate Market Reports – September 2009
October 4, 2009
photo by: linksmanjd
There are currently 139 listings in Fisher Island: (one 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: $295,000 for a 1/1 at Marina Village
- Pending Sales: 9 (2 more than last month)
- Closed sales in September: 1 (1 more than last month)
Fisher Island Real Estate’s single September closing was for the Oceanside Residence at 7945 Fisher Island – listed for $2,750,000 and selling for $1,749,950 (I love when I see crazy numbers like this – reminds me of pulling numbers out of a hat – maybe they are superstitious)