The 2018 Fisher Island Luxury Condo Report
The 2018 Market Analysis for Fisher Island Luxury Condos for Sale
Fisher Island, the richest zip code in the US, is a unique market with almost only luxury properties. For such a small geographical space it has an inaudible number of luxury properties – there are currently 50 properties for sale over $3m! Since Jan 1st this year to August 1st we have seen 12 sales and there are a further 7 pending deals all over $3m. Interestingly enough the newest buildings don’t necessarily dominate the condo sales at the top, there is a spread of older buildings that obtain very high sales priced units.
Inventory currently sits at 20 months which along with Coconut Grove and the very small neighborhood of Surfside on Miami Beach is the equal second lowest of all the Luxury condo markets and the closest to what we may consider ‘supply demand equilibrium’ i.e. neither a buyer nor sellers market’. This market also has seen price increases in the last few years mainly because of the sales of brand new luxury towers like Palazzo del Sol and Palazzo della Luna which set new standards. These two luxury condos are said (and I agree as I have seen the units) to be one of the best condos in all of Miami for those with a focus of developer delivered units with the very best finishes.
The Fisher Island market sees little competition from the wider Miami market. This island community is so unique due to its extremely private nature (you can only get there by ferry) that it does not encounter an cannabilization from other Miami neighborhoods. Its definitely a second home location with only around 20% of the residents staying on the island year around. These unit owners value privacy and anonymity above anything else. Even though this is not a primary real estate market, the market sees limited turn-over and those who buy here, buy to have a private retreat for their families to enjoy.
One trend worth mentioning that we are seeing today (specifically for investors) is that prices in the lower-end of the market have dropped (Properties between $1M and $3M) and with the new values these condos are very appealing to investors. They come in, buy them for attractive prices per sqft and remodel the units into much higher values.