The 2019 / 2020 Fisher Island Real Estate Forecast

The 2019 Forecast for Fisher Island Condos

• Fisher Island will remain one of the most expensive real estate markets in the USA and the wealthiest zip code in the USA.
• Sales have slowed down in the last months (Sales in the last 6 months was 50% slower than in the first 6 months of the year). Especially in the upper end of the market we have experienced this, which is a reflection of the total Miami market and the economy. We have seen however some hefty $17M dollar sales, indicating the ultra-wealthy are still attracted to the island.
• Prices have slightly softened over 2018. With a limited number of sales, and many new listings (21% of current inventory entered the market in January) inventory will increase and it will be harder for the market to gain strength.
• We have seen some pretty heavy discounts on the island and we expect to see more of these as we head through 2019.
• There are some very good deals to be had at entry level price on the island (below $2M). At this price level there are opportunities to buy 2,000 SF units overlooking the water that can be bought at a very attractive price ($1,000 or less per SF). This would not have been possible in 2017/2018.
• Good deals to be had at the lower end of the market, renovating a dated unit makes the most financial sense, but be aware of the lengthy renovation period it will take to complete. This is caused by the strict working hours allowed for contract workers to perform work on the island.
• Palazzo del Sol and Palazzo della Luna will still reach some high dollar values and will remain as one of the top and highest priced condos in Miami.

The prices on the island are now more heavily discounted compared to 2018 and we can recognize some really good opportunities that come in comparable, and in many cases, under equal units found in South of Fifth.

As mentioned before, the market below $2M offers some really good opportunities. 2018, Saw a 3 bedroom with 2,700 SF selling for $1.5M. These units will need some renovating, but they are great water facing deals to be had at a price of less than $1,000 per SF. Again do not expect renovations to take 6 months as the extremely strict contractor’s work rules greatly limit hours of operation. For experience in this area consider interior designer groups like Design Solutions who have great experience on the island.

Palazzo del Sol and Palazzo della Luna are ultra exclusive condos, which we rank as one of the top 10 condos in Miami. They provide total privacy with a truly incredible array of services and island amenities: Tennis, Private Beaches, private restaurants, Golf, A high level private school and more. For details visit our site and reach our full analysis when we visited the projects in early March 2019. Call me for more details.