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    The 2019 / 2020 Fisher Island Real Estate Forecast

    April 10, 2019

    The 2019 Fisher Island Real Estate Forecast

    Download the full 2019 Miami Real Estate forecast here!
    Including all of Miami’s most desired residential areas

    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.

     

    The 2019 / 2020 Fisher Island Real Estate Forecast

    What Does this Neighborhood Economic Health Score Mean?

    Using the human body as the perfect metaphor, this neighborhood health score indicates the current economic health of an area and its likelihood to fall ill or to be susceptible to illnesses. It measures the market’s elasticity; it is about robustness and resilience of the market against economic change.

    The 2019 / 2020 Fisher Island Real Estate Forecast
    The 2019 / 2020 Fisher Island Real Estate Forecast

    Advice for Fisher Island Buyers

    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.

    Advice for Fisher Island Sellers

    If you own a unit that needs renovations, appreciate the fact that you have a less bullish market. People need to come more out of pocket to renovate, spend a greater amount of time to complete the work. So if your unit is not very well done, you have to be competitive. Recognize that there isn’t a huge number of sales in the higher end of the market, so selling does take longer.

    New Yorkers and NE Buyers have long purchased in Fisher Island. Notably we have seen an upswing of buyers in the new projects also from these areas.

    Contact the David Siddons Group to learn more about the Fisher Island Real Estate Market

    David Siddons | +1.305.508.0899 | Siddons.d@ewm.com

    The David Siddons Group is a top-performing Miami real estate group with nearly $100M in yearly sales. David is known as a market analyst and he is the author of several of Miami’s most groundbreaking real estate reports.

    nalyst and he is the author of several of Miami’s most groundbreaking real estate reports.

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    THE 2018 MIAMI REAL ESTATE REPORT

    EX-STOCKBROCKER’S ANALYSIS OF THE MIAMI MARKET

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