Fisher Island used to be where money went to retire – now it’s a fountain of youth.
“Fisher Island just got younger,” says Nick Pérez, president of Related’s Condominium Division. “A lot of wealth has been created over the last five years and it’s been eye-opening to see the younger demographic buying.”
But the change from Seventies sanctuary to ’40s hotspot shouldn’t be surprising: The best privacy in Miami (it’s only accessible by ferry), an independent day school, a trendy new coffee shop from Pura Vida, multiple racquet sports, a deep-water marina, a private clubhouse, up-to-date wellness amenities and a slew of new homes are fueling an investment frenzy on the island of 216 hectares.
Pérez is currently overseeing the island’s newest – and possibly last ever – development, Six Fisher Island, by Related Group and partners.
Designed by Kobi Karp Architects with interiors by Tara Bernerd & Partners (which has the Four Seasons, Belmond and Rosewood on its resume) the 10-story project is just 50 units. “We were entitled to 56 units by design, but we found that people wanted larger units,” he says of the apartments, which range from roughly 4,000 to 15,000 square feet.
The project has already reached more than $500 million in sales – with two penthouses selling for a combined $150 million. “It was the last site developed on Fisher Island,” says Pérez, noting that approximately 75% of the buyers were already owners on the island who wanted an upgrade.
Current available listings range from $15.45 million with a three-bedroom, five-bath to a five-bedroom, eight-bath asking $31.65 million. Douglas Elliman is handling sales.
“The island was always designated for housing with only a handful of single-family lots,” adds Dina Goldentayer of Douglas Elliman. But that’s now changing too, with the announcement of The Mansions on Fisher Island – six new single-family spreads from French fragrance billionaire Jean Madar’s Madar group.
The project will build spec townhouses ranging from 8,000 square feet to 15,000 square feet, with prices starting at $31 million and going up to $55 million.
“It’s a small inventory,” says Goldentayer, who is marketing the one-third to one-half acre preconstruction lots with Douglas Elliman’s Fredrik Eklund. “But the island is the island. There is no more land. This project will appeal to a buyer who wants more than a pied-à-terre.”
That has become an easier sell as Fisher Island becomes a more vibrant place to live, she adds. “The money is getting younger,” says Goldentayer. “It’s quite common to see buyers in their 30s and 40s representing the kind of wealth that used to be reserved for people in their 70s and 80s.”
Fisher’s final bow? Combine three of the lots to build a mega-mansion and they’ll cut you a deal for $100 million.
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Image Source : nypost.com