Fisher Island used to be where money went to retire — now it’s a fountain of youth.
“Fisher Island has become 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 witness the younger demographic purchasing.”
But the shift from septuagenarian sanctuary to flash-in-your-40s hot spot shouldn’t be surprising: Best-in-Miami privacy (it’s accessible only by ferry), a ritzy independent day school, a trendy new cafe from Pura Vida, oodles of racquet sports, a deep-water marina, a private club, updated wellness amenities and a bevy of new homes are driving an investment frenzy on the 216-acre island.
Pérez is currently overseeing the island’s newest — and probably last ever — condo development, Six Fisher Island, from Related Group and partners.
Designed by Kobi Karp Architects with interiors by Tara Bernerd & Partners (who has the Four Seasons, Belmond and Rosewood on her résumé) 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 condos, which range from roughly 4,000 to 15,000 square feet.
The project has already driven more than $500 million in sales — with two penthouses selling for a combined $150 million. “It was the last developable site on Fisher Island,” says Pérez, noting that roughly 75% of the buyers were already owners on the island who wanted an upgrade.
Current available listings range from a $15.45 million three-bedroom, five-bathroom to a five-bedroom, eight-bathroom asking $31.65 million. Douglas Elliman is handling sales.
“The island was always designated for condominiums with just a handful of single-family parcels,” 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 mansions ranging from 8,000 square feet to 15,000 square feet, with prices starting at $31 million and soaring to $55 million.
“It’s a minuscule inventory,” says Goldentayer, who is marketing the one-third to half-acre preconstruction parcels with Douglas Elliman’s Fredrik Eklund. “But the island is the island. There is no more land. This project will be attractive to a buyer who wants more than a pied-à-terre.”
That’s 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 totally commonplace to see buyers in their 30s and 40s represent the type of wealth that used to be reserved for people in their 70s and 80s.”
The ultimate Fisher flex? Combine three of the lots to build a megamansion and they’ll cut you a deal for an even $100 million.
