Luxury Miami homes on Fisher Island were at the top of the list for America's most expensive postal zone two years ago. Miami Beach real estate in ZIP code 33109 took the top spot on Forbes annual ranking with a median luxury Miami homes price of $3.85 million. That top ranking luxury Miami homes on Fisher Island? Gone!
Now a handful of homes Fisher Island, 216 acres of the most expensive Miami Beach real estate, now have many homes that have gone into foreclosure. Since the Forbes list came out, 23 residents are still hurting from their brush with Ponzi schemer Bernie Madoff and the median price one of these luxury Miami homes as gone down by 15%.
Last fall, Fisher Island found itself at number 33, when the latest Forbes list was released. People on the island however are quite optimistic which is easy for them to say, when your net worth is so high they are still quite very comfortable.
One Miami Beach real estate property on Fisher Island, even though it’s only 450 square feet, has been listed for the unbelievable price of $190,000. At least 17 luxury Miami homes on the island since 2009 have gone into foreclosure. Many of those units are owned buyers who invested in multiple properties. And there are more than a dozen short sales listed on Fisher Island.
Since March of 2009, 97% of units on the island saw their value drop, according to a recent report from Web-based real estate services firm Zillow.com. The island's association still says quality will not slip.
Islanders are forced to adjust to some new realities during these hard times.
Contributed by Miami Luxury Villas
