A luxury penthouse atop a planned condominium on Miami’s super-exclusive Fisher Island has been listed for an eye-watering $90 million by a real-estate firm.
The astronomical price tag smashes all sales records for condos in Miami, which was recently named one of the least affordable places to live in the country, with average rents now rivalling and San Francisco.
However, just off the scenic city’s coast sits an even more luxurious private island, where well-off residents – who have a typical net worth of a cool $57.2 million – jet around on go-carts and reside in ritzy beachside manors.
The island is only accessible by boat or helicopter and has been home to A-listers such as Winfrey and Julia Roberts.It also owns the dubious distinction of being one of the costly zip codes in the country, with an average home price of $6.1million.
The 173-acre island – roughly the size of 40 city blocks – is considered one of the most exclusive neighborhoods in the country, and consequently has been bought up over the years by America’s wealthiest.
That is, all except one parcel of land – which was recently purchased by luxury real estate firm Related Group, who plans to build a 50-unit condominium.
The firm, which is responsible for dozens of ritzy residences throughout the Miami area, acquired the 6.5-acre property in September for an eye-watering $122.6 million. Developers expect to start its construction by the middle of 2023.
A real-estate firm is asking $90 million for a penthouse atop a planned luxury condominium on Miami’s Fisher Island, situated on one of the last remaining spots of land on the isle.Pictured is a rendering of the unit, which will boast its own roof deck and a private pool
Land on Fisher Island, a 173-acre barrier island about 3 miles off Florida’s mainland, has been bought up by America’s wealthiest over the years
In a testament to the locale’s allure, the condo’s crown jewel, a 15,000-square-foot penthouse on its top floor, has already attracted several interested suitors – years before it would ever be completed, Jon Paul Perez, president of Related Group, said.
Speaking to The Wall Street Journal, Perez – who had previously set the price of the penthouse at $60million – said it has already met with 20 families interested in the unit and other high-price options in the building.
The penthouse would boast its own roof deck and a private pool, as well as a sprawling grill and lounge area.
Most of these types of buyers tend to pay the astronomical sums all up front and entirely in cash, Perez explained.
‚These are people who don’t deal with mortgages or interest rates,‘ the real estate tycoon said of those interested in properties in the area.
He added: ‚We haven’t seen the economy have an effect on this group.‘
While there is no guarantee the penthouse can fetch the $90 million price Perez’s team is asking, limited inventory left on Fisher Island since 2010 could see at least one deep-pocketed individual snap up the unit upon its eventual completion.
The island is only accessible by boat or helicopter and has been called home by A-listers such as Oprah Winfrey and Julia Roberts.It also has the dubious distinction of being one of the costly zip codes in the country, with an average home price of $6.1million
The condominium – pictured in an artist’s rendering at right – sits on the last remaining swath of land on the super-exclusive isle.It was recently purchased by luxury real estate firm Related Group, which expects to begin construction on the complex by mid-2023
Fisher Island, situated off the Southern tip of Scenic Miami Beach, represents a unique section of the luxury market, due to its limited inventory and inherent isolated nature
The island – which sits bout 3 miles off Florida’s east coast – has been a part-time home to a slew of celebrities over the years, including Winfrey, Roberts, Mel Brooks, Andre Agassi, and even the Vanderbilt family
While there is no guarantee the penthouse can fetch the $90 million asking price, limited inventory left on Fisher Island since 2010 could see at least one deep-pocketed individual snap up the unit upon its eventual completion
Even if Related brings the price down, it could still exceed the highest ever recorded for a condo in the Miami region – which is currently $60 million, paid by hedge-fund billionaire Ken Griffin in 2015.
Griffin, who is worth a reported $32.2 billion, also owns the honor www.sulselinfo.id of the largest sum ever shelled out by a home buyer, earned in 2019 when he dropped $238million on a penthouse in Manhattan.
Fisher Island, meanwhile, represents a unique section of the luxury market, due to its limited inventory and inherent isolated nature.
Locals drawn to the island’s exclusivity, meanwhile, traverse its lush fields and immaculate roads on golf carts, as cars cannot be brought across the water
About 360 people live on Fisher island in total, with all visitors requiring an invitation from local residents to be granted entry.Pictured is the island’s sprawling golf course accessible to residents and guests by invite only
Other amenities include the top-ranked, P.B.Dye-designed, nine-hole golf course, a slew of tennis courts with four different surface types, four pickleball courts, a spa and fitness center, and the historic Vanderbilt Mansion
Fisher Island Beach Club’s beach on Biscayne Bay. Upon purchasing property on the island, residents are granted a membership to the country club
The island also features a marina that can accommodate yachts up to 250 feet
The island – which sits bout 3 miles off Florida’s east coast – has been a part-time home to a slew of celebrities over the years, including Winfrey, Roberts, Mel Brooks, Andre Agassi, and even the Vanderbilts.
Upon purchasing property on the island, residents are granted a membership to its country club.
The island also features a marina that can accommodate yachts up to 250 feet, as well as a sprawling golf course accessible to members of the beach club.
It has also attracted residents for its prekindergarten-through-eighth grade school, Fisher Island Day School, which serves roughly 100 students and boasts a stellar academic reputation.
Oprah former luxury four-bedroom Fisher Island condo pictured above. She sold her Florida 6,170-square-foot penthouse in 2001 for $6.5million. Canadian billionaire Lawrence Stroll then purchased it for $13.5 million in 2014
‚The school is definitely a draw,‘ said Daniel de la Vega, president of ONE Sotheby’s International Realty.
Locals attracted by the island’s exclusivity, meanwhile, traverse its lush fields and immaculate roads on golf carts, as cars cannot be brought across the water.
The highest price paid for a condo on Fisher Island was $40 million late last year, by travel agent kingpin Steve Hafner, the co-founder and chief executive of Kayak.
About 360 people live on Fisher island in total, with all visitors requiring an invitation from local residents to be granted entry.
According to broker ONE Sotheby’s International Realty, just 151 units sold on the island – which recently renovated its Fisher Island Club in a $60m undertaking – from January 2021 through November 2022.
The average price of each transaction, Sotheby’s said, was a whopping $7.1 million.
Other amenities include the top-ranked, P.B.Dye-designed, nine-hole golf course, a slew of tennis courts with four different surface types, four pickleball courts, a spa and fitness center, and the historic Vanderbilt Mansion.
Membership and access to the island are currently limited to those who own real estate there.Related has not yet given an estimate as to when the planned condominium will be completed. The firm is already in talks with potential buyers.
<div class="art-ins mol-factbox news" data-version="2" id="mol-d38117b0-6f6b-11ed-9fda-170c2e1dc662" website penthouse on Miami's Fisher Island listed for $90 MILLION