Fisher Island Preconstruction Beats The Odds – $300M Sold At Six Fisher Within Weeks Of Launch Posted on January 16, 2023January 22, 2023 by Sarah Elles Boggs What could have been seen as a gamble, launching an ultra-luxury development that you have to be invited to even be considered for in a nationally declining real estate market, is proving to be a stroke of genius. Related Group’s The Residences at Six Fisher has sold nearly 30% of its inventory just a few weeks after its soft launch at Art Basel. The project is set to rise on the last available development site on Fisher Island, a private enclave of ultra-luxury condos and homes with its own school, private club, police force and more. There is currently one crane on the property, preparing for groundbreaking when the rest of the country is stressing interest rates and new pending sales that are practically in a free-fall. Despite the woe in the macro-real estate market, Jorge Perez believes in Miami. As “the condo king of Miami,” he certainly knows his kingdom and places all of his cards where they need to be. Anticipating a $1.2 billion sellout on the 10-story, 50-unit project, he paid nearly $125 million for the land to build and declared that not just anyone can garner a presentation on the project. He has hand-picked those who are able to consider the luxurious investment. It seems that he has chosen well, as $300 million of contracts are currently out, with initial buyers not only hailing from international locations such as Brazil, Canada, Mexico and Israel, but also from domestic locations as well. “Almost 30% of the units are spoken for,” said Perez. “Contracts have gone out for over $300 million, and we haven’t really done any marketing. Nevertheless, should the market slow down a little bit, we’re in a fortunate position.” The residences start at $15 million, with the crown jewel being a 15,000 square foot penthouse that is being offered for $90 million. There is also a ground-floor villa that boasts an unheard-of half acre backyard for $55 million. In order to secure their spot in the projects, preconstruction buyers are required to contribute a 50% non-refundable deposit. The Draw of Miami It has been no secret that the Miami real estate market is not following the same trajectory as the rest of the United States, particularly in the ultra-luxury market. Between the favorable tax climate and the favorable weather-related climate, prices have remained strong in South Florida. What makes us a true outlier is the fact that Miami has traditionally been an internationally-focused market. When wealthy international people seek to enter the US market, they largely choose Miami due to weaker economies and political instability in their home countries, but also the ease of access, undervalued prices, vibrant lifestyle and unique mix of cultures that Miami offers. It is very easy to feel at home in Miami, no matter where you are from. Over recent years however, domestic buyers have descended upon us, looking for more favorable tax environments, so the surge of demand with weak supply continues to push prices & projects skyward. “Yes, the market across the country has gone down, particularly in luxury units, but we’re finding that in enclaves that we have, like Fisher Island, we still see a great level of interest from those people that can afford the best,” Mr. Perez told CNBC. Inside the sales cycle of ultra-luxury projects It is not unheard of for new ultra-luxury projects to experience a busy launch, then having the sales taper off as the development nears completion. Initial buyers are offered incentives for placing their trust in the developer’s plan without having a tangible example to tour. There is also obviously more inventory to choose from. As the project rises and prospective buyers have more information to base their decisions on, prices rise. Despite the higher prices, the projects continue to sell, with buyers in this price bracket searching for “The One”. They are looking for something unique, something bespoke to their own tastes and needs. With The Residences at Six Fisher, they find this and more. Fisher Island offers ultra exclusivity, privacy, security and amenities. The island is accessible only by ferry, yacht or helicopter. They have their own private school, the convenience of their own grocery store and restaurants, a private beach and a golf club. There is currently a five to seven year waitlist in Miami to join a golf club, so the immediate inclusion that buyers of Six Fisher receive to the Fisher Island Club proves to be immensely valuable. Douglas Elliman is the exclusive broker for Six Fisher. If you are interested in an invitation to consider this project, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
An Art Basel Unveiling Of The Most Exclusive Miami Condos – The Residences at 6 Fisher Island Drive Posted on November 30, 2022December 2, 2022 by Sarah Elles Boggs Just as Art Basel Miami Beach has exclusive VIP parties as well as ultra-exclusive VIP parties, developers in Miami Beach build both exclusive luxury condos as well as the most exclusive luxury condos ever. The latter brings us to The Residences at 6 Fisher Island Drive, where you have to be invited to even consider purchasing. Up until the fall of 2022, just one development site remained on Fisher Island, one of the most exclusive and expensive neighborhoods in the United States, routinely landing on the Forbes list of most expensive zip codes in the country. It is located on a chic private island just South of Miami Beach and is accessible by helicopter, boat or ferry only. There is a stand-alone school, store, restaurants and their own police and fire/rescue forces. Parcel 6, as the location is known on the island, was then purchased by Related Group in partnership with Teddy Sagi, BH Group and Wanxiang America RE Group. The team will be bringing to fruition the most exclusive residential development in the United States, much less on the island itself. The expansive 6.5-acre waterfront site is located on the North side of the island, offering captivating views of Miami Beach, South of Fifth, the daily parade of cruise ships departing and returning to their terminals, and of course the Biscayne Bay and Atlantic Ocean. When completed in 2026, it will be the most exclusive, refined and coveted developments in Miami’s history. Fisher Island Golf Course Inside The Residences at 6 Fisher Island Drive The development team has chosen Miami’s Kobi Karp to spearhead the design of the structure, partnering with London-based Tara Bernerd and Partners to deliver the finishes. In the end, The Residences at 6 Fisher have been designed in a way to maximize the views for each apartment, reflective of the tastes of the ultimate buyers. Each terrace is situated to maximize both the view as well as the privacy. Inside the residences themselves, the estate-style homes range from three to eight bedrooms and 3,800 to nearly 16,000 square feet. Six Fisher Island Residences will consist of only 50 homes in a 10-story structure with 55,000 square feet of five-star, resident-only amenities and a broad spectrum of estate-level services. Buyers who are being invited to consider the project are all ultra-high-net-worth buyers, who would appreciate the level of security, privacy and luxury so close to the action of Miami and Miami Beach. Prices for the residences start at $15.5 million, and in celebration of Art Basel 2022, the developers have presented the crown jewel penthouse. The 16,000 square foot penthouse has been presented for $90 million, or a record-breaking $5,600 per foot. According to the developer they have already met with 20 families, most of whom would pay cash. Douglas Elliman is the exclusive broker for Six Fisher. If you are interested in an invitation to consider this project, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@miamiluxuryhomes.com.
Condos So Exclusive You Have To Be INVITED To Buy, Coming Soon To Fisher Island Posted on October 10, 2022October 10, 2022 by Sarah Elles Boggs Related Group is bringing a new level of exclusivity to Miami’s Fisher Island. Imagine owning one of 50 condos in a development that is only accessible by helicopter or boat, and you have to be INVITED to purchase. This is what is slated for the last developable parcel of land on Fisher Island. For those unfamiliar with Fisher Island, it is an ultra-posh area in the Biscayne Bay, between Miami Beach and Miami. To get to the island, there is a seven-minute ferry ride, or you could arrive by boat (usually yacht) or by helicopter. The population is just 561, most of whom roam the island on golf carts. It truly is a peacefully chic ultra-exclusive enclave with a private beach, a club, restaurants and its own zip code that routinely shows up on the Forbes list of Most Expensive Zip Codes in the United States. Although many wealthy people are very discreet about their earnings and their homes, statistics show that the average income on the island is $2.5 million per year. Celebrities who are more open about their living arrangements and have owned on Fisher Island include Oprah, Julia Roberts and Mel Brooks. “We are currently working with our sales teams to develop our list of VIPs,” Jon Paul Perez, Related Group’s president, told Insider. “People can live their entire lives on the island and, as such, develop close relationships with neighbors and fellow residents. That’s the feeling we want to create at our job. We want our buyers to get to know one another, and forge close friendships that elevate this beyond just another one of their homes.” The project has not yet been named, but is slated to feature three- to five-bedroom residences that will be offered for around $30 million. Penthouses will ask over $60 million. Each resident will receive membership in the Fisher Island Club to enjoy golf, restaurants, pool parties, marinas, tennis and the private beach. Local Miami architect Kobi Karp has been chosen to make the designs and London-based Tara Bernerd and Partners has been chosen for the interiors.
Fisher Island is America’s Richest Zip Code Posted on April 28, 2018April 29, 2018 by Michael Light Fisher Island has long been an exclusive island for the rich and famous, only accessible by ferry or yacht, so it should be no surprise that Fisher Island has officially ranked the #1 richest zip code in America, according to Bloomberg. Move over 90210…33109 is now the “it” zip code! The private, 216-acre tropical island situated off the southern tip of Miami Beach, is the face of diversity, as it represents over 50 nationalities and a wide range of professionals ranging from supermodels and fashion designers to professional athletes and high-level executives. But, when it comes to financial representation, it is clear that Fisher Island is a playground for the elite, rich and famous. In fact, Bloomberg reports that Fisher Island’s residents reported an average income of $2.5 Million in 2015, which is $1 Million more than the 2nd place spot held by Atherton, California, a city in the tech-land of Silicon Valley. Additionally, the analysis indicated that Fisher Island is the only zip code where more than half of its residents showed an annual income over $200k (note that Bloomberg’s analysis relied upon IRS data that provided averages of tax returns for the zip codes). Fisher Island is truly an extraordinary island offering world-class amenities, a private beach, beach club, seaside golf course, delicious restaurants and so much more, so it should be no surprise that it tops the list for the richest zip code in America! For those of you who would like to learn more about Fisher Island, please contact Michael Light, Senior Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or michael@miamiluxuryhomes.com. CLICK HERE for a complete list of Bloomberg’s “America’s Richest Zip Codes.”
A Brief History of Fisher Island Posted on January 28, 2017 by Michael Light Over the years, I have been asked by countless clients what makes Fisher Island so expensive, so special and so exclusive. So, I decided to publish this article to answer those questions and educate readers. Today, Fisher Island is an exotic, uber-exclusive island that represents one of the wealthiest zip codes in the entire country, but it wasn’t that long ago that it was merely a wedge of land in Biscayne Bay filled with mangroves and coconut palms. And, although most people have heard of Fisher Island, many are probably not familiar with exactly what it represents and how it came to be the exquisite tropical island that it is today. So, I want to tell you a little about today’s Fisher Island and the history of how it became so. About Today’s Fisher Island Fisher Island is a super-exclusive, 216-acre tropical island situated off the southern tip of Miami Beach. The island offers a truly-unique sense of tranquility, allowing you to be leisurely secluded in tropical paradise surrounded by lush landscaping, natural foliage and bay breezes and stunning views of Biscayne Bay, the Atlantic Ocean and the Miami skyline. Although the island is quite small, it is prestigious for a reason…it has shockingly luxurious and unparalleled amenities that include more than just the breathtaking views. Fisher Island features the Fisher Island Club that is situated in the heart of the island and offers members and guests the absolute finest residential and recreational amenities in the country as it is the most exclusive club and residence in Florida. The Club offers a private tropical oasis with world-class resort amenities such as a private beach, seaside golf, Mediterranean-inspired tennis, luxury spa, fitness center, exquisite beach club and marina, luxury hotel accommodations and unparalleled services. The island also offers several high-end restaurants. Adding to the uber exclusiveness of the island is the fact that it is only accessible by a passenger vehicle ferry service (24-hour), a private yacht, or private helicopter. And, although you can bring your car onto the island by ferry, you do not use it do get around the island. The primary mode of transportation around the island are golf carts. Who lives here??? There are roughly 700 families who own property on Fisher Island, but this does not mean they live on the island year round. There are several hundred families that do live on the island full time; however, most families use their luxury Fisher Island condo as merely their 2nd, 3rd or 4th vacation home. I say condos above because single-family homes are in rare supply on the island. In fact, there are only 8 Fisher Island homes that even exist on the island. The History of Fisher Island Summary Fisher Island started out as merely a piece of land situated in Biscayne Bay filled with mangroves and coconut palms. In fact, it was not even an island until 1906 when the government dug a canal dubbed “Government Cut” to ease port traffic which resulted in a separation of the land from Miami Beach creating an undeveloped island. Years later, in 1919, the Miami Beach founder and developer, Carl Fisher, purchased the land from Dana Dorsey to begin his mission to expand the island to develop for real estate and deep-water docks. His progress of development was delayed by the County initially, but later construction of the Port of Miami helped to separate the lush island from Miami Beach, creating an entirely distinctive island. A year or so later, Carl Fisher traded 7 acres of the island to William Vanderbilt II for a 250-foot yacht, and the Vanderbilt’s continued to own and develop the island for the next 2 decades constructing his million-dollar mega mansion, guest homes, cottages, swimming pools, among other luxuries that still stand on the island today. Vanderbilt died in 1944, and ownership changed hands several times, with the company Fisher Island Club standing in since 1987. This all contributes to how the island is now known today around the world as the ultra-luxurious and exclusive Fisher Island. Historical Timeline of Fisher Island