2011 Is a Buyer's Market: Buying ON Fisher Island Is Closer Than You Think

MIAMI, April 12, 2011 /PRNewswire/ -- Forbes Magazine has consistently included Fisher Island as one of America's most expensive zip codes. Today, according to this publication, Fisher Island's median sales price is $2.3 million and has jumped from the first spots on the list to #37 according to their yearly 2010 report. So what does that mean for the homebuyer? Owning a piece of this paradise sanctuary is closer that you think. Join previous owners Oprah Winfrey and Boris Becker and have the privilege of living a unique resort lifestyle that only Fisher Island can offer.

Luxury Living Realty, South Florida's premier Real Estate Boutique Brokerage Firm, has been selling properties on Fisher Island well over 12 years. President and Founder Karla Abaunza, known as the Fisher Island Specialist in South Florida for her vast knowledge and expertise, can attest, "Fisher Island is like no other place in America today," says Abaunza. "Where else can you get 1.5 miles of private beaches, live among 40 nationalities, arrive home in style via ferry, yacht or helicopter and have a resort and spa outside your door all with 5-star amenities? Only on Fisher Island."

But homebuyers might think that Fisher Island is far beyond their reach - a statement that is no longer true today. Abaunza foresees that, "This buyer's market will not last for very much longer. Prices are at an all-time low and there is nowhere to go from here, than up." Continues Abaunza, "This is truly an opportunity not be missed; properties and homes that were unattainable for many are now at a distance reach. We are beginning to see a surge in the market and the real estate buyer's market is beginning to gain momentum." According to The Real Deal, "This trend in rising sales, coupled with significant reductions in housing inventory, is a very positive sign for the local market." Property prices on the island range from $433 per sq. ft. for a Bayside View, to $534 per sq. ft. for Bayview to $689 per sq. ft. for an Oceanside View.

Understanding the location of each property on Fisher Island is key to understanding the market. There are 8 different types of views, all with different layouts, from the least expensive 1429-sq.-ft., 2-bedroom, 2-bathroom Garden View Seaside Village Condo, sold in January 2011 for $400,000, to the most luxurious Oceanside 5-bedroom, 5.5-bath homes, for the asking price of $30 million. However, Palazzo del Mare, Fisher Island's newest and most prestigious 30-resident condominium, offers the largest units on the island, up to 7,025-sq.-ft. of living area, with a 24-hour concierge service, a private lobby, media room, gym, private cabanas and pool. In 2008, the 5630-sq.-ft. Penthouse closed with no upgrades and in its shell condition for $8M, converting into $1,421 a sq. ft.

But understanding the layout and the pricing still does not define the reasons why Fisher Island is the choice for your next home. Not only is Fisher Island a great location to invest - due to the lack of remaining land to build, but also the Island is going through a major $60 million club renovation, including the spa, restaurants, tennis courts, golf course and beach club, to mention a few.

Fisher Island is truly luxury at its finest, but in 2011 luxury is at your fingertips!

Please visit us on our website to find out more about the closed Fisher Island sales: http://www.luxurylivingrealty.net

PRESS AND MEDIA, please contact:

Jennifer Heegaard
JEJE Consulting
305-803-5505 / [email protected]

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SOURCE Luxury Living Realty