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A penthouse within a not-yet-developed luxury condo building on Fisher Island just off the coast of Miami is asking $90 million, The Wall Street Journal reported.
At that price, the penthouse would blow previous sales records for condos in the area clear out of the water. The current record stands at $60 million for a Miami Beach condo that hedge-fund manager Ken Griffin purchased in 2015.
Miami-based development firm Related Group is developing the condo, which will have about 50 units, on the sole remaining undeveloped parcel of land on the island.
Fisher Island can only be accessed by ferry or boat and is considered one of the most exclusive communities in the U.S. The 216-acre barrier island has been home to well-off families like the Vanderbilts. And it has a country club of which all island residents become members. The reigning mode of transport across the island is by golf cart.
Due to the island’s limited size, there’s little inventory built after 2010. According to data provided to The Journal by One Sotheby’s International Realty, 151 units were sold on the island between January 2021 and November 2022 at an average price of $7.1 million.
Related Group purchased the 6.5-acre parcel in September alongside partners Teddy Sagi, BH Group and Wanxiang America RE Group for $122.6 million. The plan is to break ground on the project by the third quarter of 2023, according to The Journal.
The $90 million penthouse will span 15,000 square feet and include a private roof deck, pool, grill and lounge area. The developer disclosed to The Journal that it’s already in talks with 20 families interested in purchasing some of the building’s higher-end units. Many of those buyers are also likely all-cash buyers.
“These are people who don’t deal with mortgages or interest rates,” Jon Paul Perez, president of Related Group, told The Journal. “We haven’t seen the economy have an effect on this group.”
Originally, Related Group had priced the penthouse at $60 million but later increased the price up to $90 million after executives determined it was actually worth more. The company has priced the building’s second penthouse, which is 10,000 square feet, at $60 million.
The median sales price on a single-family luxury home (the top 10 percent of sales) in Miami Beach was $13.9 million during the third quarter of 2023, down 22.6 percent year over year, according to data from Douglas Elliman and Miller Samuel. The median sales price of a luxury condo during the same period was $3.5 million, up 0.9 percent year over year.
The exclusive island community is home to about 360 people, according to 2020 data from the U.S. Census Bureau. The island’s median age is 67.9 and the median household income is $227,827, according to Census Reporter. Visitors need a resident’s invitation to enter the island.
A marina located on the island can hold yachts up to 250 feet. The island is also home to a golf course and a beach club, as well as a pre-K through eighth-grade school which has gained a strong reputation.
A $60-million renovation was conducted in 2013 on the Fisher Island Club, which runs a number of restaurants and other facilities on the island, including a P.B. Dye-designed nine-hole golf course, 17 tennis courts, four pickleball courts, a spa and fitness center, the beach club, the marina and the Vanderbilt Mansion. The club’s membership is only available to the island’s real estate owners.
The island’s priciest condo sale was closed in December 2021, when Kayak CEO Steve Hafner purchased a penthouse for $40 million.