"Fisher Island has become younger," says Nick Pérez, president of Related's Condominium Division. "A lot of wealth has been created over the last five years and it's been eye-opening to witness the younger demographic purchasing."
"We were entitled to 56 units by design, but we found that people wanted larger units," he says of the condos, which range from roughly 4,000 to 15,000 square feet. The project has already driven more than $500 million in sales - with two penthouses selling for a combined $150 million.
The shift from septuagenarian sanctuary to flash-in-your-40s hot spot shouldn't be surprising: Best-in-Miami privacy (it's accessible only by ferry), a ritzy independent day school, a trendy new cafe from Pura Vida, oodles of racquet sports, a deep-water marina, a private club, updated wellness amenities and a bevy of new homes are driving an investment frenzy on the 216-acre island.
"It was the last developable site on Fisher Island," says Pérez, noting that roughly 75% of the buyers were already owners on the island who wanted an upgrade.
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