Miami’s ever-growing collection of condos recently hit 59 with the completion of the Palazzo del Sol At Fisher Island – click here to see the site. It’s located in the 7000 block of Fisher Island Drive just east of I-95 in the north side of the ultra-wealthy island neighborhood. What does this condo tower entail, how much are the units and what is the future of the condo market in this area? Let’s take a look.
Three Deeds Recorded Last Month and Another Building on the Way
Within a week of accepting residents, the condo already had three deeds on the books. The total for those purchases reached $23 million, which should give you some idea of just how much these units have to offer. The price range for the three units ranged between $7.3 million and close to $8.6 million. By the way, that comes out to $1,515 per square foot, on average.
This kind of demand explains why a sister project is already underway next door: the Palazzo della Luna. Together, these two buildings represent the only ones that will be going up this cycle. They will have 43 total residential units in total. A commerce unit will also be included, which will cover over 231,000 square feet.
10 Units to Go
At the time of this writing, there are still 10 units available in the Palazzo del Sol tower. They are featured in the Multiple Listing Service database where the average asking price is $15.3 million. The average price per square foot right now is close to $2,300.
The Humble Beginnings of Fisher Island
If you’re familiar with the area, the above prices probably didn’t catch you off guard. After all, Fisher Island has the highest per capita income in the entire country. In 2010, the census reported 226 households for just 132 people, which pretty much tells you everything you need to know.
Back in 1906, though, it was, well, nonexistent. The federal government dredged the island away from Miami Beach’s barrier island so that they could create “deep water docks.” The purpose of these docks was to connect Miami with the ocean.
Despite how beautiful this part of the county is and how much money is represented here, Fisher Island still completed a $60 million initiative aimed at restoring it and improving its amenities back in 2013. The entire project took six years and was aimed at attracting and maintaining the high-end homeowners the area has since become known for.
More Condos Are Coming to South Florida
Overall, there are currently 223 new condo buildings in the planning or presale phases throughout South Florida. They represent almost 31,650 units. Fisher Island still has about 60 condo units that are still on the market too—including those in the Palazzo del Sol tower. Going by current market conditions, though, that should take about 39 months to offload.
Although it would seem like South Florida is probably set for condos for the foreseeable future, it’s a safe bet that more will be planned relatively soon. This part of the country has an insatiable appetite for homes with plenty of luxury amenities and views of the beach.