September 1, 2009 | 3:57pm
Last year, Fisher Island was sitting pretty
at the top of Forbes
' most expensive zip codes list
. This year, it has tumbled to 33rd place. Not coincidently, the price for the only single-family waterfront home on the island was recently slashed by $3 million.
This year, in the exclusive Fisher Island zip code 33109, the median home price fell to $2,484,958 from $3,850,000 last year. If you don't have a calculator handy, that's a drop of $1,365,042. We're not exactly talking about affordable housing here, but ouch.
To hit the point home: The listing price for the only single-family waterfront home on the island fell by $3 million to $3,950,000. The four-bedroom, four-bath 4,051-square-foot house was built in 2003.
"This is the only one with waterfront and golf course access, and we just dropped the price by $3 million. It's crazy," says realtor Eddy Chabli.
Four other Miami-Dade zip codes made the 500 spot list. Key Biscayne's 33149 came in at 199, with a median price of $1.14 million; 33146, in Coral Gables, took the 363rd spot with a median price of $806,923. While another Miami Beach zip, 33165, brought up the rear at $494, with an average home price of $518,581.