Real Estate

Even Fisher Island Residents Pinching Pennies

Fisher Island is the most expensive zip code and has the highest per capita income of any area in the nation. It is home (or second home) to the likes of Oprah, Florida First Lady Carol Rome, Andre Agassi, and Mel Brooks.

Oprah, we hear, is doing just fine during the recession, but that doesn't mean some of her neighbors aren't limiting their Bal Harbor shopping sprees, selling off a Lambo or two, or seriously considering tomorrow's free Denny's breakfast.

According to the only thing left in America that still resembles a newspaper, the New York Times, Fisher Island is not immune to the recent economic downturn. One out of every four condos on the Island is up for sale, and no one wants to buy them. Already high community fees are going up or staying flat, while even the wealthiest are looking to save money. And many of the residents have lost money in the market, and those who haven't are wary.

Meanwhile, the rich still left on the island have turned into a prissy set, complaining about things such as a Spanish Vogue party held on the island (oh, the horror!) and an upgrade to the country club that will cost each member an average of $54,000 (which actually does sound like a horror). Some residents apparently don't mind the price tag, but others are wondering if the country club really needs that $60 million makeover at a time like this.  

KEEP MIAMI NEW TIMES FREE... Since we started Miami New Times, it has been defined as the free, independent voice of Miami, and we'd like to keep it that way. With local media under siege, it's more important than ever for us to rally support behind funding our local journalism. You can help by participating in our "I Support" program, allowing us to keep offering readers access to our incisive coverage of local news, food and culture with no paywalls.
Kyle Munzenrieder