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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.
A zip code in Alpine, New Jersey, took over as the most expensive area in the nation, with an average home price of $4,139,041.
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