The Real Deal Miami

A bit of a slump for Fisher Island

May 24, 2010 12:00PM

The island off of Miami Beach is no longer the country’s priciest postal code

After once earning the top spot on Forbes’ rankings of America’s most
expensive postal codes, Fisher Island’s 33109 fell all the way to
number 33 last fall. Now, there are a handful of homes in foreclosure,
23 residents are still suffering from investments with Bernard Madoff,
and the median home price on the island, which had been $3.85 million,
has dropped by 15 percent. The island is going forward with a series of
expensive renovations totaling $60 million,
but some condo units on the island have dropped in price down to less
than $500,000, and one — a 450-square-foot apartment — is listed for
just $190,000. [Miami Herald]