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BY Michael Light / On April 5, 2024

One of the wealthiest zip codes in the United States is getting wealthier with a new-record-setting penthouse sale at Six Fisher on the famed Fisher Island in Miami Beach. The project, which gained additional notoreity as being the first new residential development to require an invitation in order to consider a purchase, has sold a combination of upper penthouses for over $150 million, according to Bloomberg.

This ultra-luxurious sale follows a trend that has become prevalent across the coastal region. Miami’s business-friendly climate has attracted an inordinate amount of ultra-high-net-worth individuals as well as the companies they have founded and the high earners that work together to keep the companies fruitful.

“We’re seeing a great exodus that is coming to Miami, not just to buy real estate, but for the companies to make Miami their base. That’s bringing the very high-end employment that is going to afford the condominiums,” said Related Group founder Jorge Perez in a Bloomberg interview.

At the time of the interview, Perez was in Brazil, visiting with VIP clients and expanding his ever-growing art collection. He made note of the fact that Latin America has always responded well to Miami. Ultra high net worth South Americans feel safe and welcomed in the area, the location is convenient and the climate is conducive to relaxation. With that being said, he mentioned that the high-level business influx has brought unbridled competition for the residences from domestic buyers.

Perez noted that of late, domestic buyers have made up half of the residence sales in his most exclusive projects, traditionally representing 20%-25% of the owners. The remaining buyers have been foreigners, most often from Latin America.

Rendering of Six Fisher Island Porte Cochere

Rendering of Six Fisher Island Porte Cochere

“miami has become a very serious city,” Perez told Bloomberg. “Before it was a tourist city. Fun and sun.”

Long gone are the days of Miami and Miami Beach being a single-faceted party destination. In years past, the city lived up to its reputation as a mecca for hard partying tourists, but the new influx of lucrative businesses has paved the way for a more refined and luxurious destination. Miami Beach is becoming the American Riviera, with elevated experiences now being commonplace and competition mounting for the most elevated and exclusive experiences possible.

Fisher Island has always been on the upper crust of exclusivity and privacy, as it is accessible only by boat. Guests are security-checked at the dock and residents live a relaxed, resort-lifestyle in the confines of their domain. The island essentially operates as a small town with its own exclusive elementary school, post office, police force and EMS, a golf club, private beach, spa and multiple restaurants. With less than 600 residents, you will see plenty of people cruising around on golf carts, enjoying the countless amenities at their fingertips.

Rendering of Six Fisher Island Golf Club

Rendering of Six Fisher Island Golf Club

Rendering of Six Fisher Island Pool

Rendering of Six Fisher Island Pool

Rendering of Six Fisher Island Deep Water Dock

Rendering of Six Fisher Island Deep Water Dock

Six Fisher Island has been a pioneer in the new method of purchasing in the most exclusive of condo developments, selling over $300 million in residences (a third of the entire project) within the first couple of months from launch. During this launch period, there were no press releases or sales blasts, rather the project was privately offered to a list of VIP clients, who told their friends of the opportunity and viola!

We will not know the concrete sales prices of the residences until the project is complete and closings commence, this is expected in 2025. Considering the Fisher Island resale market, where we do have concrete figures, the average cost of a condominium residence was $4.3 million in the fourth quarter of 2023. The most expensive recent penthouse sale was $40 Million, and tennis great Caroline Wozniacki is asking $42.5 Million for her penthouse at Palazzo Del Sol. She shares the residence with her husband, New York Knicks player David Lee. Palazzo Del Sol is among the newest developments on Fisher Island, it was completed in 2016.

Rendering of Six Fisher Island Terrace

Rendering of Six Fisher Island Terrace

Rendering of Six Fisher Island Primary Suite

Rendering of Six Fisher Island Primary Suite

Six Fisher is in good company in the race to be the most exclusive development in the area. The Shore Club at 1901 Collins Avenue recently took the crown as the highest-priced penthouse sale, with an anonymous buyer signing a reported $120 million for the upper penthouse. Other jaw-dropping offerings include a $150 million penthouse combination at Michael SHVO’s Raleigh Hotel, also on Miami Beach, and Jeff Bezos’s buying spree on Indian Creek Island, which has become known as the Billionaire Bunker.

Despite the offerings elsewhere, Fisher Island will always be unique as there are no other exclusive and full-service islands that are only accessible by yacht, ferry or helicopter. Even in the most exclusive of markets, each project has its own bespoke personality that caters to the exclusive buyers that are welcomed to Miami Beach.

Douglas Elliman is the exclusive broker for Six Fisher. If you are interested in an invitation to consider this project, please contact Michael Light, Broker and Executive Director of Luxury Sales at Douglas Elliman. You may reach Michael directly at (786) 566-1700 or via email at michael@pizzamuzzo.com

Images courtesy of: Six Fisher by The Related Group

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