Fisher Island Community Association, the homeowners’ group in the exclusive island near Miami, has received approval for a $2 million loan through the federal Paycheck Protection Program set up to help small businesses weather the economic fallout of the COVID-19 pandemic.
Last year, Bloomberg ranked Fisher Island, a wealthy microcosm that requires invitations for visitors, as the country’s riches zip code with an average annual income of $2.2 million. A ferry, which also transports vehicles, provides the sole access to the community.
According to a market report by Douglas Elliman/Miller Samuel, the median sale price for condos on Fisher Island was $6.1 million during the first three months of 2020, a substantial jump year-over-year as well as from the last quarter of 2019, when it hovered around $2 million.
The small number of transactions (only five from January through March, down from nine in the last three months of 2019), however, may skew price figures.