People are always asking me if only we are experiencing a downturn here in Aventura and Sunny Isles. The answer is NO.
Fisher Island is experiencing a great loss of value in the very expensive market where prices range from 335k to 30 million. In fact, only 30 properties were sold in the last twelve months compared to 100 for the year before. Many properties are worth 40% less than they were a few years ago.
About a quarter of the islands 695 condos are up for sale. Fisher Island has been home to many famous people, Oprah Winfrey, Mel Brooks, etc. The high cost of living on Fisher Island, huge club dues, maintenance fees, taxes have added to the malaise. Although many of the owners come from all over the world, this economy has had its effect on everyone in every country.
Adding to the expenses is the rising insurance rates in Florida. This affects all Florida real estate and something that must be adjusted so that living in paradise can be more affordable for all. No matter what the cost of the property, the insurance fees add thousands of dollars to the cost of living here.
The Florida legislature must address this issue. Recently State Farm said they will no longer write homeowners insurance in the state. This cannot continue if we are to sustain our real estate values in good times and in down times.
Let me know your opinion on property insurance. Write to me.