
Even Fisher Island is not immune to the real estate
trends. Our residents are dealing with the impact of global
economic conditions and finding ways to weather this economic
slow down just like everyone else.
For some it means selling their vacation home or downsizing.
Since prices have been dropping from 30% up to 50% off the
2007 highs, the few owners who purchased at the top of the
market or took equity loans have been forced into trying
short sales or have foreclosed. Out of the 9 current pending
sales 7 are short sales. Short sales are not as easy to acquire
as it used to be with some pending sales lasting far longer
then a year.
Of the 23 units closed this year to date, 2 were foreclosures.
The current 2009 average sold price per square foot on the
island is $710.
Sellers have adjusted their asking prices with
today’s market in mind with a List-to Sale ratio of 12%.
With discounts like this, we’ve seen a 25% increase in sales as
compared to last year from new buyers happy to take
advantage of the market and finally purchase their dream
home on Fisher Island.
So, if you would like to purchase a larger residence,
or are in the market for a new residence,
now seems to be a good time to take advantage of the market.
Feel free to contact me so I can bring you up to date on all
current units available and assist you with your real estate needs.
Suzanne
*List-to-Sale ratio: indicates how far sellers typically dropped
from their last asking price before closing.
Email me and I’ll send you a detailed Year-to-Date sales
report or a list of Available homes for sale.