Fisher Island, haven of the rich, experiences dose of reality [South Florida]
Once the priciest ZIP code of all, Fisher Island has had foreclosures and falling values. But residents see sunshine on the horizon.
Two years ago, tony, secluded Fisher Island was perched atop a lofty list: America’s most expensive postal zone.
With a median home price of $3.85 million, ZIP code 33109 grabbed the No. 1 spot on Forbes magazine’s annual ranking — and plenty of glowing media attention.
That was then. Now a handful of homes on the 216-acre island have gone into foreclosure, 23 residents are still stinging from their brush with Ponzi schemer Bernie Madoff, and the median price of a unit has slid 15 percent since the Forbes list came out.