(Bloomberg) -- Miami’s exclusive Fisher Island is slated to get six new mansions selling for as much as $55 million after a French developer snapped up more than $40 million worth of plots.
Madar Group, run by French perfume mogul Jean Madar and his brother Alain, is selling the homes before they’re built. Prices start at $31 million and sizes will range from about 8,000 to 15,000 square feet (743 to 1,394 square meters). The developer may consider combining lots to build a larger estate with a $100 million price tag.
The development is a “once-in-a-lifetime opportunity” to invest in a piece of land on Fisher Island, according to David-Emmanuel Cohen, chief executive officer of Madar Group USA. While the 216-acre (87-hectare) enclave — accessible only by ferry — has been home to celebrities such as Oprah Winfrey and tennis star Caroline Wozniacki, the vast majority of its housing is condos. Tax records show it has only a handful of single-family homes.
Madar Group’s six lots at the project range from one-third to half an acre. Because space on the island is limited, fully developed property is “poised for significant appreciation,” Cohen said. One of the homes has already found a buyer.
Madar Group’s properties will be part of a larger development known as Links Estates, which consists of 12 lots in total. The vision for a mansion community on the island was initially pitched by local developer Heinrich von Hanau, who was the original owner of all 12 lots.
Von Hanau still has two homes on the market, according to broker Dora Puig. The remaining properties have been spoken for.
The Miami area has attracted an influx of wealth since the pandemic, driving a real estate boom that has caused some growing pains. Wealthy newcomers have encountered near-impossible hurdles to get their kids into the area’s elite private schools, years-long waiting lists for country clubs and maddening gridlock.
With its own private school, a golf club and ironclad security, Fisher Island can appeal to homebuyers looking for a refuge from mainland Miami’s bustle, according to broker Fredrik Eklund, who is marketing the Madar Group properties along with Dina Goldentayer.
“It’s private and secure, it’s its own world,” Eklund said. “The island has such cachet and it’s starting to attract younger and international buyers.”
Buyers automatically gain membership to the island’s golf club, allowing residents to avoid the waitlists and pricey enrollment fees at courses on the mainland, according to Goldentayer. She said the buyers she’s been talking to are “about 30 years younger than the typical demographic that Fisher Island was known for.”
Eklund, who rose to reality TV fame on Million Dollar Listing New York, moved to Miami in 2023. He’s now developing a Miami-based real estate reality show.
“New York has always been the king of everything real estate,” he said, “But we’re seeing Miami make dents in that.”
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