Fisher Island, Miami Beach, just ranked by Forbes as #37 of America's most expensive zip codes, boasts a not too shabby median home price of $2,295,291. Forbes just published it's new list, with 4 Miami zip codes earning a spot as one of America's highest priced places to buy a home or condo, including aforementioned Fisher Island (33109), Key Biscayne (33149), Coral Gables (33146), and 2 small communities just north of Miami Beach -- Bal Harbour and Indian Creek (33154).The report stated that these 4 zip codes make Miami one of the most expensive places to buy property in the United States, in spite of the fact that home prices have plummeted sharply in recent years, and that foreclosures have continued to mount. Hi-end luxury home prices have seen a slowing slide, according to Mike Simonsen, CEO of Altos Research, a Mountain View, Calif., firm that tracks housing market data.
"We have yet to see mortgage defaults climb aggressively into higher-priced homes, but there are some signs that those could hit in next twelve months" Simonsen said. "If those mortgage resets drive inventory at the higher end, that would cause major problems."
Although it does seem as if the luxury real estate market in Miami has all but slowed to a halt, a number of luxury realtors are reporting that foreign buyers are re-entering the market place to pick up those hi-end bargains which may no longer be as available in a year from now.
