The exterior of buildings at the millionaires enclave on Fisher Island. (Photo by: Jeffrey … [+]
Universal Images Group via Getty Images
Fisher Island Community Association, the homeowners’ group in the exclusive island near Miami, has received approval for a $2 million loan through the federal Paycheck Protection Program set up to help small businesses weather the economic fallout of the COVID-19 pandemic.
Last year, Bloomberg ranked Fisher Island, a wealthy microcosm that requires invitations for visitors, as the country’s riches zip code with an average annual income of $2.2 million. A ferry, which also transports vehicles, provides the sole access to the community.
According to a market report by Douglas Elliman/Miller Samuel, the median sale price for condos on Fisher Island was $6.1 million during the first three months of 2020, a substantial jump year-over-year as well as from the last quarter of 2019, when it hovered around $2 million.
The small number of transactions (only five from January through March, down from nine in the last three months of 2019), however, may skew price figures.
The Miami Herald reported that the association applied for PPP funds on April 4 and earlier this week was approved for $2 million. According to an email sent out by the association and quoted by the Miami Herald, Fisher Island is now asking its wealthy residents, many of whom own vacation properties on the island, whether to accept the monies.
“It is very important to the board of Directors to take into consideration the views of our members,” the email read. “It is also important to the board that the right decision is made for the island.”
The board is slated to convene this afternoon at 5 o’clock local time. An hour before that meeting, a phone call and an email to the association went unanswered. This story will be updated as more information becomes available.
The news so far, though, have prompted backlash on social media.
Under the PPP, loans could be forgiven if recipients utilize the money to cover payroll expenses and commit to the retention of their workforce. Today, President Donald Trump signed a bill passed by Congress yesterday that injects an additional $320 billion into the small-business program that ran out of the original $349 billion, committed through the CARES Act, in a matter of two weeks.
According to the Miami Herald, Fisher Island Community Association employs about 130 ground keepers and security workers represented by SEIU Florida. The union’s spokesperson Ana Tinsly told the news outlet that no layoffs have occurred, staff has received extra days off and social distancing practices have been implemented.