The Links Estates at Fisher Island

A different owner, a different project

The Links Estates was launched in June 2022 by Heinrich von Hanau’s Fisher Island Holdings as a community of 12 mansions averaging 10,000 square feet, priced at an average of about $3,300 a square foot (which The Real Deal put at roughly $33 million a home), on lots of 0.3 to half an acre. Four homes were presold at launch, and construction of the first was expected to start that summer and finish in early 2025 (The Real Deal, 14 June 2022).

By mid-August 2022 four of the 12 lots had been sold (PROFILEmiami, 15 August 2022), among them two adjacent lots for $13 million to one private buyer. The Real Deal reported that von Hanau planned to build the remaining eight lots himself as spec estates of about 10,000 square feet (12 August 2022).

In 2024, Madar Group USA bought the sites from von Hanau for $40 million (The Real Deal, 26 May 2026; its report of 21 October 2024, citing Bloomberg, gave the same price). Madar Group USA is led by chief executive David-Emmanuel Cohen, and The Real Deal describes the wider Madar Group as led by Jean and Alain Madar. Madar counts six single-family homes on a 2.5-acre assemblage, marketed as The Mansions on Fisher Island, from 8,500 to more than 18,000 square feet (developer release, 2 June 2026). A groundbreaking was held in February 2025 (PROFILEmiami, 27 February 2025).

The counts have not stayed still. The October 2024 report said six homes, the February 2025 groundbreaking coverage said five, and the 2026 releases say six again, with three under contract and three available. I have not found a source that explains the changes, or how the original 12 lots became these six homes.

One transaction from the original phase is a closed number rather than an asking price: in August 2022, two adjacent lots totalling 31,619 square feet sold for $13 million (PROFILEmiami, 15 August 2022), about $411 per square foot of land. The county roll matches: the two folios whose sizes fit (30-4209-021-0030 and 30-4209-021-0040, at 15,949 and 15,670 square feet) each show a qualified sale on 10 August 2022 at $6.5 million. The same two folios each show a further recorded sale in September 2024 at $7.35 million; I have not found a source that says who the parties were.

What the ownership change means for a buyer: in 2022 the offer was lots and spec homes from the land developer; today it is spec houses built and sold by Madar Group USA. What is included in each purchase, the completion date and who stands behind the build are set out in the contract and offering documents for the specific house, and those are what to read.

Testing the “no more land” claim

Every ultra-luxury development claims scarcity. Madar’s chief executive David-Emmanuel Cohen made a specific version of it, telling The Real Deal that there is no more land on Fisher Island for single-family homes (26 May 2026). That is the sort of claim I treat as sales language until I have looked at what the county roll can and cannot show.

On 25 September 2026 I re-pulled every folio the Miami-Dade County Property Appraiser indexes under Fisher Island Drive — 782 — and grouped them by the county’s own subdivision names. The result:

• 766 of 782 folios (98.0%) sit inside condominium subdivisions — Palazzo del Sol and della Luna, Bayside Village, Seaside, the Oceanside buildings, Bayview, Marina Village, Palazzo del Mare, Harborview and the rest.
• The remaining 16 folios are eight parcels in the Lindisfarne subdivisions, four in a commercial harbour-terminal plat, the island’s day school, and three unclassified parcels — one a utility site, one county-owned, and one a large commercial holding.

What that shows: almost every folio that carries a Fisher Island Drive address is a condominium unit. What it does not show: the index leaves out parcels with no street address, including the 12 Links Estates lots, so it is not a count of every parcel on the island and it cannot tell me whether developable land remains. The trade-press statements I have found on the point are The Real Deal’s, in its 26 May 2026 article: that The Mansions is the only new single-family home development on the island, that the island’s other single-family homes were built in the 1990s, and that a Chicago firm paid $180 million in 2025 for a nearly 10-acre fuel depot it plans to redevelop into luxury condominiums. The county shows the utility-classed parcel at 1 Fisher Island Drive, owned by an LLC in care of HRP Group, with a recorded sale of $180 million on 8 October 2025. I have not found a source that surveys what land remains for houses.

The honest counterweight: scarcity supports value, it does not guarantee liquidity. A six-home market at $34 million to $57 million has very few possible buyers in any given year, and a seller who needs to move quickly in a soft market has no depth of demand to fall back on. Buy here because you want to live on Fisher Island, not because you expect to trade out of it easily.

What is selling, and for how much

The position in Madar Group USA’s release of 2 June 2026 (published by PROFILEmiami that day) and The Real Deal’s report of 26 May 2026:

• Three homes under contract. Madar calls them three sales totalling $105.5 million; The Real Deal reports the same figure as a combined asking price. Neither is a recorded sale.
• The totals differ. The release lists the last asking prices of the three as $36.5 million, $36.0 million and $36.5 million, which add up to $109 million, against the $105.5 million it announces. The Real Deal gives the same three asking prices. Neither source says how the $3.5 million difference arises, and I have not found a recorded deed for any of the three.
• Two of the three contracts were signed in the 30 days before 26 May 2026, and the first in 2024 (The Real Deal).
• Three homes remain available, starting at $34 million. The developer’s availability tool still lists three homes as for sale when I read it on 25 September 2026; I have not found a later release reporting another sale.
• The largest remaining home is asking $57 million for approximately 18,000 square feet on a half-acre lot (developer release; The Real Deal).

How the range compares: The Real Deal put the 2022 launch at an average of about $33 million a home, and reported a range of $31 million to $55 million for the six planned homes in October 2024. The entry price is now $34 million and the top is $57 million. The top home is about 18,000 square feet against the 10,000-square-foot average of 2022, so the headline totals are not like for like. Ask for the price per square foot on each specific house rather than comparing headline totals, because these homes are not the same size as each other.

Madar’s chief executive told The Real Deal that the buyers are a mix of international and domestic purchasers, that the developer has seen interest from California, and that the buyers are younger than he had imagined, some in their 40s. I do not have the names of the buyers and have not asked for them.

One caution about every number in this section: these are asking prices and announced totals on homes under contract, not recorded sale prices. An asking price and a closing price are different things, and until these transactions close and are recorded, nobody — including me — knows what they actually traded for.

What the county record shows

On finished properties I publish the recorded deed history from the county, because it is the only price data that cannot be presented selectively. For the houses here it does not yet exist. For the land, it does.

The Miami-Dade County Property Appraiser carries a subdivision called LINKS ESTATES: 12 lot folios (30-4209-021-0010 to 30-4209-021-0120) and six common-area tracts (30-4209-021-0130 to 30-4209-021-0180) owned by the Links Estates Homeowners Association, recorded 31 October 2023. The folios have no street address, which is why a search of the address index for “Links Estate Drive” and every variation of it returns nothing, and why they are not among the 782 folios indexed under Fisher Island Drive. I retrieved all 18 folios on 25 September 2026.

• All 12 lots are classed as vacant land, with no building recorded on any of them.
• Lot sizes run from 13,242 to 26,952 square feet.
• 2026 assessed values run from $5.37 million to $9.91 million per lot.
• Qualified recorded sales between 2022 and 2025 appear on 11 of the 12 lots.

No building is on the roll for any lot, which is consistent with houses still under construction; I have not found a source on when the Appraiser will add them. So every price quoted here for a house is an asking price or an announced total, and none is a recorded transaction. I have not tied the reported $40 million purchase to specific folios, and the county’s owner-of-record entries do not tell me which lots make up Madar’s 2.5 acres. When the homes complete and their deeds record, this page will carry the real numbers.

For context on what the county can tell you: the wider Fisher Island condominium market has a deep recorded history I can pull for you on any specific building.

What to establish before you buy here

• Which house, and its actual measured size. The developer’s release gives a range of 8,500 to more than 18,000 square feet, more than a twofold difference, while its availability tool lists 13,224 to 15,801 square feet for the three homes it shows for sale. Compare price per square foot, on one measure, not headline price.
• The completion date in the contract and the remedies if it slips. The June 2022 launch expected the first home in early 2025; deliveries are now anticipated between the fourth quarter of 2026 and the second quarter of 2027 for the homes under contract.
• Exactly what is included — these are spec homes with interiors by the developer’s team (Ford Interiors, per the developer’s website), so establish in the contract what conveys, particularly furnishings, fixtures and landscaping.
• The builder’s warranty and who stands behind it, given the sites changed hands in 2024 and the project was approved in late 2020 (The Real Deal, 12 August 2022).
• Fisher Island’s own costs and rules — club membership, ferry and vehicle arrangements, and the island’s association obligations. The Real Deal quotes Madar’s chief executive putting the private club’s buy-in at $500,000 (26 May 2026). These are separate from the house, so ask for them in writing.
• What the surrounding lots will become, and the construction timetable for the remaining homes. If yours completes first, you will be living beside active building work.
• Recorded comparables for finished Fisher Island property — ask me and I will pull the condominium sale record, which is deep and public, as the only verifiable price anchor available today.

New detached houses on an island whose addressed folios are 98% condominium are genuinely unusual, and the developer’s case for the price rests on that. The caution is that every price quoted for these houses is an asking price or an announced total on a house still under construction, from a developer that bought the sites in 2024, and none of it has been tested by a closed, recorded sale of a finished house yet.

Thinking about The Links Estates?

Three of the six are under contract, and every price quoted here is an asking price or an announced total on a house still under construction. I will get you the measured size and true price per square foot on each remaining home, the full picture of Fisher Island’s ongoing costs, and the recorded comparables that do exist on the island.

ASK JOSH ABOUT FISHER ISLAND