August 2012

While Marco Island has not had the high foreclosure rate that most of Florida has endured in recent years, we've certainly had our share.  Satisfaction among buyers of these homes runs the gamut from ecstatic to heartbroken.  There have been some great deals and a few nightmares, too.

Buying a Naples or Marco Island foreclosure is not for everyone.  Most of us are not experienced in evaluating the structural integrity and systems of well-maintained homes not to mention those of a neglected or damaged property.  The remedies and repairs necessary to foreclosures are almost always more complicated and more expensive then they appear to be.

If your foreclosure purchase doesn't work-out, there's no one to call.  The risk is all yours as the buyer of

We have a couple of notable condos that were just listed this week.  First, check out the new short sale in Bougainvillea Gardens.  This is the only unit available in this perennial favorite and it's priced at only $249,000.  It has two bedrooms and two baths and has been beautifully remodelled with granite countertops and stainless steel appliances.  The floor plan is feels roomier than its 1200 s.f.  Bougainvillea Gardens is located on the South End of Marco Island and is just a short stroll to the beach.  For more info, just contact us or click to see the listing.

Next, we have a unit in South Seas East. Just about the same price as the Bougainvillea condo, the South Seas unit has partial views of the bay and you can walk right outside and start

How's the Marco Island luxury real estate market doing?  From the look of things on the multiple listing service, pretty darn good!  Considering that this segment of the market is usually the slowest and toughest to move, Marco Island seems to be doing o.k.  There are currently 129 single family homes for sale on Marco Island priced between $800,000-$10,000,000.  Most are located directly on the Gulf, beach or golf course. 

Currently, the most expensive home for sale on the Island is priced at $8,975,000.  Its been on the market 287 days and features 5BR/5BA/3HB and 7056 air conditioned square feet.  It has its own theater room, exercise room and game room.  Located in The Estates, It includes amazing views of Roberts Bay and has a private dock and

Last week saw a total of 16 sales close on Marco Island with the majority of those being condos.  To break it down:

• Three homes sold with two very close in price at $250,000 and $255,000 respectively and one at $667,500. 
• Thirteen condos sold ranging in price from $80,000-$1,675,000.

Sometimes there's an obvious trend.  For example, condos that sell mostly in the $300,000-$600,000 range.  That was not the case this week.  Prices were all over the place with no obvious rhyme or reason to it.  Let's take a closer look at what sold:

• The two Marco Island homes that sold in the $200's were both inland with no water access.  This would explain their lower prices however, the one that sold on 29 N. Barfield was an exceptional deal.  It

As we roll through August, it gets a little quieter on Marco Island.  While some would say that August and September are the least comfortable months in terms of heat on Marco, this is relative.  It certainly isn't heavenly like the winter months are but it really isn't bad at all.  The average high temperature here in August is 93 degrees.  It's 90 all the way up in Myrtle Beach and I can tell you from experience, Myrtle doesn't get the sea breezes we have here that seem to offset the humidity. Myrtle Beach is an sauna right now.

The real estate market gets a little quieter in August and September, too.  It always seems though, that the buyers that are in town are very serious.  Many of the customers we see these days are here with a real estate

This one isn't gonna last, people.  If you're looking for a bargain on a water-direct home, this might be the one.  For those of you wondering what "water-direct" means, it is a property from which passage under a bridge is not required to reach the Gulf by boat.  Usually, they also have quicker Gulf access also. Check out this listing here.

Besides being water-direct, this home also has a big water view, oversized lot, and  open floor plan.  It has three bedrooms and three baths and 2193 square feet under air.  Total square footage is 3500.  The price-per-foot of this foreclosure is cheap when compared to recent sales.  It's only $194 per foot under air.  The last sale on Sunset was $303/ ft.

Our website has updated listings of all the foreclosures

There were a total of eleven beachfront condos and waterfront condos listed this week with many of them looking like great buys.  Five were located in the South Seas community alone!  The lowest priced one was in Seabreeze South.  While not directly on the water, Seabreeze sits right across the street within easy walking distance of the beach.  The unit currently offered for sale is a 1BR/1BA listed at $119,500.  The Seabreeze community offers a clubhouse and one of the largest pools on the island so for the price and location, it really looks like a deal to me.

South Seas is a gated community consisting of four towers right on the beach and several waterfront condos with gulf access.  Four of the new listings this week were in the beachfront

Even if you've purchased several homes in the past, there always seem to be costs at the closing table that you weren't prepared for.  While mortgage brokers are now required to disclose all of their closing costs, there are other costs not associated with a mortgage you will need to be aware of.  This is especially true if this is your first home.

1. Appraisal Fee- While appraisals tend to be very subjective, they are still required by all lenders.  The appraiser will compare the home you're interested in buying to other homes with similar features in the same neighborhood or area that have recently sold.  They like to use data from the last 3 months but will go up to 6 months out if necessary.  Costs range from $175-$500 depending on the size of

Wow!  I've been telling you that the low-end is evaporating but we still see something under $50,000 once in a while.  If you're a first-time buyer, investor, or on a fixed income, we have a deal for you.  This home in south Naples is a foreclosure that just came on to the market this week.  Built in 1977, it's a ranch and has 1292 s.f., three bedrooms and 2 baths.

The home is located in the Naples Manor subdivision where sales have been brisk all year.  So far, there have been 33 sales ranging from $53,500 up to $145,000.  So, this will be the lowest sale price this year unless multiple bids bring the price up 10 grand.

If you've been seaching for a foreclosure on Marco Island or nearby as is the case here, you know time is of the essence.  If you

Calculating property tax in Florida can be a little more complicated by the variety of discounts one may be eligible to take.  The big one is the homestead exemption which is basically a discount available if your Florida home is your primary residence.  We thought we'd summarize the rest of the discounts for you today.

The most important information to take from this article is that the taxes shown in the public records for a particular home may be quite different for you when the taxes are recalculated.  Every person has different eligibility and this means two people will be taxed entirely differently on the same property.  Before you buy your Marco Island property, ask us for a tax estimate and will have one calculated for you.

EXEMPTIONS: