Marco Island Real Estate Blog

Happy New Year everybody! 2013 is here and 2012 is now in the record books.  Today, I'm going to open the Marco Island MLS record book and share some stats with you on what can only be described as an incredible year.  Prices are up. Volume is up. Spirits are up.  The market has turned around solidly.

Over the last few years, we all have been attempting to read the tea leaves to determine when the bottom of the market had been finally reached.  From early 2006 until 2009,  we watched the Florida real estate market free-fall.  Prices plummeted.  Foreclosures skyrocketed.  There seemed to be no bottom. Finally in mid-2009, the free-fall subsided and prices have started to stabilize slightly but still were creeping lower.  Any tiny spike was proclaimed

In the past week, we have seen several good deals come on the market.  Holiday or not, now is still a great time to buy!  Fifteen homes went on the market; here are a few of my pics:

811 Scott Dr. is my #1 choice for deal of the week.  Located in the prestigious Estates area, it's priced at a reasonable $324,900.  Most of the homes in The Estates are in the million dollar range so if you want access to this exclusive neighborhood, here's your chance.  This 3BR/2BA home sits on a large, 1 acre lot and has over 4000 square feet.  It may well be the best deal on the island!  While it needs some updates, for this price, you could turn it into your own private estate.

Another home I really like is 1057 Cottonwood Ct.  We don't often have brand new

Inventory is shrinking in Old Marco.  This special neighborhood in the northwest part of Marco Island has a more laid back vibe than other parts of the island.  You can almost fool yourself into believing you're in Key West!  Lots of palm trees everywhere and restaurants within walking distance make this neighborhood feel like a vacation town.  Check out these great listings...

829 Palm St. is a unique, multi-family home that includes three permitted rental units: a 2BR/3BA, 2BR/2BA and 1BR/1BA.  There are huge under-building carports and storage areas, screen porches overlooking the waterway and a boat dock and lift.  Lots of extensive, native foliage too.  All of this for only $849,000.

1101 Edington Place is an amazing buy.  Sitting on a 160'

I'm happy to report that our market is going strong and shows no sign of letting up!  The Marco Island Area Association of Realtors has compiled the numbers for the month of November:

• 85 Total Properties Closed- $44 million dollars in total sales (this includes Commercial and Time Shares)

• 28 Single Family Homes Closed- $19 million dollars in total sales, average sales price $678,000

• 42 Condos Closed- $20 million dollars in total sales, average sales price $477,000

• 14 Vacant Home Sites Closed- $3 million dollars in total sales, average sales price $219,000

96 Total Properties went under contract in November:

• 33 Single Family Homes

• 47 Condiminiums

• 14 Vacant Homesites

Current Inventory:

There is a new top dog on Buymarco.com.  This time it's a beach condo, but not just any beach condo.  There is a great unit for sale in Tradewinds at a great price.  This two bedroom / two bath is priced at only $245,900.  That's a steal for a beachfront condo on Marco Island and it won't last long.

Tradewinds is one of the most picturesque condos on Marco Beach.  It was built in 1972 so it's one of the originals.  The red roof is somewhat of a land mark and makes Tradewinds stand out from the other highrises.  Many people think the building was constructed at an angle to the beach to be perfectly aimed at the sunset but this is not the case.  It was actually a blunder that was corrected on the fly. 

You see, the Mackle Brothers who developed Marco

Hideaway Beach Club is an exclusive neighborhood on Marco Island unlike any other part of the island.  It features the only beachfront, single-family homes available on the island and is also one of the only gated communities.  The amenities available are fabulous and include: private beach access, a beacfront pool, spa and clubhouse, tennis, and golf.  Hideaway Beach is definitely one of the premier spots on the island.

There are currently 37 homes and condos available on the island: 16 single-family homes and 19 condos.  Several of these are great deals so, if you want the luxury that Hideaway Beach provides, you better jump before they're gone!

For $379,000 you can get a 2BR/2BA condo with 3134 square feet.  Unit 233 at The Habitat features

Where in the world can you buy a two bedroom / two bath condo with a boat dock ($400 per year) and immediate Gulf access for less than $200,000?  Marco Island - that's where. But Marco Island is expensive, right? Not any more.  The real estate market in Florida appears to have started to inch up from the bottom but the bargains are still all over the island.  This is one of them.  This very condo sold for $510,000 in 2005.

Sounds pretty good, doesnt it?  But it gets better.  This condo has great water views and a screened lanai.  There is a swimming pool, a fishing pier, and is close to some of Marco Island's most popular restaurants.

Located on the north side of the Island in the Old Marco section, Marco Inn Villas is located right where you want

In the last week, there were four new water direct, single-family homes that hit the market.  Let's take a look from highest to lowest price:

827 Chestnut sits on a large lot with only a quick boat ride needed to get to the Marco River.  This immaculate home features 3BR/3BA, 4136 square feet, a Living Room with vaulted, wood ceilings, Pool and Spa and even a Dock and Lift!  It's priced at $415,000.

The next new listing is on Apataki and includes 3BR/2BA and 2479 square feet.  Located in the desirable River Area, this home has a boat Dock and Lift, an oversized 2.5 car garage, and brand new Kitchen.  Its price of $625,000 sounds like a good deal to us.

620 Partridge is a Custom Built 3BR/2BA home with 3022 square feet.  Just a short distance

Wow! It's been quite a year for vacant lots on Marco Island.  The market, in general, has been strong all summer long.  Median prices are up for homes, condos, and lots but the stand-out statistic is the volume of lots sold.  So far this year, we've sold 196 lots.  Last year by this time, we had sold 107.  That's an 83% increase!  It's incredible.

To what can we attribute this incredible demand?  Well, construction died in Florida a few years ago.  If you live in Florida, you're probably aware of a couple of neighborhoods that are still ghost towns to this day.  New home construction came to such an abrupt halt in 2007 that some homes were even left half-built.  Builders were going bankrupt under heavy debt loads that could no longer be supported by

There are several reasons why buying before the end of the year could be a great investment.

1. Tax benefits:

Mortgage Interest Deduction: To take advantage of this deduction for 2012, buy before the end of the year.  Even though your deduction will be small since it will only be on 1 month of interest, it's better than nothing.  You can deduct on any mortgage debt up to one million dollars.

Mortgage Insurance Premium: If you have PMI because your down payment was less that 20%, you may be eligible for a deduction.  The deduction would be on the interest paid on your PMI payments.  The caveat is that your adjusted gross income must be below $100,000.  Incomes over $100,000 will have a reduced deduction of 10% for every $1000 over the