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        <title>Marco Island Real Estate Blog</title>
        <link>http://www.buymarco.com/blog/florida-real-estate/</link>
        <description>Your resource for Marco Island real estate news. This Marco Island blog is updated regularly with homes for sale, recently sold homes and condos, market conditions and other useful information.</description>
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    <guid>https://www.buymarco.com/blog/the-florida-housing-market-is-on-fire-will-it-burn-to-the-ground.html</guid>
    <link>https://www.buymarco.com/blog/the-florida-housing-market-is-on-fire-will-it-burn-to-the-ground.html</link>
        <author>dan@buymarco.com (Dan Boyle)</author>
        <title>The Florida Housing Market is on Fire - Will It Burn to the Ground?</title>
    <description> <![CDATA[ 
Good Times


Are we experiencing a real estate bubble? By all accounts, the Florida housing market saw some vigorous activity in 2020. Some parts of Florida saw sales volumes increase over 50 year-over-year. Prices have moved up steadily during the period too. Incredibly, the pace has only increased in the first two months of 2021. Tempered only by the low inventory, it appears that the strong surge in market activity won't slow down anytime soon. With all of the disruption caused by Covid-19, many have opined that a crash, or at least a correction must lie around the corner. But does it?


The Florida Housing Crash of 2006


Yes, it's been fifteen years already since the Florida housing market reversed course and entered a freefall that would take five years to hit rock bottom. If you owned Florida real estate during the slide, I don't have to remind you how unsettling a ride it was. Fortunately, as Barbara Corcoran has said, &quot;A funny thing happens in real estate. When it comes back, it comes back like gangbusters.&quot; And it did. Florida real estate regained its losses and then some fairly quickly. 


So that's great. We're all good now, but nobody wants to ride that roller coaster again. 


Are conditions similar now to what they were in 2006? Are we about to experience the same thing again? Are we actually witnessing the &quot;irrational exuberance&quot; that often precedes market collapses? Let's take a look.


Cautious Optimism


There is never a shortage of pundits willing to predict the future. Forecasts of the Florida housing market run the gamut from doomsday scenarios to no-lose propositions. Perhaps the most solid case has been made for something in between. We expect a strong and stable Florida real estate market in 2021 and beyond. Why? Because several key contributors to the housing bubble bursting in 2006 are not present in 2021. More importantly, essential factors that will support the market now were absent then.


Mortgage Rules


Rules governing mortgage brokers and appraisers have been instituted to prevent the widespread abuse rampant in the early years of the Millenium. In 2005, it was not an exaggeration to say that &quot;if you wanted a mortgage, you could have one.&quot; Corruption in the mortgage industry was rampant. It wasn't unusual to see LTV( loan-to-value) ratios of 125. Even crazier, banks offered loans that didn't require income supporting documents. &quot;No-doc&quot; loans were everywhere and for everyone. Finally, phony appraisals would seal a deal destined to fail. In retrospect, the crash was inevitable for one reason - no equity.


Equity


Without equity, homeowners had no skin in the game in 2005. They had no financial reason to hold on to their homes. As foreclosures rose and property values fell, walking away became the obvious answer for many.


These days, only 3 of U.S. homeowners are upside-down (have negative equity) in their houses. Despite the hard-hitting Covid shutdowns, the U.S. homeowner's equity is high. In some markets like Marco Island, equity rates are exceptional. This is continuing. The rate of new cash purchases has been strong in 2021 despite interest rates down in the 2.5 range. With equity like this, we're confident that the low-interest rates are not artificially inflating home values. Moreover, the high equity percentage will minimize foreclosures in 2021.


Foreclosures


Foreclosures became so common between 2007 and 2012 that many Realtors sold little else. Banks were dumping more repos and short sales on the market every day back then. Property values plummeted in Florida. Some are predicting a similar fallout this year.


As of March 3rd, the foreclosure moratorium instituted during the Covid period is still in effect and will stay in place until at least June 30th. Does this mean a flood of foreclosures will hit the market when the moratorium is lifted? Currently, 12 of mortgages are in arrears. This number is usually in the 4.5 range. With delinquency rates nearly three times the norm, some have surmised that a surge in foreclosures similar to the crash is imminent. We think this is highly unlikely. Here's why.


There are two excellent reasons. First, as I mentioned, is the high equity rate. With skin in the game, homeowners will fight to hold onto their homes. The second reason that the foreclosure numbers aren't expected to be that bad is the banks. Banks make money by keeping loans rolling. Even with equity rates high, foreclosures are bad for them. They don't want them. They will most likely be modifying loans rather than foreclosing. Small delinquencies will be managed by temporarily raising payments. Big delinquencies will be corrected by adding the missed payments onto the end of the loan along with a penalty. Homeowners will jump on this. 


So, for you guys (like me) dreaming of a flood of cheap real estate, don't hold your breath. We're wishful thinking. Besides, demand is so high, absorption of the foreclosures that do pop up will be so quick that it won't drag the market down.


Marco Island


On Marco Island, we haven't even seen the first sign of a distressed property bonanza coming on the horizon. Just the opposite, actually. We hear daily now from buyers who believe the stock market has much more downside risk than upside potential. They're looking at Marco Island's blue-chip real estate as a good alternative for short and long-term investments. This is yet one more factor putting positive pressure on the Florida home prices going forward.


Strategy


So, what's the best strategy? Well, it's a seller's market and it's very competitive. Fortunately, prices aren't out-of-control yet. Decisiveness is going to be the difference between winning and losing. Time is of the essence.


Develop a plan with an agent that is successfully grabbing good properties for her buyers. One that knows how to avoid bidding wars when possible and how to economically win them when necessary. We've had great success with buyers making offers without physically seeing the properties. Of course, you have to trust your agent implicitly to pursue this strategy, but it is effective. We haven't had a buyer yet that was dissatisfied with their purchase.


Feel free to contact us to discuss the latest market news and to develop your plan to own Marco Island real estate.


 
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    <pubDate>Wed, 03 Mar 2021 10:35:00 -0500</pubDate>
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    <guid>https://www.buymarco.com/blog/very-cool-old-video-of-marco-island.html</guid>
    <link>https://www.buymarco.com/blog/very-cool-old-video-of-marco-island.html</link>
        <author>dan@buymarco.com (Dan Boyle)</author>
        <title>Very Cool Old Video of Marco Island</title>
    <description> <![CDATA[ 
See the island you love before it was transformed by the Mackle Brothers into the greatest place on Earth. This video was shot circa 1964, just as construction was beginning. See the original sales models that depicted the development in detail. It's fun to see the undeveloped island, now that we're so familiar with the final product of the Mackle's vision.


Deltona started selling property here in 1965.


Video Transcription


This is Marco Island - sometimes called Florida's last frontier. Over two thousand years ago, it was inhabited by Calusa Indians, who left enormous shell mounds as monuments. Then came the Spaniards, and after them, the Pirates, who it is said buried on the beach the gold they looted from the Spanish galleons. Its modern history begins about 1880 as we see it here spread out beneath our wings. Marco presents a panorama of verdant splendor.







If you like the video, Like us on Facebook. We post the coolest Marco Island stuff.







The largest of the ten thousand islands, Marco has the highest elevation, rising in the interior to over 50 feet above sea level. The island encompasses nearly 7,000 acres, including over a hundred and fifty acres of beachfront extending over three miles along the western shore. Marco lies in the Gulf of Mexico, just off the southwestern edge of Florida, about 28 miles south of Naples and a hundred and four miles west of Miami. Our mission to explore and photograph the island led us to some fascinating discoveries about its past its present and its exciting future.


Crossing the bridge from the mainland, we left behind the hurried pace of the every day and entered the tranquil world of another time, almost another era - the remote, quiet and beauty of the South Seas.


Our first goal was Marcos magnificent Gulf Beach stretching for three miles and a graceful Crescent of sparkling white sand. Joe and Eva Yaggie, who have lived in Florida for many years, made their first trip to Marco with our camera crews to discover with us the magic of this subtropic Wonderland. Shell's by the millions wash up on Marco’s beach. Occasionally a rare specimen turns up, and the youngsters who live on Marco can usually spot it. The young man describing the shell to the others is an island boy who has learned the history and lore of Marco from his Dad. He took great pride in helping us.


Much of Marco Islands history is revealed in the shell mounds built by the Calusa Indians so long ago, but our island guide took us to one of the huge mounds that he and his Dad had opened a few days before. Some of these mounds cover an area of 25 to 30 acres to a depth of almost 30 feet. The Indians who piled up these shale heaps must have existed almost entirely on shellfish. Not just shells are found, but bits of weapons and pottery have been uncovered. Bob told us the pottery could be of Spanish origin. Some of the extremely rare items are now on display at the University of Pennsylvania Museum.


On the winding road through the center of the island, we came to one of the highest points on Marco Island, 40 feet above sea level and the only modern home presently in the interior. The view from this isolated spot was breathtaking.


Continuing our exploration on foot, we stopped to sample an island fruit called Cocoplum. Well, it is different. We came upon the vivid berries of the French mulberry planet. We found coffee plants growing wild with the bean blossoming to nut brown goodness. The dainty periwinkle. The Bristling Cactus. The lovely Spirea were guarded by a tall and spike-like Century Plant. In the heart of the island, we came upon a tremendous Live Oak supporting in its topmost branches a variety of wild orchids and resurrection fern.


In the early 1900s, a 30 room hotel called the Heights was built at the top of this path which was once a road. All that remains are a few of the foundation blocks. How's that for a room with a view?


Snook Haven, a harbor, and marina on the southern side of the island so named because Marco has long been famous for Snook fishing. Other varieties include Tarpon, Red Fish, Blue Fish, Snapper, Bass, Sea Trout, and Kingfish. On the north shore, there is a marina and motel called Snook Hole, and it was from here that we decided to try our luck. Bud was an old hand at snook fishing, and with Dick Turner as captain and guide, we set out on a fine sunny morning. Joe and Eva had fished before but never in these waters. Eva gets her first strike.


Nothing quite like a day on the water. We had a chance to see another part of Marco on the return trip. Gorgeous palms, lush vegetation and a look at one of the fishing resorts hugging the shoreline. Then back to the dock at Snook Hole motel.


That's a pretty sight for dinner tonight.


Recently a new era has begun. Great earth movers are changing the face of Marco - changing the pace - moving to a new concept of the future, making this beautiful subtropic island into the most amazing project ever imagined, retaining all the charm of a South Sea island paradise with the added enchantment of a luxurious resort design.


This is the Marco Island headquarters of Florida's famous Mackle Brothers, whose daring and imagination is creating a new future for Marco Island. Come with us again over Marco's magnificent Beach, stretching for three miles in a lazy crescent of sparkling white sand. Now, see it as it will be as we take to the air and fly over this sensational, three-dimensional model constructed with absolute detail to show the Marco of the future. But no model can do justice to the beauty of the area. Every street and park and boulevard built to the exact scale of the master plan. Now, as we approach the geographic center of the island, we begin our descent to an artist's conception of Marco's own telephone exchange now under construction.


Now, as if over the beach, we see far below the sumptuous motel already begun and here as it will be when completed.


To the north and near the planned new causeway, a second entrance to Marco is the site of the Marco Island Yacht Club, gracious in design and perfectly located. This, then, is a glimpse of the future of Marco.


Here in this wide and wonderful world of sand and sea and sky will be the new Marco Island. Joe and Eva find the fun and beauty sufficient for today's enjoyment.


Our mission accomplished, we turn back in space and time from this last frontier to remember it as it is and was and to return again to marvel at the sweep of man's imagination when coupled with nature's loveliness.
 ]]> </description>
    <pubDate>Fri, 23 Feb 2018 08:46:00 -0500</pubDate>
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    <guid>https://www.buymarco.com/blog/buying-florida-property-during-the-busy-season.html</guid>
    <link>https://www.buymarco.com/blog/buying-florida-property-during-the-busy-season.html</link>
        <author>dan@buymarco.com (Dan Boyle)</author>
        <title>Buying Florida Property During the Busy Season</title>
    <description> <![CDATA[ 
&quot;Season&quot; is in full swing on Marco Island and Florida in general. This is the time of year when the snowbirds from the frozen north fly down to thaw out under the famous Florida sunshine. Everyone is having fun having escaped the frigid grip of Mother Nature. Nothing could be more natural than wanting to buy a piece of real estate here when you realize that you're walking around in shorts in February.


For those of us in real estate, this is our busiest time of year. Buyers and sellers alike attempt to cram a year's worth of transactions into four months. Now, any time of year, it's essential to approach your real estate purchase with due diligence. But, in this busy real estate marketplace, you need a special strategy to ensure success. To make sure your Marco Island, Florida dreams become a reality, we've compiled a few tips that will help you prepare. The old saying, &quot;preparation prevents poor performance&quot; couldn't be more accurate than it is when it comes to buying real estate on Marco Island during the busy season.


Before Arrival


Let us know your schedule: Any Realtor® worth their salt has a pretty full calendar in season. Blocking off your time with an agent that knows all the ins and outs of the area is just like anything else. The sooner you do it, the better off you'll be. By reserving your time in advance, you ensure that an expert is available and can devote their undivided attention to your goals. Waiting until the last minute to schedule an appointment has a few pitfalls. You could end up in the hands of a novice. Buying any kind of real estate is just too big of a deal to entrust an amateur with the details. You want a professional focus on your goals.


Keep the lines of communication open: It takes more time and energy to set up a day of showings than you can imagine. Scheduling some properties require 24 hours notice. Others can only be accessed on particular days of the week. During season, it can be a like a Rubik's Cube of turns and twists to get everything aligned properly. If you have a change of plans, please notify us as soon as possible so that we can rearrange things successfully. We hate to have to exclude a potential favorite just because of a scheduling conflict.


Is Marco Island the right place for you? It's not uncommon to be entirely captivated when you first arrive on Marco Island. It is the stuff of dreams. That said, we have found that immediately starting a property search rarely succeeds. Get a feel for the island first. Drive around and familiarize yourself with the various neighborhoods. Sit down with a Realtor® and get a briefing on the real estate market, what to see, where to eat and stuff like that. Ask a lot of questions. Next, hit the beach or the water. Maybe, eat out a few times. Very soon, you'll find that you'll be much more confident and ready to start looking for your Marco Island home.


Once in Town


Be prepared: Get your ducks in a row. Being unprepared is a surefire way to lose your dream home at the last minute. Be sure to have a lender's pre-approval letter or proof of funds before you make an offer. Sellers want to see this to confirm that they have a legitimate offer that will make it to closing. Skipping this step will weaken your negotiation position. What's worse, in season, it isn't uncommon for a pre-approval letter to be the winning point when there are competing offers.


It's very easy to get ahead of the game before you jump into your Realtor's car. Just knock out a few items up front, and you won't waste precious minutes when the time has come to make your offer. First, choose your title company of attorney. Make sure your earnest money deposit is accessible. Make sure your pre-approval letter is ready to go. If you're paying cash, get your proof of funds document. Choose a home inspector. Your BuyMarco.com Realtor® can help you with all of this. You should know that we accept no commissions, kickbacks, gifts, favors or anything else from any vendor we recommend. We only have one criterion when we suggest a vendor - that they have done right by our clients.


Act fast: This part can't be overemphasized. I should be writing in all caps but I won't. Your favorite property is also the other guy's favorite The four properties that you looked at that didn't excite you will be available next week. The awesome one won't be. This law applies year-round. During season it goes up a notch. The good ones fly off the shelves. It's frustratingly common to submit an offer only to hear that the property just sold. Equally common is having your nice little negotiation crashed by a competing bidder. Invariably, our lecture on this topic is met by skepticism followed by anger when a favorite house or condo is lost. Don't be fooled. Long &quot;Days on Market&quot; is absolutely no indication that a particular property will not sell today. To reiterate, your favorite is their favorite. Don't doubt me on this. Get ready to pounce and get any questions you need answers to out front early.


Other ways to be prepared: It's all about knowing what's coming and being ready for it. If you like to read every word of every contract, tell us and will email you a copy in advance of your appointment. We can discuss things like inspection periods, what's negotiable in an inspection and what's not, negotiation strategies, and a million other things. Not only will this preparation save valuable time when it counts, it will help you move confidently towards your goals.
 ]]> </description>
    <pubDate>Thu, 15 Feb 2018 15:54:00 -0500</pubDate>
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    <guid>https://www.buymarco.com/blog/canadians-find-a-way-to-avoid-estate-taxes-in-the-us.html</guid>
    <link>https://www.buymarco.com/blog/canadians-find-a-way-to-avoid-estate-taxes-in-the-us.html</link>
        <author>dan@buymarco.com (Dan Boyle)</author>
        <title>Canadians Find a Way to Avoid Estate Taxes in the U.S.</title>
    <description> <![CDATA[ 



A lot of Canadians have second homes in the United States because they like to travel and enjoy spending their vacation time in areas where the weather is inhabitable Canadians actually are the leaders when it comes to foreign home purchasers in the United States. Are you a snowbird, or do you want to be? It's no secret that there are some great places in the U.S. where you can purchase a vacation home, but you might be worried about taxes. These are one of the most problematic things about purchasing that vacation home, and can make your investment a lot more of a problem than you thought it need to be. But, don't fear With the tips below you may be able to minimize your taxes


What About Title and Ownership?


A lot of people don't realize that when the owner of a property dies in the United States, the U.S. estate tax liability can arise. This happens when the transfer of the taxable estate happens. And, if the property is held jointly, that can cause a lot of problems for the other person that is still living. Unfortunately this means the value can be taxed twice. You'll need the help of real estate agent in Marco Island to deal with local probate fees in the event of an owner dying, and that can mean additional court fees as well as legal fees.


Corporation Holding for Purchases


In the past, many Canadians would keep their properties in the United States in Canadian corporations. The rules have actually changed, and there are now applicable taxes for individuals who use the property personally. This can mean you have to deal with taxes you thought you could avoid, but avoidance will only happen if you had put the property in the corporation before 2005. If not, it's best to avoid using a Canadian corporation for your property in the United States.


Should You Use a Trust?


Joe Samson, a real estate agent in Calgary, says that many Canadians these days consider choosing a trust to hold their property in the United States. This is because it allows one person to transfer the title to another person. The trustee would then be able to hold the assets for beneficiaries. Since the trustee would be the one to purchase the property in the U.S in the name of the trust, this would result in being able to avoid taxes as part of the U.S. estate of the settlor (the person who transferred the title of assets). Okay, so what does all this mean? Basically that if you plan on purchasing a home in the United States, using a trust is a great way to avoid estate taxes


To find out more about all of this (and ask questions that I'm sure you have), give us a call at 239-963-6268. It's always important to speak with an experienced real estate agent before you make big purchases like this, especially in other countries. There are a lot of rules and laws that you have to abide by, so knowledge is important and experience is a must
 ]]> </description>
    <pubDate>Tue, 18 Feb 2014 12:39:00 -0500</pubDate>
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    <guid>https://www.buymarco.com/blog/black-friday-in-florida-real-estate.html</guid>
    <link>https://www.buymarco.com/blog/black-friday-in-florida-real-estate.html</link>
        <author>dan@buymarco.com (Dan Boyle)</author>
        <title>Black Friday in Florida Real Estate</title>
    <description> <![CDATA[ 

We are all familiar with Black Friday - the day after Thanksgiving when Christmas shoppers, trying to grab bargains, have been known to fight over merchandise.  It's beginning to feel a lot like Christmas - if you know what I mean.  The Florida real estate biz is humming like we haven't seen in years.  In certain price ranges and neighborhoods, buyers are getting worked up into a frenzy.


Here's a little anecdotal evidence for you...  I've made four offers for a single client of mine over the last few weeks and we haven't been able to even negotiate them.  In three of the four, there were multiple offers.  With these, our good offers we beaten by full-price offers or similar offers that were preferable because they were cash.  In the remaining case, the seller simply refused our good offer stating that there have been so many showings of her home that she will be holding out for a full-price, cash offer.


Now, this story is extreme because the houses are in the very hot low $100s, north of Marco Island, but similar stories are being told in all price ranges.  The market has clearly shifted to a &quot;buyer's market.&quot;  The shift has been so dramatic in the last few months, that many buyers can't accept the reality.  We are still getting low-ball offers on a regular basis.  The difference is in the buyer's reaction to the low offer.  A year ago, any offer was met with some regretful consideration by most sellers.  Those days are gone.  Now, they flatly reject them and are reluctant to look at any further offers from the offensive low-baller.  They are feeling a little macho these days - a feeling that haven't experienced in six long years. Sellers are now very confident that another offer is around the corner and they are happy to wait.


So, what should a buyer do?  First, understand that the market is still oversold.  Despite the long-awaited reversal of the price curve,  we are still near the bottom of an extremely deep trough. Historically, we are still priced around 2003 or 2004 prices which is before the real estate bubble started inflating.


Buy now  If you wait, even a few months, you will pay more.  It's as simple as that.  Waiting for a dip in the market before buying means you simply won't be buying. Want more proof?  Stay tuned for my article on the F-word.  Yep. Flippers are back and they are making money.


 
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    <pubDate>Thu, 28 Feb 2013 09:35:00 -0500</pubDate>
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    <guid>https://www.buymarco.com/blog/what-is-so-great-about-marco-island.html</guid>
    <link>https://www.buymarco.com/blog/what-is-so-great-about-marco-island.html</link>
        <author>dan@buymarco.com (Dan Boyle)</author>
        <title>What Is So Great About Marco Island?</title>
    <description> <![CDATA[ 
If you're on our website, you're probably thinking about buying property in Florida. Most of you have probably looked around Florida and already decided on Marco Island, but some of you may still be undecided.  There are so many great towns out there like St. Augustine, Vero Beach, Key West, Clearwater, Sarasota and a dozen more.  They're all different, but they're all great Florida towns.  Deciding where to land when you make the leap can be tough.


Sarasota Is The Best?


I was in your shoes not too long ago.  My wife and I had decided that Sarasota would be the best place to finally start our Florida lives.  Twenty years in the making, we were finally going to do it.  We had vacationed down here so many times, we lost count. We loved Florida, but uprooting ourselves seemed like too big an undertaking.  Now, it wasn't like we didn't know anyone down here.  With so many visits to Florida,  we even had developed Florida friendships during our countless trips to escape cold, boring winters up north. So, the time had come.  It was now or never.  &quot;Let's go&quot;.


So, Sarasota is the place. The atmosphere is great there.  Shopping, dining, work, fun - Sarasota is perfect.  &quot;What if we're wrong, though?&quot;  We battled these thoughts continuously.  From a practical standpoint, there were great work opportunities in Florida and as far as owning real estate goes, we were buying at the bottom of the market.  That part was a no-brainer.  Sarasota was close to friends and hobbies, too.  As we got closer to making it all happen, the doubts continued to try to sabotage our dreams.  If we were really going to do this, we had to be sure that there wasn't some idyllic place we hadn't yet discovered or explored.  If we were going to make this leap, we needed to make sure we got it right the first time.


So, we went on an exploration or every corner of Florida - just to rule them all out before we moved to Sarasota.  The exploratory trip was going as planned.  As we traveled through St. Augustine, Daytona, Cocoa Beach, Vero Beach, Boca Raton, Venice, Stuart, Punta Gorda, and ten other &quot;best places to live in Florida&quot;, we grew very confident in our decision.  We were Sarasotans


The Bridge


Then the wheels came off.  We crossed the bridge onto Marco Island.  It was totally different.  Water and palm trees everywhere.  I mean everywhere - not like other places in Florida - EVERYWHERE  Clean, orderly, well-cared-for stuff.  The place was refined and totally unpretentious at the same time.  It was an island.  Can we live on an island?


Sure, there are other islands in Florida.  Sanibel and Captiva are awesome. They're different though.  We didn't want to be isolated. Siesta Key is great too, but if you need anything, you have to get into the fray of the city.  Also, when the inland folks want to go to the beach, they pile onto Siesta.  Then there's Key West?  Great place to visit. I wouldn't want to live there. Marco Island just turns out to be the best of all worlds and there are a few unique characteristics of Marco that have made it so perfect.


Why It's So Great


First, it's remote without being isolated.  The long road that separates us from Naples serves a great purpose.  Marco Island offers just about anything you could want in terms of fun, dining and shopping but there are occasionally times when what you want isn't here. We are close enough to the Naples to get anything that a larger metropolitan area offers without having to live with the negatives like crime and traffic.  That ten-minute ride down Collier might as well be an hour because the Naples chaos doesn't make its way out here.


The next thing that contributes to Marco Island's uniqueness is the near-private beach.  There are a couple of public accesses but Marco was designed to give the beach to the owners and residents on Marco.  We don't get very many day-trippers from Naples piling in on the weekends.  Our roads are not jammed by thousands of weekend warriors.  Anyone can feel comfortable walking down the main drag anytime of day or night.


So what else?  Well, our economy is very strong.  The confluence of affluence (LOL) seems to make our little hideaway immune from the economical rollercoaster of many other places.  Of course, there was no escaping the burst of the real estate bubble but Marco Island had a relatively low foreclosure rate compared to Naples and other parts of Florida.  Nowadays, the real estate market is recovering powerfully.  


The People Are Great


The people on Marco are great.  The folks here are informed, happy, smart people that want the most from life.  Tennis, kayaking, fishing - these people are dynamic - they're genuine, too.  In fact, I've never worked with a better group of people than the Realtors I work with on Marco Island. Maybe I'm just lucky or maybe this island gets inside you and makes you a  better person.


Marco Island is not just for retired people either.  While there may be fewer kids than your average town, they enjoy good schools and limitless outdoor activities. They ride their bikes to school by the hundreds.  Where else can you safely do that?


Since moving here myself, I have continued to explore Florida.  It's a great State.  The variety of interesting places that are just a few hours away is absolutely incredible.  Every time I come back to Marco Island, though, I am struck by the relaxed feeling that comes over me when I cross the bridge onto Marco Island.
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    <pubDate>Thu, 31 Jan 2013 14:32:00 -0500</pubDate>
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    <guid>https://www.buymarco.com/blog/national-housing-market-strengthens.html</guid>
    <link>https://www.buymarco.com/blog/national-housing-market-strengthens.html</link>
        <author>dan@buymarco.com (Dan Boyle)</author>
        <title>National Housing Market Strengthens</title>
    <description> <![CDATA[ 
Of course, the real estate market here on Marco Island has shown strength in every category for a year now.  The national market has done well too.  It looks as if 2012 will mark the long-awaited turn-around.  Both home sales and prices rose almost every month of the year.  The market was very attractive to buyers and investors all year with record low interest rates, affordable prices and a shrinking inventory.  I think it was this shrinking inventory that prompted so many buyers to leave the sidelines here on Marco Island.


The median sales price is the stat we use to track price appreciation.  Especially in a small market like Marco Island, this statistic is less subject to unrealistic skewing when compared to average sales price.  For the country as a whole, the median price in December was $166,250, 1.8 higher than it was in November and a whopping 7.6 higher than it was in December 2011.  In fact, of the 52 metro areas used in the sample, 48 showed year-over-year price increases and 21 actually experienced double-digit increases.


Margaret Kelly, the CEO of RE/MAX said, &quot;We can finally say that the worst of the housing crisis is now behind us, as 2012 saw dramatic increases in both sales and prices, with home buyers and sellers coming back to the market in numbers we've been anticipating for years.&quot;  The prolonged flat-spot on the price graph has finally inched upward without giving its gains back.  The prognosis for 3013 is even better than 2012. 


It's often said that, &quot;real estate markets are local.&quot;  They are.  I have often been surprised by variations between even markets as closely related as Marco Island and Naples.  However, as the sentiment around the country congeals in to a positive and optimistic feeling towards the future of real estate, markets everywhere are firmming up together.  Certainly, there is hardly a bad buy on the market.  When the priced have been slashed to the extent they were over the last few years,  everything is a bargain.  We all consider those that bought Home Depot stock in 1998 geniuses.  Marco Island real estate in 2013 is like HD was then - largely unknown with the potential of a Saturn 5 rocket sitting on the launch pad.
 ]]> </description>
    <pubDate>Mon, 21 Jan 2013 08:20:00 -0500</pubDate>
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<item>
    <guid>https://www.buymarco.com/blog/election-years-and-home-prices.html</guid>
    <link>https://www.buymarco.com/blog/election-years-and-home-prices.html</link>
        <author>dan@buymarco.com (Dan Boyle)</author>
        <title>Election Years and Home Prices</title>
    <description> <![CDATA[ 



It's August 2012 and we're just a few months from another presidential election.  Of course, nowadays, there are other factors that are strongly influencing home prices besides the upcoming election.  Nevertheless, I thought it might be interesting to see what influence pending elections had on real estate prices, historically.


Well, election years, both presidential and mid-term, are bad for price appreciation.  The uncertainty of the future causes people to sit tight and wait.  In these big election years, U.S. home prices averaged 5.2 gains per year. In non-election years the average gain has been 5.8 since 1969.  When you look at median prices, you get similar results.  Non-election years outperformed election years handily: 6.3 annual gains vs. 5.1


So, what about the other years in the election cycle?  How do they compare to the presidential election year?




Gains in the year of the presidential election averaged 4.5


In the year after a presidential election — that first year of a new White House term — U.S. home prices averaged 5.5 gains.  Not bad.


In the next year, the year of the mid-terms, gains averaged 5.9


The third year of the president's term is where you see the best gains, historically.  This third year has averaged 6.1 since 1969.




I'm not sure what value this has since the crash of real estate prices in Florida a few years ago, but it's something to consider as we approach the election.  Certainly, buyers of Marco Island homes and condos are not considering anything but grabbing some real estate at rock bottom prices.
 ]]> </description>
    <pubDate>Tue, 21 Aug 2012 08:09:00 -0400</pubDate>
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    <guid>https://www.buymarco.com/blog/avoid-closing-cost-surprises.html</guid>
    <link>https://www.buymarco.com/blog/avoid-closing-cost-surprises.html</link>
        <author>sue@buymarco.com (Sue Boyle)</author>
        <title>Avoid Closing Cost Surprises</title>
    <description> <![CDATA[ 



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.




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 the home.


Property Taxes- Property Taxes in FL are paid in arrears and pro-rated at closing.  Since most lenders include your taxes in your monthly payment, if you're getting a loan, your lender will usually receive your tax bill each year and adjust your monthly payment accordingly.


Survey Fee- The FL Realtors sales contract stipulates that the seller must provide the buyer with a copy of the survey if they have one.  If not, the buyer has the option of having one done by a certain date.  You should always have a survey done so you know exactly what you're buying.  Surveys run between $700-$1500 depending on the size of the property.


Property Insurance- Your lender will require homeowner's insurance on the property and will typically roll it into your monthly payment.  If you're paying cash, make sure you shop around for the best rates.  Homeowner's insurance should cover the structure and the contents.  Keep in mind that if you're purchasing a condo, the HOA fees should include homeowner's insurance for the exterior of the structure.  The contents will be your responsibility to insure.


Service Charges- You will need to have utilities hooked up or transferred into your name including power, water, cable and internet.  If you're new to the area, some of these may require additional &quot;hook-up&quot; fees. 


Legal Fees- You should always have an attorney or title company handle the closing.  This insures that nothing has been forgotten.  Your Realtor can help you select a good one.


Mortgage Loan Insurance Fee- This fee is also called PMI and is usually required by lenders on loans with little or no money down.  This typically costs between 0.5-3.5 of the total amount of the mortgage.  Check with your lender for more information.


Mortgage Brokers Fee- Mortgage brokers typically charge a fee for their services but sometimes the lender will absorb their cost.  The advantages of using a mortgage broker over a bank can include a larger variety of programs to choose from with requirements that are not always as strict as a banks.  Banks don't typically charge an origination fee but they can be limited in their options.  Your Realtor can give you a list of banks and mortgage brokers to shop around.


Moving Costs- Moving costs always seem to be more than at first anticipated.  Always get several different quotes and make sure you book far enough in advance.  This is especially true in season.


 Maintenance Fees- Don't forget about your HOA fees if you're purchasing a condo or a home in a gated community.  Sometimes there is also a one time &quot;assessment&quot; due at closing.  Make sure you ask your Realtor about all fees that will be associated with the condominium complex or neighborhood you're going to be living in.


Title Insurance- If you're obtaining a mortgage, the lender will purchase their own title insurance to protect their interests; you need to make sure your interests are protected as well.  This is especially true if you're purchasing a foreclosure.  Rates are typically around $350.  If you're buying a home in Collier County, the seller is required to either transfer their current policy to you or credit you $350 at closing for a new policy.  Check with your Realtor or the title company for more details.


Local Improvements- You may owe fees associated with new sewer lines or other improvements that the city or county has implemented.  These should have been disclosed to you before the contract was signed but always double check with your Realtor just in case.


This should cover most closings but there might be one or two things that are not listed here that might be property specific.  Make sure you use a competent Realtor that will insure your best interests are served and that there are no surprises at the closing table.  Feel free to contact The Boyle Team anytime for questions about closing costs or anything else real estate related ]]> </description>
    <pubDate>Thu, 09 Aug 2012 08:36:00 -0400</pubDate>
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    <guid>https://www.buymarco.com/blog/floridas-homestead-exemption-and-other-tax-discounts.html</guid>
    <link>https://www.buymarco.com/blog/floridas-homestead-exemption-and-other-tax-discounts.html</link>
        <author>dan@buymarco.com (Dan Boyle)</author>
        <title>Florida's Homestead Exemption and Other Tax Discounts</title>
    <description> <![CDATA[ 
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:


Homestead - Up to $50,000.   If your Florida home is your permanent residence,  you are eligible to receive a homestead exemption up to $50,000. The first $25,000 applies to all types of property taxes, including school taxes. The additional $25,000, applies to the assessed value between $50,000 and $75,000 and only to non-school taxes.


Widows and Widowers - $500.   Any widow or widower who is a Florida resident may claim a $500 exemption. If you remarry, you are no longer eligible for the exemption. If you were divorced before the death of your ex-spouse, you do not qualify as a widow or widower.


Disability - $500.   Totally and permanently disabled residents qualify for a $500 exemption.


Blind Persons - $500.   A Florida resident who is blind qualifies for a $500 exemption.


Total and Permanent Disability -   Real estate used and owned as a homestead by a quadriplegic, is exempt from all ad valorem taxation.


65 and Older - Up to an additional $50,000.   Some city or county governments have enacted a local ordinance allowing an added homestead exemption up to $50,000. Naples has this; Marco doesn't.


Disability for an Ex-Service Member - Up to $5,000.   An ex-service member disabled at least 10 in war or by service-connected events may be entitled to a $5,000 exemption on any property he or she owns.


Service-Connected, Total and Permanent Disability or Confined to a Wheelchair -   An honorably discharged veteran who is totally and permanently disabled or requires a wheelchair for mobility resulting from their military service may qualify for total exemption of their homestead. Under some circumstances, the benefit of this exemption can carry over to the surviving spouse.


Discount for Veterans 65 and Older with a Combat-Related Disability -  A veteran who is disabled, 65 or older, and owns homestead property may qualify for a property tax discount based on percent of disability.


Filing and Keeping Your Homestead Exemption -  When a person serving in the Armed Forces owns a property and uses it as a homestead, the service member may rent the homestead without abandoning the claim to the homestead exemption.
 ]]> </description>
    <pubDate>Wed, 08 Aug 2012 08:49:00 -0400</pubDate>
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