The inventory of foreclosures on Marco Island has been steadily shrinking over the last year. It's great news for our market. While Marco Island had a relatively low foreclosure/total sales ratio, foreclosures still brought down the broader market. With the foreclosure inventory drying up, prices will naturally rebound. We've already seen this in condos and lots. Prices have popped a little this summer.
What has been described as an "over-correction" seems to now be righting itself. Just as the market spazzed-out from 2004 through 2007, it overreacted in the other direction as well. This has resulted in a huge buying spree that has continued into our off-season on Marco Island. We are seeing value-buyers in droves grabbing up anything that appears to be priced low. Even banks aren't pricing the foreclosures aggressively anymore because the market is showing strong signs of firming up. For a little more info on market stats right now, check out our article on the mid-summer real estate market on Marco Island.
Our website, BuyMarco.com, is showing 27 foreclosures right now listed in the Marco Island MLS. This is essentially normal. We probably won't ever see this number very much smaller than this. For buyers, the good news is prices are still super-low and if you're prepared to move fast, you can still grab a bargain. On Marco Island itself, the foreclosures range from a lot for $49,000 up to a home with direct access for $399,000. To see any Marco Island foreclosures in person, contact The Boyle Team anytime.