For the last few years now, the word "foreclosure" has been on the lips of half the buyers that contact us. Now, the vast majority of those don't limit their home shopping to foreclosures. In fact, very few actually buy one but it certainly has been a well-worn topic. These days, foreclosures have all but disappeared from Marco Island. The Marco Island MLS currently shows only four foreclosures on Marco Island. For any variety, you are going to have to look for foreclosures in Naples, FL.
Where have all the foreclosures gone? Well, there were never that many to begin with - on Marco Island, that is. Marco certainly took a hit when the market collapsed in 2006 and our foreclosure rate climbed
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
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
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