One of the great things about living on Marco Island is the ability to own a condo with access to the Gulf right in your backyard. As I discussed in one of my recent blogs, there are numerous beachfront and waterfront condos for sale on Marco with boat docks included that require only a short boat ride to the Gulf. The best way to judge value when you're thinking about making an offer on one is to look at what has recently sold. In August alone, six waterfront condos sold. Let's look at these a little more closely and see if we can spot any trends or interesting information.
A condo in Smokehouse Bay sold on August 21 for $230,000. The list price was $249,000 so the buyers knocked a little over 8% off of the asking price. This condo is water direct which is a big selling feature. This means that you can own a larger boat because access to the Gulf does not require you to go under any bridges. It also takes less time to get there. This particular unit was a first floor, corner unit with numerous upgrades including cabinets, flooring and appliances in the kitchen and baths. It was also a 2BR/2BA with over 1000 air conditioned square feet and within walking distance of The Esplanade shopping and dining complex.
Palm Isle had one that closed on August 15 for $277,000; asking price was $299,000. Also a 2BR/2BA, this unit was over 1100 air conditioned square feet. This completely remodeled condo was close to South Beach, featured granite countertops in the kitchen and baths, a new seawall and dock lifts in 2008 and also had hurricane shutters.
Next was one in Eagle Cay that sold for $280,000 with an asking price of $325,000. A 2BR/2BA featuring 1125 square feet, it came turnkey with beautiful views of Caxambas Pass and Roberts Bay. Its close proximity to The Estates was another thing in its favor.
One sold on August 7th in Islander Cove in only 99 days for $345,000. They priced that one right with an asking price of $349,000. Another 2BR/2BA with 1168 square feet, this was a top floor, corner unit with great views. It also featured updated tile and hardwood floors, a boat dock and a private garage!
Bayfront Place had one sell on August 9th for $350,000 with an asking price of $399,900. This very private unit featured 3BR/2BA, 1660 square feet, a 35 foot dock and lift and a one car garage. Located on Smokehouse Bay, it also included high ceilings and was a ground level unit.
Last but not least, Pier 81 North had a 3BR/2.5BA with 2275 square feet sell for full price at $677,000! This corner, end unit featured 3 lanais and panoramic views of the Marco River with direct access to the Gulf of Mexico. It did not include a dock, but the complex offers them for lease or purchase. This beautiful condo also had a private entry and was professionally decorated.
If you look at the sales in August alone, you can see that the inventory is starting to shrink. Sellers are getting much closer to asking price than they once did and some of these complexes no longer have any units for sale. The time to buy is now! For more information on any of these condo complexes or any others on Marco Island, contact the Boyle Team anytime for more information.