If you're in search of a second home that is close to the beach, has low fees and taxes and has great rental potential, look no further than Southwind. Sometimes referred to as Southwinds or South Wind, this pristine condominium is a perennial favorite on Marco Island. Currently, there is only one unit available in the 80 unit complex. Obviously, condos in Southwind are in demand. In fact, condos under $100,000 on Marco Island are soon to be extinct.
The one unit currently available in Southwind is an unfurnished efficiency priced at $73,800. It such a good deal, I had to blog about it. It is a foreclosure owned by Bank of America. It was last purchased in 2005 for $189,000. Maintenance fees are only $280 per month and include master insurance, cable tv, water & sewer, lawn maintenance, landscaping, trash removal and management. Property tax is only $655 per year.
With mortgage rates in the basement these days, it has never been easier to get into a second home. With 20% down, at 4.5%, your payment would only under $325 per month. By renting your Southwind unit out part of the year, you could cover many if not all of your expenses.
In all likelyhood though, the buyer of this unit will pay cash. Cash investors are gobbling lower priced condos up on Marco Island with the intention of selling in a year or two, locking in big profits. If the last year or so is any indication, the up-trend will continue. Certainly, anyway you look at it, the downside risk cannot be lower than it is right now. That same sentiment applies to real estate in all price ranges on Marco Island and most of Florida. The only Florida real estate that seems to be getting a little bit frothy so far is in Miami. As a reult, we've seen a lot of Miami investors taking Alligator Alley over to this side to see what bargains they can grab on Marco Island and in Naples.
Southwind is a great opportunity. Did you ever imagine that you could get a place on Marco Island for under $75k. How about one so close to the beach. It is literally a block from the tiki huts and white sand of Residents' Beach. If you wait, you'll miss it. The crash in Florida real estate prices was a dream come true to those of us that have fantasies of a life on sunny Marco Island. These prices are dissappearing fast, though. Call The Boyle Team today to pick your dream condo. Maybe it'll be this one in Southwind.