Gary & Sandy Elliott
Last week 364 condos were for sale on Marco Island. The lowest priced condo on the market is an inland efficiency at Southwinds, listed for $110,500. The highest priced condo is listed at $9.9 million for 13,528 square feet of luxury at Cape Marco. One way to look at the market is the size of the condos listed for sale. There is quite a range of prices in each segment depending on the location, age and the amount of renovations.
The market is roughly divided into four equal segments of small, medium, large and jumbo condos. Small condos on the island start at 400 square feet and go to about 900 square feet, with an average size of 700 square feet. Ninety-two condos, or about 25% of the market last week, are in this size range. They are listed from $110,500 for the Southwinds efficiency mentioned above, to $569,000 for an 876 square foot, two bedroom, two bathroom extensively renovated and upgraded unit at the Admiralty on the beach. Small condos average $389/square foot but range from $146/square foot for a two bedroom one bathroom at Wexford Place to $942/square foot for a one bedroom one bathroom at the Apollo on the beach. A typical example would be a two bedroom, one bathroom inland condo listed at the Aquarius for $189,000. These smaller condos were typically built in the 1960s to the early 1980s.
Medium sized condos represent another 25% of the market, and range in size from 901 square feet to 1,150 square feet, with an average size of 1,050 square feet. These condos were primarily built in the 1980s, 1990s and until 2001. They range in price from $167,500 for a two bedroom two bathroom condo at Pinehurst, to $999,500 for a two bedroom, two bathroom condo at Marco Beach Ocean Resort. The condos at South Seas Club are typical of this size. Average price is $426/square foot but range from $172/square foot to $975/square foot.
Large condos are another quarter of the market, and range in size from 1,151 square feet to 1,900 square feet and are priced from $199,000 to $1,300,000. These condos were built in the late 1970s until 2004. Average price is $410/square foot, but range from $156/square foot to $815/square foot. An example is a 1,500 square feet condo at Breezy Point listed for $559,000.
Jumbo condos range in size from 1,901 square feet to over 10,000 square feet. They are priced from $319,000 to $9,900,000. Average price is $518/square foot, but range from $152/square foot for a three bedroom, two and one-half bathroom at Vintage Bay to $1,240/square foot for a three bedroom, three and one-half bathroom at Madeira. Average size is 3,125 square feet. Most of them were built in the 1990s and 2000s. Representing this segment is a condo at The Mirage on the Gulf, with 2,140 square feet and four bedrooms, three bathrooms, for sale at $875,000.