Condo Prices and Views Vary by Floor Height

CONDO REPORT
Gary & Sandy Elliott
www.marcoislandcondoguy.net
www.SandyElliottInteriors.com

233 condos were listed for sale on the island last week. Floor height is often a consideration by condo buyers. These buyers fall into at least three segments when it comes to floor height. Some people like a condo located on the first few floors for a variety of reasons– close to the beach or ground level with a close-up view of trees and pools. These condos are close to flowers, grassy areas and parking, have views that are familiar to

a homeowner and provide a sense of safety and access in case of an emergency. Fifty-five percent of the condos for sale on Marco Island are located on the first four floors, and range in price from $94,900 to $4,950,000, with a median price of $390,000.

Another group of condo buyers prefer mid-range floors. This group likes condos in the middle floors of the high rises located along the Gulf. From these higher levels one has a wider view, can feel more Gulf breezes and

still hear the soothing waves from the beach. Thirty-six percent of the condos for sale fall in this category. The low price is $265,000, and the high price is $2,595,000, with the median at $655,000.

Still others prefer the highest floors available for more panoramic views and spectacular nighttime vistas. Theses condo buyers have no fear of heights, as they lean on their balcony railings checking out their unique view of the world. Only 9% of condos for sale on the island fall in this

category. The lowest priced condo is $330,000, and the highest priced condo is $9,500,000, with a median price of $1,250,000.

No doubt about it – the higher you go in a building the more it sells for. For instance, the Collier County Property Assessor adjusts the property value for each floor in a building, even though they have identical floor plans. Condos falling in the mid-range price category generally are assessed an additional $3,000 for each higher floor. Higher priced condos on the beach are

assessed an additional $6,000 for each higher floor, and the most expensive condos on Marco reflect an assessed value of $15,000 or more for each higher floor.

Last week 43 second floor condos were for sale, followed by 36 first floor condos. As one might expect, there was only one condo on the thirteenth floor for sale. Most condos do not have a thirteenth floor on the elevator buttons. Above the fifteenth floor there are limited choices, with zero to four condos for sale per floor on the whole island.