Gary & Sandy Elliott
According to the Marco Island Multiple Listing Service (MLS), 517 condos on Marco Island have sold so far this year, ranging in price from $75,000 for a 400 square foot efficiency at Seabreeze to $6,450,000 for a 6,600 square foot penthouse at Madeira.
According to the Collier County Property Appraiser’s records, about 860 condos have changed hands so far this year. Sales of condos through the Marco Island MLS sales represent about 60% of the appraiser’s total number of recorded transactions. Another 35% of the Collier County Property Appraiser condo transactions are those owners who changed title or deed information for legal reasons, such as switching the ownership to a trust or updating the actual owners of the condo after a change of life circumstance, like a marriage, divorce or death. Less than 1% of condo transactions recorded this year came about because banks took over a property, and less than 4% of recorded condo transactions were conducted by owners who sold their property on their own to friends, neighbors or family members, or used an MLS located outside of Marco Island.
By far, the dominant way of selling a condo here is through a local realtor familiar with the islandreal estate market, and listing it on the Marco Island MLS. More than 500 realtors are licensed with the Marco Island Area Board of Realtors. Each of them conducts their business professionally and ethically. On Friday mornings the Association of Realtors hosts a Pitch Plus event where realtors with new listings present them to other realtors in attendance before they all take a tour of the condos and homes featured that week. Every realtor is electronically notified each morning about the newest condos for sale, and those that are pending or have sold. Once on the MLS, the condos listed for sale are syndicated to numerous websites throughout the world for maximum exposure. With that many realtors using powerful websites, their respective company resources, and their personal capabilities, your condo is bound to sell for an appropriate market price in a reasonable time period.
Today 263 condos are for sale on the island, ranging from $129,000 for a 400 square foot Seabreeze South efficiency to $7,245,000 for a 7,165 square foot Belize penthouse. At this year’s rate of about 50 condos sold per month that leaves only a 5-month supply of inventory as we enter our busy season. This season is definitely a seller’s market.