Gary & Sandy Elliott
Marco Island condos come in all sizes, locations and prices. For instance, this week there are 366 condos for sale, listed from $88,900 for a one-bedroom, one-bathroom inland condo at Marco Villa, to a five-bedroom, five-bathroom condo in Belize, listed for $7,245,000.
Condos listed under $250,000 are popular on the island, are low in inventory and have sold at a rate of 10 per month during the last few months. Last year, 140 condos listed under $250,000 were sold, representing 24% of the 590 condos sold. This week there are only 37 condos listed active under $250,000, out of 366 listings on the island (just 11% of the active market). This represents a 3.7-month supply of inventory, assuming no more condos in this price range come onthe market.
Even among condos in this price range there is quite a range of options available. All of the condos are inland except for five water direct condos, such as Model Village, Angler’s Cove and Stevens Landing. Those listed are studio, one, two, three and even four bedrooms. The condos range in size from 406 square foot studios; 500 to 665 square foot one-bedroom condos; 704 to 1,112 square foot two-bedroom condos; 1200 to 1289 square foot three-bedroom condos and even a four-bedroom, 1,091 square foot condo at Island Village.
Six of the condos were built in the late 1960s, 14 were built in the 1970s, 16 from the 1980s and the three-bedroom condo at Palm Paradise was built in 1999.
Typically it takes 140 days (median time – 50% closedquicker and 50% took longer) from listing to closing for condos in this price segment.
Condo fees range from under $200 per month to over $600 per month. Many people buying a condo in this market segment do so with the intent to rent it a few months of the year to offset the condo expenses, or to rent it annually as an investment. Almost all of these condos have a 30-day minimum rental policy 12 times per year, but there are exceptions. Some condos in this segment are bought by people downsizing and simplifying their lives.
Only 14 of the 37 condos allow pets, and generally the weight of the pet is restricted to 15 to 25 pounds, but some have a maximum of eight pounds and some allow up to 30-pound pets.