Gary & Sandy Elliott
As Marco Island celebrates its 50th anniversary, a whole new group of excited condo owners are creating new memories and fresh interiors. This week 318 condos are listed for sale on the island, representing $243 million of real estate, and making the average list price of a condo on Marco Island $764,000. In the first four months of 2015, 60% of these active listings came on the market. If no new listings came on the market the current inventory would be sold out in 6.9 months. Over the last twelve months, 550 condos sold, at a rate of 46 sales per month. 42% of these sales happened in the first four months of this year.
Inland condos have only 5.5 months of supply – with an average list price of $266,000. Condos located on water indirect locations have a 6 month supply, and an average list price of $432,000. Condos on water direct locations have a 6 month supply, and an average list price of $452,000. Those condos on the Gulf side of the island have a 5.7 month supply, with an average list price of $790,000. Beach condos have a 9 month supply, with an average list price of $1,166,000.
There is a wide range of prices in the average list prices. For instance you can be on the beach for as little as $210,000 for a 534sf efficiency to as much as $9.5 million for a 13,528sf six bedroom penthouse in Cape Marco.
All this dynamic condo sales activity increases the demand for renovation, interior decorating and new furnishings. While the last car carriers pull away from the island, a new flurry of activity starts as contractors’ and designfirms’ trucks and vehicles pull into the various building parking lots to jockey for parking spaces closest to the service elevators. From May to the end of October, these professionals begin and complete many renovations of kitchens and baths, painting, plumbing, electrical, design, decoration and furnishings.
Each year new owners breathe fresh life into their condos. The motto appears to be ‘out with the old and in with the new.’ Many of the island’s condos with magnificent views of the beach, water and surrounding areas have been lost in a time warp of decoration and furnishings that often can reach back 20 years or more. It is like stepping back in time when you enter many of these units. They have been lightly used, but are very dated. The new owners are excited about their purchase and are ready to create their own up-to-date stylish interior.
On Marco Island, 60% of owners, when they choose to update their interiors, will follow the current wave of transitional design. Transitional design features updated classics and has more straight lines, less embellishments, is less fussy and is simple and easy to live with. About 25% of new owners love classic traditional designs and will never see a need to change. They love all the classic details, wood paneling, faux painting, columns and lots of moldings, wing chairs and leather. It is often described as a ‘clubby look’. 15% of new owners want to be on the leading edge of contemporary design. They love a more minimal interior that showcases their view, their art, special fabrics, unique leathers, furniture, lacquer and specialty wood cabinets and metallic accessories that are more one-of-a-kind. The look is bright, simple, dramatic and streamlined.