Labor Day is upon us and it is time to start thinking of season once again. One of my favorite condos on Marco Island is the Gulfview. It is popular beachfront condo which is centrally located right next to Marco Island's Resident's Beach. You can read my previous messages August Update or July Update for more details and information on the Gulfview. I will write different things in each of my posts on the Condo. I have also spoken with several owners and done some research for them that I thought I would share here.
There has been a lot of activity and I just thought that I would update you on that:
- There are currently 23 units that are for sale, no pending and nothing has closed since my last report.
- There are two properties that were on the market that expired, terminated or were withdrawn over the last 18 months and now remain off the market for now
- There are 5 listings that have been on the market expired, terminated or were withdrawn prior to being placed back on the market
- There is one unit that closed in February for $695,000 and went back on the market the same day for $975,000.
Now here is where it gets interesting... This year the Average List Price of Sold units was $748,750 and the Median list price was $749,500, so far this year there have been 4 Sales of properties with the Average Sale Price of $680,000 and a median of $697,500 with an average days on the market of 142.
- Let's look at the 2005 Year of sales in the building. There were a total of 20 sales in the building, and the average days on the market of those units sold was 114 days. Average List price of those sold was $804,584 and Median was $802,000. The average sale price was $771,988 and the median sales price was $764,250.
- 2004 Sales - Average List was $582,468 and Median was $599,000 while Sold average was $566,977 and median was $578,750 with an average of 110 days on the market for the 22 sales that year.
- 2003 Sales Average list was $459,668 and Median was $455,000 while the average sold price was $444,700 and Median sales price was $435,000 with an average of 132 days on the market for the 19 sales that year.
- 2002 Sales - Average List was $421,333 with median at $419,500 while the average sales price was $406,667 and median was $410,000 with an average of 69 days on the market for the 6 properties that sold.
So why so few sales? If I can see the numbers, and it is simple statistics you would think that the sellers would understand that their list prices are over what the market will bear. 2004 and 2005 saw tremendous rises in prices and was an unusual increase. When coming to your List price you really need to disregard (I know I am not going to be popular here BUT...) the tremendous appreciation. If I take the Average Sales price of 2003 of $444,700 and give it a 15% appreciation each year I come up with $676,332. The Average sale price for 2006 is $680,000.
Right now there is only one unit listed for $699,000 and the rest range upwards of $749,000. So sellers if you wish to sell, you might want to adjust your list price to more realistic prices or take your property off the market and wait for the appreciation to catch up. Long term this condo is an excellent value - just look at the numbers over the years. What has happened here is that the sales prices here have normalized....
If you would like more information on this Marco Island condo or any Naples area community, please give me a call at (239) 821-3063 or email me at colleen@minre.com.
** All statistical information was gathered from The Marco Island Area Association of Realtors. **
