How Much is a Home Worth? Important Factors for Marco Island Real Estate
“Location. Location. Location!”
Real Estate markets have long lived by that simple mantra. If you’ve spent just a few minutes scanning listings on Zillow or Trulia, you’ve probably seen this idea in action. Two nearly identical homes just a mile apart could be listed for dramatically different prices.
Usually, determining a great location is easy. A home on a quiet residential street away from the highway, or one in a great school district will be highly valued by the market. On Marco Island, it’s not that simple. The canals, beaches, communities, and beautiful sunsets are all factors you need to consider.
Marco Island is the furthermost north of the environmentally vibrant 10,000 Islands. These waters are world-renowned for their fishing and watersports. Buyers will pay a premium to skip the marina and the boat-launch for a home with a boatlift on a canal.
Although many condominiums on the island are located on canals or open waterways, not all condo communities have boat lifts. Of the communities with boat lifts, only a few have lifts available for every owner in the development. Providing these lifts increases the property’s desirability.
Indirect Access versus Direct Access
Once you start looking for homes, you’ll probably hear your realtor say something like, “this lot has indirect access.” Oddly enough, this is a reference to the bridge situation. If you have an indirect access canal lot, you must navigate your boat under a low-clearance bridge to get to open water. Since these bridges have an estimated ten foot clearance at high-tide, you’ll be limited to smaller boats.
If you have a home or condo with direct access, you won’t need to worry about bridges. Buyers prefer direct access because it doesn’t limit their boating options. Whether they want a big fishing boat or a sailboat, with direct access, they won’t have to worry.
Which direction is the sunset?
Southwest Florida, and Marco Island in particular, is famous for its painted red and yellow sunsets. Now, just imagine sitting out on your pool deck and watching the sun dip below the surface. That’s exactly what buyers and sellers are imagining too! Even more desirable is a north or south facing home. With one of these coveted properties, you’ll be able to soak in the Florida sun all day. Although it’s not always a deal breaker for buyers, it can be a great selling point.
Can I walk to the beach?
Marco Island is known for its gorgeous crescent beach. The beach is well-maintained, well-patrolled, and a destination for travelers from around the world. The two beaches on the island, South Beach and Tigertail, only have three public access points. For buyers who want to avoid the hassle of getting in the car and driving down to the beach quick access to the beach will be a major selling point.
Comparable Market Analysis (CMA)
All of these factors are necessary to understand why similar homes on Marco Island can vary so greatly in list price. A great realtor knows these facts better than anyone. Everyday they compare hundreds of list prices and sale prices. If you want to put this good knowledge to use, ask your realtor about a Comparable Market Analysis (CMA). The CMA creates a snapshot of housing market trends so buyers and sellers can make educated decisions. They will factor in the areas recent sales prices with the condition of your home, the number of bathrooms and bedrooms, and the square footage to create an general estimate.
Ready for a free home evaluation? Contact Pat Wilkins today!
Disclaimer: All blog entries are provided for informational purposes only, and do not constitute legal or financial advice. Home prices are subject to variables beyond the extent of the topics in this blog post. Marco Expert reserves the right to alter or change any statements without notice.