Post Hurricane Ian

Greetings from Marco. I did not evacuate the Island, I stayed in my South end of the Island condo with its high impact windows and hurricane shutters. I lost my power on Wednesday the 28th at 6:30 AM and had it back on Friday the 30th at 6:00 PM. My cable and WIFI (Summit) took a bit longer, they returned on Wednesday Oct. 5th mid-day. 

My condo did fine. My complex sustained damage to its landscaping and to our pool which was over run with storm surge. The majority of damage to property and landscaping on the Island was due to storm surge. Water intrusion on lower elevation properties was common; it was easy to determine where those properties were when driving around the Island after the storm by seeing furniture and interior debris piled up in the swales. We are seeing car carriers on the Island for an entirely different reason than normal, they are removing cars that were flooded by water… and there are many. 

It is hard to believe, but Marco Island was fortunate. Isle of Capri and Goodland fared worse than Marco; where water intrusion was sporadic on Marco, it was common in those communities. And our neighbors to the North… Fort Myers, Sanibel, Captiva and Cape Coral took the biggest hit from this hurricane. It is trying to be happy for our good fortune knowing the devastation those communities are facing. 

We all knew the day would come when the Dome homes would completely submerge and now, they are, courtesy of Ian. Within a week of the hurricane our supermarkets were open, as were many of our restaurants. Post Ian Mother Nature gave us several beautiful sunny low humidity days.  And our Island, per usual, is stepping up to help the less fortunate. 

So, what is to become of real estate? After nearly two years of essentially a bull market, our market had already started to level after season. It has been my opinion that we would return to a more normal market and I still believe that. Yes, buyers may have concerns about buying in this locale, but they have to realize compared to our neighbors, Marco did quite well. Marco can be proud of its building code, its ability to withstand such storms and its ability to recover. 

This was my fourth major hurricane on Marco Island since I arrived in 1985. I am a Realtor who knows this Island and its history. Future buyers will want to talk about hurricanes; please call me if you have a real estate need, let my history and knowledge of the Island be your guide. 

Third Quarter YTD Comparison 

Here are the statistics comparing Marco Island closed sales for the 3rd quarter, July 1- September 30, 2021 vs. 2022.

Single Family Homes: 

2021:  130 Units; Dollar volume $186,165,110; Avg. sale price $1,432,039; Median sale price $1,250,000; Avg. Days on the market (DOM) 37. 

2022: 51 Units, Dollar volume $119,906,350; Avg. $2,351,105; Median $1,750,000; DOM 47.

Condominiums: 

2021: 144 Units; Dollar volume $94,870,798; Avg. $658,825; Median $572,000; DOM 53. 

2022: 80 Units; Dollar volume $61,791,000; Avg. $772,388; Median $610,000; DOM 38. 

Vacant Lots: 

2021: 47 Units; Dollar volume $28,129,500; Avg. $598,493; Median $500K; DOM 111. 

2022: 17 Units; Dollar volume $17,228,100: Avg. $1,013,418, Median $500K; DOM 59. 

In all categories, there were more closings in 2021, but the median and average sales prices were higher in 2022.  

Marco Island MLS Inventory

In the past several months the Marco Island inventory has increased. Last October our inventory was 219 units; January it was 175 units; June 2022 it was 297 units and now the inventory is at 314 units. Even before Hurricane Ian, I expected that number to increase, of that I am now certain. If you or anyone you know are interested in listing your property, either Marco or Naples, please call me for a market analysis. I am a member of both Marco and Naples MLS. 

Marco’s 25th Anniversary

In August Marco Island celebrated its 25th anniversary of becoming a city. The incorporation was passed in August 1997 and our first city council members were elected in November 1997. Prior to that our Island was governmentally hitched to Naples. We can thank the Deltona Corporation owned by the Mackle brothers for the modern development of Marco Island which began in 1964. A fun fact about the Mackles, Elkcam Circle is cryptically named for them, as Elkcam is Mackle spelled backwards. An unfortunate fact about Robert Mackle; in 1968 his 20-year-old daughter Barbara was kidnapped and held for ransom. It became a nation-wide story as the kidnappers hid her by burying her in a wooden box underground for 3 ½ days. Thankfully she was recovered and her captors were caught. Barbara wrote a book about her ordeal called 83 Hours Till Dawn and two TV movies were made based on the kidnapping. 

City Council Election

Marco Island city council is made up of 7 members, each a 4-year term. Three of the 7 seats are up for election on November 8th. Five candidates are vying for the 3 positions. 

Short Term Rental Ordinance

In September Marco Island voters approved a rental ordinance requiring single family homeowners to register their properties with the city. It was a highly contested issue on the Island.  The ordinance was 16 pages in total and is now being reviewed by city council giving them the ability to make changes to the multitude of rental stipulations within it.