Marco Island Sales Statistics for May 2016

Below is the sales stats for the month of May for all of Marco Island.  The real estate market has shown some improvements over the 1st quarter of the year.
     

                                2016   vs    2015
Active Listings :      
   Single Family      338             288
   Lots                      346             313
   Condo                   347            280

Pending Sales:
   Single Family       56             58
   Lots                      12              19
   Condo                  64              56


Closed Sales:
   Single Family     43              42
   Lots                     3               16
   Condo                 57              56


Average Sales Price:
   Single Family     $966,535      $740,369
   Lots                    $241,977       $490,531
   Condo                $494,503       $606,888

For more information on real estate in Marco Island, please give me a call at 239-404-7471, send me an email,  or visit my website at WWW.RealEstateonMarco.com. 

GREAT NEWS! Mortgage Rates Drop Again

GREAT NEWS for home buyers!

Mortgage buyer Freddie Mac said Thursday the average 30-year fixed-rate mortgage slipped to 3.60 percent from 3.66 percent last week. That is well below its level a year ago of 4.04 percent.


The average rate on 15-year fixed-rate mortgages declined to 2.87 percent from 2.92 percent.

Now is a great time to purchase a house.  Give me a call at 239-404-7471 or visit my website.

NEW FLOOD INSURANCE REQUIREMENTS

Effective January 2016, the Biggert Waters Reform Act requires properties with flood insurance to escrow if there is a mortgage lien. This is required for all new purchases or refinances, fixed mortgages, ARMS, or equity lines of credit in first position. If the property is a condo, typically the condo association carries the required flood insurance so the property owners do not need to do so.

Effective April 2016, Insurance companies are now required to obtain an elevation certificate to write the flood policy.  In the past, an elevation certificate was not always required to bind the policy. 

If you have any questions on how this affects your personal situation, please give me a call at 239-404-741 or visit my website for my contact information.

CAPITAL GAINS WHEN SELLING A HOME

Long term capital gains are taxed at different rated depending on taxpayer's income:

0% for taxpayers who are in the 10%-15% tax bracket.
15% for taxpayers in the 25%-35% tax bracket.
20% for taxpayers in the 39.6%.

Beginning in 2013, capital gains income is subject to an additional 3.8% Medicare tax for single filers making more than $200,000, or married couples filing jointly who make more than $250,000.

Keep in mind that the sale of a personal residence is excluded from capital gains up to a $500,000 gain for a married couple.

Speak with your tax accountant for specific details regarding capital gains.

Visit my website at www.RealEstateonMarco.com for information on homes for sale on Marco Island.

FHA 203(k) Loan

Did you know that an FHA (k) loan is designed to help individuals who want to purchase, repair, and live in the home.  This loan lets the buyer include the money needed for the purchase as well as money needed for renovations and repairs.

Do you think this loan would be fit your needs?  Contact me at 239-404-7471 for more details.

DO YOU QUALIFY FOR SPECIAL FINANCING?

The FHA 203B program allows first time buyers to get a fixed rate mortgage with a down payment as low as 3.5%.  In addition, 100 percent of the closing costs can be a gift from a relative.

For more information financing your new home, give me a call at 239-404-7471.  Visit my website at www.RealEstateonMarco.com.

Current Home Interest Rates

Mortgage rates

Rates as of 05/27/16 State: AK AL AR AZ CA CO CT DC DE FL GA HI IA ID IL IN KS KY LA MA MD ME MI MN MO MS MT NC ND NE NH NJ NM NV NY OH OK OR PA RI SC SD TN TX UT VA VT WA WI WV WY

This table displays mortgage rates specific to the selected state

Conforming	Rate	Points	APR
30 Year fixed	3.625%	0.567	3.755%
15 Year fixed	2.875%	0.189	3.045%
Jumbo
30 Year fixed	3.625%	0.235	3.677%
15 Year fixed	3.375%	0.218	3.464%

MARCO ISLAND REAL ESTATE MARKET REPORT FEBRUARY 2016

MARCO ISLAND REAL ESTATE MARKET REPORT FEBRUARY 2016

Real Estate market has seen numerous price reductions over the past couple of months.   The main reason for this was overpricing property for the current market conditions in anticipation of major price increases.  We have had two years of stable pricing increases.   Prices remain stable with price adjustments showing up in properties that were simply listed at an inflated asking price when put on the market.

 Vacant lots have taken the largest decline in pending sales as well as closed sales.

Below is the statistical information for February 2016:

                                2016       2015

Pending Listings:
   Single Family          41      64
   Lots                          4       27
   Condo                     54      85


Average Closed Sales Price:
   Single Family        $901,170     $828,137
   Lots                       $571,111     $554,500
   Condo                   $507,471     $528,803

Number of units sold:
   Single Family        28      38
   Lots                         9      19
   Condo                    33     57

For a full list of property for sale on Marco Island, Please visit my website at www.RealEstateonMarco.com or call me at 239-404-7471.

MARCO ISLAND REAL ESTATE MARKET REPORT 4th QUARTER 2015

MARCO ISLAND REAL ESTATE MARKET REPORT 4th  QUARTER 2015

The number of homes under contract in the 4th quarter in 2015 compared to 4th quarter in 2014 is down by 43%.  Vacant Lots is down by 35% and Condominiums are down by 30%

Below is the statistical information:

                                2015       2014

Pending Listings:
   Single Family          69       121
   Lots                         40        62
   Condo                    127       183


Average Closed Sales Price:
   Single Family        $868,103     $934,157
   Lots                       $473,758     $337,533
   Condo                   $517,268     $442,212

Number of units sold:
   Single Family        65       77
   Lots                       31       29
   Condo                  112     112

For a full list of property for sale on Marco Island, Please visit my website at www.RealEstateonMarco.com or call me at 239-404-7471.

FHA Approved condominiums Marco Island/Naples

Do you want to know if a condo will qualify for FHA Financing?  Click and find out.


For more information regarding real estate on Marco Island or Naples visit my website or call 239-404-7471.

Marco Island Rental Ordinance

The rental Ordinance has been voted on by the City Council and was approved.  However, there is a petition out now to try to appeal the vote.

If you would like a copy of the approved ordinance or would like information to sign the petition, please contact me at 239-404-7471 and I would be happy to provide you with a copy.

Sincerely,
Deanna Sydlosky
WEBSITE

MARCO ISLAND REAL ESTATE MARKET REPORT 1st QUARTER 2015

MARCO ISLAND REAL ESTATE  MARKET REPORT 1ST QUARTER 2015

 

                           Year 2015   vs   2014
               

                              

Active Listing

• Single Family      324    397 
• Condominium     307    392
• Lots                   342    288 

Pending Listings

• Single Family  175    267
• Condominium  262    310
• Lots                 66    74         

Closed Sales

• Single Family   111    105
• Condominium   151   146 
• Lots                   56    46     

Average Sales Price

• Single Family    $947,852    $766,590
• Condominium    $590526   $538,339
• Lots                    $448,065   $358,963

For more information regarding real estate on Marco Island, please contact me at 239-404-7471 or visit my Website.

MARCO ISLAND REAL ESTATE MARKET REPORT 4th QUARTER 2014

MARCO ISLAND REAL ESTATE  MARKET REPORT 4TH QUARTER 2014

 

                           Year 2014   vs   2013
               

                              

Active Listing

• Single Family     308    384  
• Condominium    308    413   
• Lots                  307    263   

Pending Listings

• Single Family      121    143 
• Condominium      183    181
• Lots                    62    70           

Closed Sales

• Single Family    77    74  
• Condominium    112    109 
• Lots                   29    36      

Average Sales Price

• Single Family    $934,157    $761,692
• Condominium    $442,212   $446,154
• Lots                    $337,533   $389,410

For more information regarding real estate on Marco Island, please contact me at 239-404-7471 or visit my Website.

Marco Island Proposed Rental Ordinance

This is a copy of the proposed rental ordinance.

CITY OF MARCO ISLAND




  
ORDINANCE NO. 15-01 3


 
AN ORDINANCE OF THE CITY OF MARCO ISLAND, 5 FLORIDA CREATING A NEW ARTICLE IN CHAPTER 8, 6 BUSINESSES, IN THE CODE OF ORDINANCES, CITY OF 7 MARCO ISLAND, FLORIDA, CONCERNING THE 8 REGISTRATION AND OPERATION OF SHORT-TERM 9 RENTALS; PROVIDING FOR CONFLICTS; PROVIDING 10 FOR SEVERABILITY; PROVIDING FOR INCLUSION IN 11 THE CODE; AND PROVIDING FOR AN EFFECTIVE DATE. 12




 WHEREAS, the City Council of the City of Marco Island finds that there are residential  rental properties within the City are not being properly maintained or managed, creating a potential  nuisance for neighboring properties; and




WHEREAS, the Council desires to ensure that residential properties available as short-term rentals are properly maintained and operated; and




WHEREAS, the Council finds that inadequately maintained and operated properties  directly affect the surrounding neighborhoods and the City as a whole, and that the regular  collection and maintenance of accurate information about rental properties will aid in ensuring  compliance with this Ordinance and the Code in general; and 




WHEREAS, the Council, therefore, desires to establish a registration program to educate  rental property owners, their managers and tenants, on compliance with various statutory and Code  requirements relating to the short-term rental of residential property; and




WHEREAS, intent of this Ordinance is to collect current and accurate information  regarding rental properties and to encourage the appropriate management of those properties in  order to protect the general health, safety and welfare of the residents of and visitors to the City of  Marco Island.





NOW, THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY 35 OF MARCO ISLAND, FLORIDA:



 
SECTION 1. Recitals




The foregoing "WHEREAS" clauses are hereby ratified and confirmed as being true, correct  and reflective of the legislative intent underlying this Ordinance. 




SECTION 2. Amendment and Adoption 



 
The amendments to the Code contained in this Ordinance are hereby amended or created and adopted as follows:




Article V Short-Term Rentals 




Sec. X.1. Applicability




1. The provisions of this Article shall apply to any residential dwelling or group of dwellings  units, as defined in Section 30-10 of the Code, including those units in a condominium or  timeshare located in the City that is, at any time, rented or leased to members of the public for a period less than one (1) year. The Article does not apply to motels or hotels as defined in Section 30-10 of the Code. 

2. All owners of properties subject to the provisions of this Article shall, prior to offering their property for rent or lease to the public, register each dwelling unit with the City.

3. In addition to their tenants the owner of all applicable properties are at all times ultimately  responsible for compliance with the terms of this Article, failure of any tenants, their guests, or agents of the owner to comply will be deemed noncompliance by the owner.




Sec. X.2 Registration, Inspections and Fees 




1. Rental Property Registration.

(a) Registration is required for every dwelling subject to this Article. If a property contains  more than one (1) dwelling, a separate registration shall be required for each dwelling. 

(b) Condominium and home owner associations acting in accordance with Chapter 718 and  720, Florida Statutes, respectively, may obtain a blanket registration for the entire  property, encompassing all affected dwellings, provided such registration is supported  by a majority of the total ownership and as evidenced by an official action of the  association. However, in the event the association has been found in violation three (3)  times by the City’s Special Magistrate within the past 365 days the blanket registration  shall be revoked and each affected dwelling will be required to obtain an individual  registration. 

(c) As a prerequisite to the issuance of a registration pursuant to this Article, each unit  owner must show evidence of having obtained the requisite license or a qualifying  exemption from the Division of Hotels and Restaurants of the Florida Department of  Business and Professional Regulation. 

(d) Property managers of dwellings regulated by the Article need to obtain a separate registration from the City.

2. Inspections. Every dwelling subject to this Article shall receive an initial inspection to  ensure compliance with the applicable Florida Building Code and Fire Prevention Code provisions. Dwellings built prior to March 1, 2002 shall be subject to annual re-inspection.  Dwelling built after March 1, 2002 will be subject to biannual re-inspections until December 85 31, 2025 at which time such dwellings will be subject to annual re-inspection.

3. Term and Renewal. Initial registrations are valid through December 31, 2016. All  subsequent registrations are valid for term of one (1) calendar year after issuance. Renewals  applications that are not submitted in a complete and final form within 30 days of the expiration of the preceding term may be treated similar to new registrations and subject to additional inspections and fees. 

4. Fees. Each dwelling subject to this Article shall pay the applicable building and fire  inspection fee assessed at the time of registration and paid upon completion of inspections in  accordance with Chapter 6 and Chapter 22 of the Code or as otherwise established by resolution of the Council.




　

5. Agency. Any owner who engages the services of an agent, property manager, or other local  representative for the purposes of compliance with this Article shall indicate so in their  registration. 

6. Modification and Transferability. The occurrence of any of the following shall require the filing of an updated registration within 30 days thereafter: (1) any alteration, remodel, or other modification to any building or structure subject to this Article requiring the issuance  of a building permit, (2) any change in the ownership of the dwelling, or (3) any other  material change in the registration application, including the designation of a new local  agent or designated contact person. Any such updates, which require re-inspection, may be  subject to additional fees. Designation of a new local agent or designated contact person  more than three (3) times within 365 days shall be subject to an administrative fee. 

7. Non-Exclusive. The registration and fees required by this Article shall be in addition to any other certificate, permit or fee required under any other provision of the Code. Registration  pursuant to this Article shall not relieve the owner of the obligation to comply with all other  provisions of the Code pertaining to the use and occupancy of the dwelling or the property  on which it is located.

8. Electronic Registration. The City may establish an electronic registration system for the  registry of property, payment of fees, scheduling of inspections, and updating of information  required by this Article. 

Sec. X-3 General Provisions




All owners of dwellings registered as provided herein shall comply with the following:




1. Designated Contact. Each registration shall designate a person or entity to serve as the  contact for the purpose of addressing the concerns of the tenants or responding to complaints regarding the conduct of the occupants of the unit. The designated contact shall be available  twenty-four (24) hours per day, seven (7) days per week, and respond to concerns regarding  potential violations of this Article within one (1) hour. The designated contact shall make at  least three (3) attempts to contact the tenant and resolve the complaint. The designated contact is also responsible for documenting the complaint, the response, and forwarding that  documentation to the City within one (1) hour of their response to the initial complaint.

2. Occupancy Limits:

(a) In no case shall the maximum total occupancy for any dwelling exceed the limits  permitted by the Florida Fire Prevention Code or Florida Building Code. 

(b) The maximum overnight tenant occupancy load of any unit shall not exceed two (2)  persons for each bedroom, as bedroom is defined under the Florida Building Code, in the  rental unit, plus two (2) persons.

(c) Before the hours of 7 AM or after 10 PM, the occupancy load of the unit may not exceed  the maximum allowed number of overnight tenants.

3. Recordkeeping. The owner of each unit shall maintain a registry of all tenant(s) and their  vehicles (make, mode, year, and tag number). The information shall be available to the City  within one (1) hour of request. 

4. Vehicles and Parking. Tenants or guests of any registered unit shall not:  a. Engage in any prohibited parking activities as provided in Sections 50-37 or 30-1007  of the Code. 



　
　

b. Park any boat or boat trailer on a residential district unless fully enclosed in a  structure so that it cannot be seen from any abutting property, public way, or  waterway. 

c. Utilize recreation vehicles for sleeping or overnight accommodations at any property regulated by the Article.

5. Waterways and Vessels. Vessels may be moored, berthed, or otherwise stored on an  approved docking facility, however no vessels may be docked or stored in a manner that  constitutes a hazard to navigation.

6. Refuse. As provided by Section 18-36 of the Code, trash and recycling may not be left out by the curb for pick-up until 6 PM on the evening before the scheduled pick-up day with all  refuse containers removed thereafter by 7 PM that evening. 

7. Noise. Tenants and their guests must comply with the requirements of Chapter 18, Article IV, Noise Control, of the Code and not unnecessarily make, continue or cause to be made or  continued, any noise disturbance as defined.

8. Fireworks. The use of fireworks is not permitted.

9. Advertisement. It shall be unlawful to offer or advertise any dwelling for rent or lease in the City without that unit first being registered as provided in this Article. Where advertised the registration number provided by the City must appear on all forms of advertisement and on the landing or "home" page for the unit when advertised over the internet. Alternatively, the registration number of a property manager can appear in lieu of the individual property  registrations numbers. 

10. Compliance with Other Regulatory Authorities. Subject properties must meet all applicable  requirements of state law. To the extent provided by general law, violation of any state law  relating to the subject matters contained in the Article shall also constitute a violation of this  subsection.

11. Evacuation. All rental properties shall be evacuated as required upon the posting of a  nonresident evacuation order issued by the City, County or State. 




Sec. X-4 Required Postings and Notice 




1. Each registered dwelling shall have a clearly visible and legible notice posted within the  unit, containing the following information:  a. The designated contact for the unit and a telephone number where they may be reached on a 24-hour basis. 

b. The occupancy limits, total and overnight, for the unit. 

c. The maximum number of vehicles allowed to be parked on the property and the  location of on-site parking spaces.

d. The trash and recycling pick-up day(s).

e. No fireworks. 

2. All tenants must be provided a Code of Conduct summary of the remaining general  provisions of this Article including the penalties for violation as well as a copy of the current  City registration. 




Section X-5 Enforcement




Any violation of the provisions of this Article shall be punishable as provided in Chapter 14 186 of the Code including but not limited to by a fine of up to $500 per violation, per day for

continuing violations, by civil citation up to $500 per offence, by the seeking injunctive  relief through the courts, or any combination thereof. 





SECTION 3. Codification 




It is the intention of the City Council and it is hereby ordained that the amendments to the  City of Marco Island Code of Ordinances made by this Ordinance shall constitute a new Article V  to Chapter 8 of the City of Marco Island Code of Ordinances, and that the sections of this Ordinance  may be renumbered and re-lettered as necessary, and that the word "Ordinance" may be changed to "Section, "Article" or other appropriate word. 




SECTION 4. Conflicts 




All ordinances or parts of ordinances and all resolutions or parts of resolutions in conflict  with the provisions of this Ordinance are hereby superseded and resolved to the extent of any  conflict in favor of the provisions of this Ordinance.




SECTION 5. Severability




If any section, clause, sentence or phrase of this Ordinance is for any reason held invalid or unconstitutional by a court of competent jurisdiction, the holding shall not affect the validity of the remaining portions of this Ordinance.