MARCO ISLAND, Fla., May 23, 2011 /PRNewswire/ -- As Marco Island home inventory tightens due to historically low prices and interest rates, more buyers are being quietly priced into, rather than out of, the luxury home market, according to local Realtor Mike McCarty of The McCarty Group.
He says steady pricing pressure in recent years due to the mortgage crisis and U.S. economic factors has made luxury Marco Island real estate far more accessible to the average home-buyer than it used to be. This is bringing a new generation of luxury home owners into the market.
"Where we used to see the market regularly pricing people out of the more exclusive properties, we're actually seeing the opposite right now. Buyers are being priced into the luxury market."
McCarty says that it is not difficult any more to qualify for financing on desirable beachfront Marco Island condos, with prices currently starting at $114,300 for a studio and $229,000 for two bedroom beach front condos.
"Detached single family homes on the beach are more limited in supply, with only five on the market at the moment. As a result, they always command a premium, but with the least expensive coming in at $4.1 million, the price is still millions of dollars cheaper than five years ago."
He says that a common question he gets is "How much does $500,000 buy?"
"For single family homes, $500,000 buys over 2400 s.f. with 3 bedrooms and 2 baths in the River neighborhood of Marco Island. For condos, it buys you a luxurious beachfront condo with about 1130 s.f. and 2 bedrooms and 2 baths."
For those considering buying a luxury property, McCarty says the already low interest rates reached new lows this week, falling to a national average of 4.59% according to Yahoo Finance.
"When I look at the market, I see amazing deals everywhere. There's never been a better time to buy Marco Island homes."
For more information:
Mike & Wendy McCarty
The McCarty Group
Keller Williams Realty
713 Bald Eagle Dr
Marco Island, FL 34145
877 804-0577 toll free
Naples and Marco Island Real Estate:
SOURCE The McCarty Group