Upscale Development Trend Boosts Marco Island Home Sales Market
Our beautiful island continues its trend toward upscale development, and with that, the Marco Island home sales market is experiencing exponential growth as well. Despite depressed home sales figures affecting much of the country, Marco Island’s home sales market remains strong. The luxury hotel boom, which includes nearly half a billion dollars in investments by the island’s resort owners, has increased home values in an already strong home sales market. Let’s take a look at 5 reasons why it’s a smart move to buy a home on Marco Island:
- JW Marriott – As of January 2017, the Marco Island Marriott has become a JW Marriott. Along with that designation, renovations are in progress that make the resort a luxury destination for travelers and convention planners alike. With the completion of this $260 million dollar upgrade, the hotel’s new status will also bring in a more affluent clientele. Upon seeing the natural beauty and small-town charm of our island, many hotel guests will be venturing into the Marco Island home sales market.
- Marco Island Hilton Expansion – The Marco Island Hilton is also undergoing an upscale transformation. The renovation project, which began last summer (June 2016), includes a $44 million dollar upgrade to its facility. Among the planned additions are a new resort-style pool, elegant public & meeting spaces, and a brand new beachfront lawn space. Again, this investment by Hilton, in its Marco Island property, tells us that Marco Island is growing in popularity as a travel and residential destination.
- Rose Marina – The $15 million dollar Rose Marina renovation is also underway! Included in this expansion project is a brand new, state of the art boat storage facility (boatel), as well as a boat owners’ lounge and meeting rooms. Boat owners are sure to make the move to this spectacular new facility in order to make the most of Marco Island’s incredible fishing and boating opportunities.
- Marco Island Airport Expansion – Located just off the island, the Marco Island airport refurbishment project is set to cost upwards of $14 million dollars. The project plans include building a larger hangar to accommodate the growing number of private aircraft flying into our local airport. These ‘private sky’ clients will surely be looking to purchase or upgrade their homes on Marco Island, creating more competition for homes, prices, and inventory.
- Crystal Shores Vacation Club Expansion – Directly across from our Horizons Real Estate & Rental office (and the soon-to-be-famous Ohana restaurant), the beachfront Crystal Shores Resort has embarked on a $220 million dollar growth project. They are adding 2 new towers, bringing their total resort room count to 219 (two bedroom deluxe vacation ownership). Construction continues with the completion estimated for late summer 2017.
While Marco Island home sales, (single family), remain strong, for those looking to down-size, the condo sale market is in phenomenal shape as well! With nearly 400 condos currently for sale on the island, ranging in many sizes and price points, there is sure to be something in our inventory to suit everyone’s needs! A condo on Marco, for residence or rental, is surely a wise investment!
