Mariner's Club Key Largo, Florida - Average Sales Price up 16%
Mariner's Club Townhome 803 Now Under Contract
Listed at $429,000 by Glenn Hoover Real Estate Services South Florida, LLC this property went to contract in less that 30 days. There is over 1,600 sq. ft. of living space, all on the same level, in this roomy 2 bed, 2 bath townhome with full garage located in this
Top Floor Mariner's Club Ocean Front Condo Sells for $670,000
The top floor condo listed by Glenn Hoover Real Estate Services, South Florida, LLC, for $699,900 sold December 12th 2016 for $670,000 (96% of asking price). At $357 per square foot it was the highest priced sale in the Dolphin Building in over 10 years. For additional waterfront homes and condos visit the Luxury Waterfront Homes page on this web site.
8 Sales in 2016 - Prices Climb 16% - Value Still Tops in Keys
Properties coming to the market in Mariner's Club are quickly going to contract at prices not seen in 5 years. Deferred maintenance issues which were a dark mark on this community in recent years have been aggressively attacked and the grounds are looking better then they have in many years. As of January 1, 2016 the HOA and Club have merged. Among other benefits to members will be a total savings of $42,000 per year in taxes currently collected on Club dues. The financial position of the HOA and Club, as well as the 3 Condominium Associations within the community are strong with healthy cash reserve balances. If you have looked at Mariner's Club in the past, and decided not to buy, it is time to look at it again.
Mariner's Club Key Largo Amenities
Mariner's Club beach entry Oasis swimming pool is the largest fresh water pool in the Florida Keys with 7,800 square feet of surface area. A second pool and Grotto Hot Tub and Waterfall, next to the Club House, overlook the Atlantic and offer a second swimming venue. Other amenities include a 43 slip protected deep water marina, 32 slip dry rack boat storage facility, tennis courts, fitness center, Club House, and a 2,000 square foot catering hall with commercial grade kitchen. Adjacent to Mariner's Club is the historic Mandalay Restaurant and Bar that re-opened in February of 2012 and now has remotely contolled gate access for the convenience of Mariner's Club owners and guests.
Buying a Property in Mariner's Club
All Buyers must apply for membership in Mariner's Club HOA, Inc. The membership fee has been $45,000. This one time fee is returned to the member in whole when the property is sold and the new owner purchases a membership at the rate established by the HOA at that time. The old Mariner's Club Key Largo, Inc was merged into the Mariner's Club Home Owners Association, Inc in December of 2015. This was effective January 1, 2016 and the new merged association is called Mariner's Club HOA, Inc.
Of the 118 residences, 67 units were built as townhouses. The townhouses are two or three story residences and interior finishes vary based on choices made by the original or subsequent owners. Buyers of a townhouse own the land it is located on as defined by the property lines. There are a number of configurations available and many include a single car garage or an additional ground level apartment.
Three buildings with a total of 51 additional units are condominiums. If you buy a unit in the Dolphin (100's), Sailfish (300's) or Marlin (500's) Condominium buildings, you must also be a member of that condominium association. The condominiums, also referred to as Villas, are single level residences with upscale marble and granite finishes with stainless appliances. There are two sizes, located on one of three floors. All three condominiums are serviced with a common elevator and have ocean views. A list of additional Luxury Condos and Homes are available on this web site.
Buyers will also be required at closing to make a capital contribution to the Homewners Association, and if applicable, to the Condominum Association in the amount of two (2) quarters of assessments.
Boat Slips in Mariner's Club Marina and Rack Storage
Mariner's Club has one of the finest Florida Keys marinas with wet slips up to 60 feet long. Owners can rent slips by the month both in the Marina and dry rack. Daily rentals for owners are also available. Potential Buyers should contact the Club manager for current rates.
Mariner's Club Fees
There are fees associated with Mariner's Club HOA, Inc., and if applicable, one of the three condominum assoiciations (Dolphin, Sailfish or Marlin). HOA and Condo Association fees are billed quarterly. These fees are detailed on a monthly basis in PDF attachements at the bottom of this page, but they are paid quarterly.
Condominiums and Townhomes for Sale in Mariner's Club
Sales in Mariner's Club have been very brisk over the last six years and the community is undergoing a change in the type of owner. A large percentage of the original owners, especially the condominium owners who bought at the peak of the real estate market in 2005 and 2006, were invesment driven. Some units were sold three times before they were built. Those who have purchased since have tended to be more "end user" oriented and less investment driven.
The top PDF attachment at the bottom of this page lists by building all the residences in Mariner's Club that are for sale through the local real estate Multiple Listings Service (MLS). It also contains a history of all units that were sold since 2010, identifies distressed sales and includes cost per square foot calculations. The properties in Mariner's club have been undervalued since the market dramatically dropped in 2008. The number of distressed properties, issues between the Homeowners and Developers, and percieved complications with the structure of ownership kept these prices down. The savey Buyers who looked past these issues benefited. Mariner's Club property prices are increasing and although they are still below market, the margin is quickly tightening.
Mariner's Club Sales Prices increase 16% from 2015 to 2016
In 2015 11 units were sold in Mariner's Club at an average of $231 per square foot. In 2016, 8 units have been sold at an average of $269 per square foot. This represents a 16% increase in price is just 12 months. Those Buyers who do the math and know the market, understand these listings still represent the best community real estate values in the Keys, even after adding the Club Membership Fee and capital contributions to the cost of the real estate.
Contact Us for additional information on any of these Florida Keys Condos or Townhouses or visit our Luxury Waterfront Homes page on this web site.