Mariner's Club Key Largo, Florida
A PDF below was updated March 17th, 2015 and lists properties for sale in Mariner's Club with a 6 years sales history by building.
12 Mariner's Club Properties Sold in 2014 - Prices Increase
Mariner's Club Key Largo is an upscale Florida Keys Condominium and Townhome community located at the head of the Keys directly on the Atlantic Ocean. A gated community with an exceptional deep water marina, there are 118 residences on 22 acres of prime ocean front land. Mariner's Club is considered by many the premier ocean front luxury marina community in the Florida Keys.
6 Sales in 2015 in First 12 Weeks of the Year
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. It is being proposed by the current BOD to merge the HOA and Mariner's Club and a vote of the members is expected later this year. Among other benefits to members with be a 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 cash healthy with strong 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 Key Largo, Inc. The membership fee has been $45,000 since June of 2008. 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 Club at that time. All 118 owners must also be a member of the Mariner's Club Homeowners Association, Inc. The BOD are re-writing the documents of the HOA and Club with the intent on merging them by the end of the year. A vote of the membership is anticipated later in the year.
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.
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 six (6) months 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. The Marina is owned by "The Club" and 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 Key Largo, Inc. (The Club), Mariner's Club Homeowner's Association (The HOA), and if applicable, one of the three condominum assoiciations (Dolphin, Sailfish or Marlin). HOA and Condo Association fees are billed quarterly, while The Club fees are billed monthly. These fees are detailed on a monthly basis in PDF attachements at the bottom of this page.
Condominiums and Townhomes for Sale in Mariner's Club
Sales in Mariner's Club have been very brisk over the last four 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 2008, 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.
In 2014 there have been 12 units sold in Mariner's Club. As of March 17th, 2015 there are only 4 units for sale. This is a long ways from the 20 to 25 listed just 3 years ago. 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.