Mariner’s Club Key Largo
Few For Sale, Record Cash Sale Prices, Lasting Only a Couple of Days
I have a history with this community going back to 2008 when I worked in the developer’s sales department, then maintained my own office there for a couple of years after the developer closed their sales office in 2010. I always believed it to be one of the best properties of its kind in the Keys, and if you look at the recent sales activity, I am apparently not the only one seeing the value. Like the Keys overall, there haven’t been many units for sale in Mariner’s Club. The normal 5 to 10 listings have been replaced with an occasional few, at the time of this writing there were only three (3) active listings, all townhomes, and all asking over $1,200,000 (see PDF below titled “Mariner’s Club Units for Sale and Sales”). There were eight (8) sales in 2022, down from fifteen (15) in 2021, and they went to contract quickly in an average of 58 days, with six (6) selling in less than 40 days. Of the units that closed in 2022, the median sales price was $1,125,000 ($1,133,738 average sales price). The sales price to list price ratio was 97.3% and 75% (6 of 8) of the sales were cash.
Upscale Community with Deep Water Marina
Mariner’s Club Key Largo is an upscale private community on the Atlantic Ocean near the entrance of the Florida Keys, just 65 miles from Miami International Airport and 97 miles from Key West. This gated resort complex, with a 24-hour attended entrance, includes over 22 acres of prime oceanfront real estate, 118 townhomes and condominiums, and is considered one of the premier ocean front luxury resort and marina communities in the Florida Keys.
Mariner’s Club Key Largo Amenities
Mariner’s Club includes a 43-slip deep water marina with slips up to 60 feet and 32-rack dry storage facility. The lushly landscaped oceanside beach entry Oasis swimming pool has 7,800 square feet of surface area and is believed to be the largest freshwater pool in the Florida Keys. The Club House pool and Grotto waterfall hot tub overlook the Atlantic and offer a quiet alternative swim venue. Other amenities include tennis and pickleball courts, well-equipped and recently refurbished fitness center, lounge and game room, elegantly furnished club house with spacious outdoor patios, 2,000 square foot catering hall with kitchen, water features, and meditation pond. A secluded sandy beach area for sunning, napping or just listening to the waves juts out into the Atlantic at the very southwest corner of the property. Located just steps, or a short car ride from the main gate, are several of Key Largo’s most popular restaurants, pubs and gift shops.
Mariner’s Club Marina
A full-time Harbor Master tends to the marina and dry rack facility. The Mariner’s Club Homeowners Association owns most of the slips and rents them on a monthly or daily basis to owners or those who may be renting a unit. There is a hand full of 99-year slip leases in existence. These leases were offered by the Developer of Mariner’s Club to first time unit Buyers, the practice being discontinued when the Developer was bought out in 2011; but the existing leases can be sold and transferred to those who own a unit in the community and we can assist new or current owners in this process, provided there is a lease for sale. Two large commercial ice machines provide plenty of free ice for boating needs.
Buying a Unit in Mariner’s Club
Mariner’s Club is an equity membership community. The purchase of a $45,000 equity membership share is required at closing and is returned in full when the unit is sold. A capital contribution is also required of new owners and is between $4,570 and $8,253, depending on the units building and size and is not refundable. Both the equity membership and capital contribution are payable to the HOA, and if applicable, in part to a condominium association, and are in addition to the purchase price.
Of the 118 residential units in Mariner’s Club, 67 are townhomes. These townhomes are two or three level residences and finishes vary based on choices made by the original or subsequent owners. Buyers of a townhome own the land under, in front of and behind their residences as defined by the property lines. There are several unit configurations available and most include a single car garage or a ground level apartment.
In addition to the townhomes three buildings were developed as condominiums. If you purchase a unit in the Dolphin, Sailfish or Marlin building, you must be a member of that condominium association as well as the HOA. The condominiums, described by the developer as Villas, are single floor residences with upscale finishes and appliances, all with ocean views. There are two sizes, located on one of three floors, all floors serviced with an elevator.
Short Term Rentals in Mariner’s Club
Daily rentals are allowed in Mariner’s Club, the units being eligible for an “Exemption to Monroe County’s Special Vacation Rental Permit Requirements.” This exemption allows an owner, or third party representing the owner, to rent the unit with a minimum length of stay of one day. For owners looking to generate income when not personally using their unit, this exemption is highly desirable. Monroe County Vacation Rental Program restricts most residences to a 28-day minimum stay requirement. There is an application process and fee to obtain the exemption, but once granted, it can be transferred without cost to a new owner and will remain in effect, as long as the community and property continue to meet the exemption criteria.
It is my opinion, based on third party and owner advertising, that approximately 50% of Mariner’s Club units are available for part-time rentals, with a hand-full available full-time. Mariner’s Club HOA charges a one-time fee for each rental in order to facilitate entrance to the community, but the HOA is not actively involved in booking or servicing rentals. I can provide any interested Buyer with the contact information to companies who currently manage rentals in Mariner’s Club and who will assist in obtaining the Monroe County Permit Exemption if one does not currently exist.
Mariner’s Club Key Largo Fees
There are fees associated with Mariner’s Club Key Largo Homeowners Association, Inc and if applicable, with one of the three condominium associations. The fees associated with the HOA and the three condo associations are detailed in PDF attachments at the bottom of this page.
Mariner’s Club Management
Management of the Mariner’s Club Homeowners Association as well as the Dolphin, Sailfish and Marlin Condominiums has been contracted to a Miami based company, The Castle Group. They provide a full-time property-dedicated manager, harbor master and support staff with offices in the Clubhouse. The welcome gate is staffed 24-hours daily; security rounds of the property completed periodically.