Monday, February 17, 2014
The Margate Condo Market seems to be heating up. Similar to many other segments in our marketplace, we are seeing an increase of activity which is mostly due to stable prices. Another similarity is that the units, buildings, and locations that are more in demand are trading at a brisker rate and for considerably more money.
The Island House, which is located in Margate, is one of the most sought after condo complexes on the island. The Island House with 154 units which in total adds to a more intimate feel. The layout and location of the Island House is unique, it is located between Margate’s Parkway & Marina District. It is situated directly on the ocean and because of its positioning the vast majority of the units have well above-average ocean views. The building is comprised of spacious 1 and 2 bedroom units (coined as “mini 2’s” & “mini 3’s”) with balconies, surface parking, and a beautiful sun-drenched pool & deck. In the past year 8 units have been marketed for sale and currently 4 of the 8 units are either sold or under contract with an average sold price of $545,000.
Margate’s 9600 another fantastic condo building as well is a good bit larger than the Island House with a total of 246 units. The 9600 is u-shaped with a large pool & deck centrally located in the middle of the building, directly facing the ocean. The newly renovated lobby is one of the nicest on the island and majority of the parking is under roof in an open-air garage. The building is comprised of mostly 1 and 2 bedroom units with about half having exceptional views. Over the past 12 months, the 9600 has led the rest of the island high rises with a total of 14 sales and currently 7 active units are on the market.
Margate Towers an oceanfront building located in Margate’s Marina District. This building has a total of 181 units and a very friendly environment as the majority of the owners know each other. The pool deck is elevated on top of the parking garage and directly faces the ocean; the balance of the parking is surface parking across the street or down the block. The units comprise of a majority of efficiencies and 1 bedrooms, a balance being made up of 2 bedroom units. In the past 12 months there were a total of 11 sold or under contract with an average price of $214,000. Currently 14 units are available. Margate Towers is a great value with the lowest average sales price in Margate; due to the shortage of 2 bedroom units and an abundance of efficiencies and 1 bedrooms.
Margate high rise condo owners enjoy many benefits that add to a solid investment and more importantly, personal enjoyment. These condo units are easy to own offering minimal maintenance issues & minor utility expenses. The buildings’ maintenance and management teams are full service, and the condo owners enjoy the freedom of being able to lock their door and head back home worry free. The majority of the Margate condos feel like a home in the sky, with a resort-like lifestyle - amazing views, an abundance of amenities, and the ocean as well as incredible pools at your doorstep.
Further updates are on their way in Part 2 of this report containing analytical data of Margate high rises - breaking down the values of different units in different buildings, purchase price of pre-boom, boom, and post-boom markets, and a market analysis moving forward.