Horr's island aka marco key (rent, HOA, houses)

[fiege1224]

Does anyone have any info on this island on Marco island? I know the taxes are very high. What kind of maintenance fees do they have and any other fees? I am looking at a lot in this area by the marina.

[BigMunch]

Probably a tax sinkhole. Be careful when buying vacant lots, sometimes it is much cheaper to buy a house with a lot underneath it for the same price or less.
If you are moving in permanently you can get the Florida homestead tax exemption on the house and it's lot, you will never be able to get the Exemption on an empty lot.
So you buy the lot and pay the next 10 year's taxes on it, a big money sinkhole.............. so your lot with cost you twice as much in taxes per year than a house with a lot on it. ( if it's your primary residence- Florida law )
Nobody will rent your lot, but you can rent out your house and recover costs.

[fiege1224]

You would be right if the lot was some cheap dry lot.There are tons of those and most are worthless.This lot is on a very cool gated island section with waterfront and a marina with your own deep water slip.The houses start at 500,000 to 600,000 and go into the millions. The lot is only 115,000. It sold for a 1.2 million at its high and its low it sold for 340,000. Yes the carrying cost are high.But no where near the houses next to me homesteaded rented or not. I have owned many waterfront lots and houses and you do have a point about taxes. Don't forget government capital gains and realtors excessive fees to sell a lot.I have always bought everything as a lifestyle and its just been very profitable for me over the years. Most of the time the docking of my boat off sets the carrying costs of the lots I buy. Marinas have gotten really over priced in the last 10 to 15 years for large boats with deep water access.

[Beth Mone`]

Here's a little history.

Horr's Island archaeological site - Wikipedia, the free encyclopedia

[JeffTumbarello]

Part of the CDD debt (collected via the tax bill) on Key Marco will go away next year which SHOULD reduce the cost to keep on many of the lots in there. I am told about 7500 will go away. There was recently some changes to the HOA which should bode well.