Marco Island, Florida is about to get a new resident. House Speaker, John Boehner, just purchased a 3BR, 3BA luxury condo in The Tampico. The $899,000 condo was listed and on the market for almost a year when Boehner struck a deal at $835,000. This was the lowest sales price in the building in the last year or so.
The Tampico is part of Cape Marco, the most prestigious beachfront community on the island. Made up of six luxury condominiums, Cape Marco occupies one of the most prime pieces of real estate in Florida. The southwest corner of the island almost forms a peninsula and the views from all six buildings are spectacular.
How did Boenher pay for the condo? Many of us assume that politicians are corrupt and finagle deals that inexpicably include unscrupulous people. This deal was pretty typical of how you or I might buy a condo. He purchased it in his own name and got a mortgage for about 77% of the price. Mortgages are still at historically very low rates and many people are choosing to finance even if they could pay cash.
So, why Marco Island? Marco Island and southwest Florida have apparently been favorite destinations of Boehner and his family for years. One of his favorite hangouts in the area has always been Stan's Idle Hour in Goodland. Prior to Stan's passing a couple of years ago, Boehner had developed a friendship with the bar owner. Legend has it that Stan was doing Bill Clinton jokes on stage at his outdoor fun spot and Boehner asked to meet him afterwords.
Marco Island is much more than drinking next door in Goodland, though. Undoubtedly, Boehner enjoys boating, golf, the beach and all kinds of other fun stuff that the island offers. The island was just voted #1 in the U.S. by TripAdvisor. In fact, it was the only island in the country to make the top 10. Nope, none of the Hawaiian Islands made it.
The best kept secret that is Marco Island may be coming out of the bag. Real estate prices are steadily recovering from the crash of 2006. Vacancy rates for condos rentals are at near zero.
If you'd like more information about buying a condo like the Speaker did, give us a call.