Captain Crunch eats Marco

Home teardowns popular on Marco Island

A giant crane, coined Captain Crunch by its operator, has been kept busy on Marco Island by the latest real estate trend to hit the island -- home teardowns. This practice long popular in upscale resorts like the Hamptons, Nantucket and Malibu is now the rage locally on Marco Island.

In 2004, 112 homes were torn down and it is expected that 90 will be torn down this year. With the value of land worth significantly more than that of the home on the lot, teardowns can make economic sense in many cases.

For waterfront properties, improving or replacing a seawall after the teardown is a good idea as it can be accomplished from land without the use of expensive barge equipment that is necessary when a lot has an existing home on it.

I would expect for this trend to spread rather quickly to other parts of SW Florida where older homes are sited along water. Cape Coral and South Fort Myers are ripe for this type of re-development along gulf access canals.

The teardown trend [Naples Daily News]

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