Top of the Market

Real estate continues to be one of the top Southwest Florida stories of the last few years, as buyers from all over the country-and in some cases, the world-have eagerly paid ever escalating prices for ever more sought-after pieces of prime waterfront land. Even the economic uncertainties of 2001 couldn't dim the luster of the region's stunning water views, tropical foliage and protected charm. In Collier County alone, last year buyers plunked down a collective $130.5 million for 10 waterfront properties along the Gulf of Mexico and in Port Royal. In fact, say real estate agents who specialize in multi-million-dollar residential sales, property in Southwest Florida now costs more, foot for foot, than it does even in that glamorous dowager of wealthy Florida counties, Palm Beach.

With the help of the Lee and Collier county property appraisers offices and local real estate agents, we've compiled a list of both counties' 10 top-selling real estate deals in 2001. They ranged from $9.3 million to $30 million in Collier and from $3.1 million to $14.9 million in Lee.

Impressive as those numbers are, the sales histories of the 20 properties only add to the drama. In many cases, the value of the properties increased five- to 10-fold in just five years. One agent tells the tale of a would-be Port Royal buyer who waited four years to buy real estate there. "He was waiting for the prices to level," says the agent. Instead of the $6 million he hesitated to spend during his first visit, he ended up spending almost double that.

It should come as no surprise that all but two of the top 10 deals in Collier County are in Port Royal, and all were single-family homes or lots. In fact, a condominium sale doesn't even appear on the list until No. 14. Lee County's top deals weren't scattered too much, either. Four were recorded on Boca Grande, three on Captiva Island, two in Bonita Bay in Bonita Springs and one in Quail West.

In order to protect the residents' privacy, we have not published names or addresses. The only names used in the story are those of realtors and investors.

Collier County

1. $30,000,000

The talk of the town since the transaction was completed in April 2001, this deal in the Cutlass Cove section of Port Royal would make headlines just about anywhere in the world. For their money, the buyers got three properties: 1.45 acres of Gulf-front land with a one-story, nine-room home of nearly 6,000 square feet of living space; a 3/4-acre bayfront lot on the other side of Gordon Drive; and a vacant lot.

The Gulf-front property, last sold in 1996 for $5.5 million, was valued at $10.2 million. The house, built in the 1960s and updated several times since, has been leased back to the seller for a year. It will be torn down and replaced with a home that reflects the value of the land but isn't a "megahome," says Pat Candito, the agent who sealed the deal. "The owners don't want something that looks like a hotel. They want something their grandkids can live in without having to run after them, telling them, 'Don't touch that.'"

Candito says the buyers have lived in Naples four or five years and were looking for a "nice, large lot on the beach. What they got was a tremendous site."

2. $14,942,600

The only Old Naples property to make the cut-and one of just two top 10 transactions after Sept. 11-this deal included two pieces of prime real estate right on Gulf Shore Boulevard. At less than half of No. 1's top sales price, the New York City buyers got a three-story single-family home right on the beach on a lot about three-quarters of an acre. This property-without a house-last sold for $4.9 million in 1998.

3. $12,400,000

Just one of a dozen homes in the ultra-exclusive Strand in Pelican Bay and one of just two top sellers not in Port Royal, this four-story home has all the extras. Most importantly, it has a prized Gulf-front setting and wildlife preserves that block the view of neighboring houses, guaranteeing a perpetual fringe of green.

Purchased by a Midwestern couple, the house has more than 9,000 square feet under air, five bedrooms, each with their own private balconies, six and one-half baths, a media room, wine room, garage space for six cars-the list goes on. Agents Ursula and Gerard J.L. Swart said it was love at first sight for the couple, who liked the home's "smaller" size compared to some of its 20,000-square-foot neighbors. They also surely adored the 3,091 square feet of balconies.

"The top balcony has a fantastic view; it's just like being in the Mediterranean," says Gerard. "It was a quick decision once we found it for them."

4. $12,000,000

A vacant 1.28-acre lot with a lot of potential is what the buyers got for their $12 million. This Port Royal property will soon showcase a winter residence for the buyers. "They just wanted a spectacular view and found it in this property," said the selling agent. "There are not that many lots with that kind of view, except if the house is a teardown."

The property nearly doubled in price in just a year, having last sold in April 2000 for $6.5 million-still quite a jump from its first recorded sale of $495,000 in 1982.

5. $11,000,000

A younger couple bought this already furnished 10,000-square-foot mega-mansion on Manowar Cove, an inland canal. "There's a million dollars in precast stone and an incredible home theater," says agent Mike McCumber, of Premiere Properties.

Part of the attraction had to be the 100-foot floating dock covered in keystone. The couple's prized Ferraris can find shelter in a three-car garage and second garage with an elevator. "There's a bridge over a koi pond from the kitchen to the dock," says McCumber. "It's probably the nicest dock in Port Royal."

Recently featured in Fortune as epitomizing the new, youthful faces of Naples' wealthy, the couple could have bought the home as a Valentine's Day present-the sale was finalized Feb. 15.

The property alone is valued at $4.7 million. It brought $16,300 when it first sold in 1969.

6. $10,630,700

The buyers purchased a two-story home with 6,671 total square feet in Port Royal. The sale was the first ever for this Green Dolphin Lane property.

7. $10,500,000

Overlooking Old Harbour Cove, this home wasn't on the market long, says Premiere Properties' Tom Campbell. "It sold at that price because it's one of the most magical and well-built homes I've ever been in. This home has its own spirit."

Featuring long water frontage, private courtyards, a unique guest house, and 7,287 total square feet, the two-story structure blends state-of-the-art technology with the "subtlety and classical sense of an older French home," says Campbell.

The sales history of this home reflects a steady increase. It last sold for $1.1 million in 1996. The property first sold in 1978 for $90,000.

8. $10,350,000

The second-largest home on our list, this one-story Port Royal mansion boasts 8,389 total square feet and 7,315 square feet under air. Its $10.3 million sale price reflects a five-fold increase since the property last sold for $2.1 million in 1997. The price tag on this property increased by just $275,000-from $1.6 million to $1.875 million-between 1987 and 1992.

9. $9,500,000

Two full lots in Port Royal will eventually boast a great home with large gardens. This property, which overlooks Treasure Cove, enjoys one of the longest interior water views in Port Royal. Premiere Properties' Campbell says the place exudes peacefulness.

The property last sold for $7.25 million in 2000. Other recorded sales were $4.9 million in 1999 and $2.5 million two years earlier.

10. $9,350,000

Husband-and-wife residents of New York City spent $9.3 million for this Port Royal home on Galleon Drive, but the wife says extensive remodeling will easily push the cost of the home to $10 million. One of just two of the top 10 deals that took place after Sept. 11, the house was purchased before it was finished, allowing the couple to put their own personal stamp on it.

Although it's new, the wife says the home's classical architecture makes it timeless. Its unique appearance-it looks like a Greek temple-has caused it to be pointed out by passing tour boat guides. "There are many beautiful homes around, but I choose this because it's very different, very unique," she says.

Overlooking a wide portion of Naples Bay, the house offers a picture-perfect view of sailboats on the bay. "It's just like something from a movie, all of these colorful boats," she notes.

The two-story, 8,000-square-foot home has five bedrooms, a morning room, den/library, media room with theater-style seating for eight and features natural stone throughout. "It has this Old World castle feel to it," says the wife. "It's new but it looks like it could be 80 years old."

The couple first discovered Naples 15 years ago, and the wife says she always hoped her attorney husband would slow down and retire here. The couple will keep their home in New York City but plan to live in Naples seven to eight months a year.