Million-Dollar Babies

So you've given in to Southwest Florida's sunshine, year-round golf and miles of sandy white beaches rimmed by the gentle Gulf. You figure it's time you had your own place on the Gulfshore, where you can relax and recover from the stresses of the frozen North.

You're not alone-Americans are buying second homes in record numbers, and many of those homes are on our balmy coast.

Realtor Ron Jordan has an easy way of figuring out the number of second-home residents who live in the Brooks in Bonita Springs: happy hour at the club. "There will probably be anywhere from four to 11 people there tonight," says Jordan, en route to the weekly cocktail party one late-summer evening. "During season there will be 350."

Still, figuring out exactly how many homes here are vacation homes is difficult. Sales contracts don't reflect the intended use of a home, and the influx of investors into the market further muddies the picture.

Most local realtors agree, however, that the majority of their sales are to second-home buyers. Jordan says vacation homes accounted for half of his $31 million in sales in 2004, and he predicts that many of those buyers will become permanent residents to take advantage of Florida's lack of state income tax and its laws that keep property taxes in check for permanent residents.

Property values have soared here in the last few years, with an annual appreciation of as much as 30 percent in some hot markets, such as Naples, where the average home price just passed the half-million mark. And if you want more than an average home-something appealing in an upscale golf-course community, for example-you can expect to pay much more than that. Local realtors agree that the price for a luxury vacation home is now right around $1 million-and that will barely get you into the region's fanciest gated communities.

The closer you get to the beach in the $1 million to $1.5 million price range, the smaller and older the home is likely to be. You're not going to find property in Naples' Aqualane Shores or Port Royal under $1 million unless you happen to pull off the deal of the millennium. A cool million won't even cover the land.

If you want to live on the beach-as so many new buyers do-it won't be easy to find anything under $1.5 million, says Mark Anastasia, an agent with Olde Naples Real Estate. But if you act quickly and are willing to move into something that needs a little freshening, you might be able to get in for that price. "Some of the older condos in Park Shore are priced around $900,000 right now, but they're dated," he says. "The beachfront condo market is changing so quickly."

John Blaine, an agent with Downing-Frye Realty, says buyers can find a newer condo within walking distance of the beach for $1 million. "But for that price you can get into a single-family home in Park Shore or Vanderbilt

Beach and have a boat in your back yard," he adds. "It's great if he wants a boat and she wants the beach."

The quickly changing face of the East Naples Triangle (formed by U.S. 41, Davis Boulevard and Airport-Pulling Road) means new development and new opportunities for second-home buyers in these older neighborhoods. Anastasia says Brookside, located north of the triangle and just south of the Naples airport, offers some of the lowest-priced waterfront property in Naples right now.

The neighborhood, nestled along Rock Creek, a tributary of the Gordon River, will also benefit from redevelopment efforts that will make the area a work/play/dine location. Here you're likely to find small (1,000 square feet) and older (1962) homes on the water with Gulf access. Some other homes in the neighborhood are still priced under $1 million, although they may need major renovation or replacement.

While some Naples gated communities have passed the million-dollar threshold, a few amenity-rich communities are still under the mark. Blaine says many of his neighbors in Naples' Delasol, a new gated community at Immokalee and Livingston roads, with homes priced at $900,000, are part-timers. Farther east on Immokalee Road, the Quarry, where would-be buyers are reportedly on a wait list for yet-to-be-built homes, has $600,000-and-up prices, "although it's 10 miles from the beach."

Travel north along Tamiami Trail into Lee County and the options expand, with plenty of $1 million waterfront opportunities in gated communities and beach- and riverfront condos on Fort Myers Beach, Sanibel Island and in downtown Fort Myers. The Ronto Group's new Paramount high-rise in Gulf Harbour Golf and Country Club overlooks the Caloosahatchee River and offers many of the amenities of a luxurious single-family home, says Robin Driskill, director of sales and marketing. "You used to have to settle to be in a condo," she says. "But we offer a high level of finishes and an opulent lifestyle. Our caliber of buyer wants every imaginable amenity."

We recently searched the listings and found more than 650 options in homes from $1 million to $1.5 million-ranging from a farm in North Fort Myers to beachfront penthouses in Fort Myers Beach and a single-family home in Naples' Brookside. This sampling should give you some idea of what your million can buy.

Buying the Farm: $1.5 million

Lisa Ball, an agent with Vision One Realty Group, sees a shift from Cape Coral to more rural parts of Lee County for first-time buyers. "They want property, no neighbors and not as many restrictions," says Ball. One of her recent listings, the 12.7-acre L&R Farm in North Fort Myers, will give future buyers plenty of room to roam. "The buyer will be looking for property and will want to have horses," she says, noting the picturesque farm is sur­rounded by white fences and has a metal barn, an eight-stall stable and a four-bedroom pool home of 2,600 square feet. A fifth wheel (a place for a stable hand) means would-be buyers don't have to stay put most of the year. "They'd hire someone to look after the horses," says Ball.

City Sparkler: $1.5 million

One listing in Gulf Harbour's Paramount offers a lot of home for the money-3,340 square feet. "A lot of our buyers have a large home elsewhere, and they're not ready for a 2,000-square-foot condo," Driskill says. "They want the ability to entertain 15 people at Thanksgiving and not be cramped. Or they vacation with a large entourage of family."

The just-built three-bedroom, four-bath condo overlooks the Caloosahatchee River, the Gulf Harbour marina and Cape Coral. "It's magic at night," says Driskill. "It faces the sunset and just sparkles. We sit on the widest part of the Caloosahatchee, so during the day you can see up the Intracoastal." Adding to the appeal: amenities within the tower (a fitness center, resort pool, saunas, billiards/card/social room with bar and kitchen); the golf course, deep-water marina and clubhouse of Gulf Harbour; and a maintenance-free lifestyle. "We have some serious boaters who travel by boat," says Driskill.

Great Estate: $1.5 million

A Golden Gate area contractor is selling his 2.25-acre horse estate in Golden Gate Estates, a quiet community of large lots in the eastern part of Collier County. The Old Florida-style home has four bedrooms and more than 5,300 total square feet spread out on two stories. A gas-heated pool and a newly built three-horse stable add to the appeal.

The Beach's Best: $1.5 million

Four yet-to-be-built condos have a distinct advantage-a location above the new Shamrock's Irish Pub on Fort Myers Beach. Each has three bedrooms, 2,000 square feet of living space and is just 200 yards from the beach. They're also close to the island's happening hub, Times Square. You get Gulf views and partial views of San Carlos Bay.

Sailor's Delight: $1.5 million

Deep-water access means a sailboat in the back yard of this three-bedroom Cape Coral home, just minutes via water from the Caloosahatchee River, and tons of water views, thanks to intersecting canals and a wraparound dock with boat lift. The home has a little over 2,000 square feet, an enlarged great room, a pool and above-ground hot tub. Designer upgrades are found throughout.

A Mile from Fifth Avenue: $1,097,000

An older but up-and-coming neighborhood, Brookside is one of the best waterfront values in Naples right now, says Anastasia. Buyers get direct Gulf access and a location close to Fifth Avenue South and newer restaurants. Homes, however, reflect the age of the neighborhood. This listing is more than 40 years old and offers three bedrooms and two baths within 1,050 square feet. "It's an excellent investment," notes Anastasia, who says ongoing redevelopment in the area, including Naples Bay Resort, will only help to bolster prices.

Siesta in Sanibel: $1,049,000

Sanibel Island is the quintessential Southwest Florida island, with lush landscaping and development that has managed to enhance rather than erase its appeal. One of only two top-floor condos in Sanibel Siesta, located right on the Gulf, this two-bedroom, two-bath, fully furnished home is 1,200 square feet. Condo regulations allow it to be rented when you're not there.

Country Club Comfort: $1,039,000