October 25, 2014

Realty Check

What Your Money Will Buy
… for $3 million, $1 million and $600,000.

$3 MILLION

”This estate home has one of the most exquisite lake views in Miromar Lakes,” says selling agent Jeff Garad of Miromar Realty. And, he adds, its outdoor amenities are designed to maximize the Florida outdoor living experience, with a pool and loggia complemented by a summer kitchen and a fireplace. Located in the Castelli at Costa Maggiore neighborhood, and sold last April, the home has four bedrooms, four full baths, a powder room and a pool bath. Also included are a wine cellar, library and media room with a 110-inch Stewart film screen. With 6,224 air-conditioned square feet and 9,089 total square feet, the lakefront home built in 2007 sold furnished for $3.25 million. “The buyers fell in love with Miromar Lakes and all aspects of their new home,” Garad says.

$1 MILLION

Western views of the golf course and sunsets are among the many attributes of this two-bedroom home in the Estuary community at Grey Oaks, Naples. “The buyer was attracted to the high ceilings and exposed wood beams,” explains listing agent Mark Webber, of White Sands Realty, Naples. “He also loved the custom woodwork in the library and the large, seven-seat kitchen-bar area that opens into the family room.” Fireplaces in the den and on the lanai add extra coziness to a floor plan that provides 3,520 air-conditioned square feet and 4,222 total square feet.

Built in 2001, the single-story pool home is equipped with marble and hardwood floors, two full baths and two half baths, two master suites and volume ceilings. The home sold in August for $1.01 million, furnished.

$600,000

Lely Resort in southeastern Collier County houses this three-bedroom, den home with three full baths and a three-car garage. Listing agent Steve Schoepfer, of Downing-Frye Realty, Naples, says, “The buyer liked the high quality fit and finish of this home, the flow of the floor plan and the neighborhood.” Built in 2007, the single-story home has 2,824 air-conditioned square feet and 4,143 total square feet. Among the features are vaulted ceilings, tile on the diagonal, a surround-sound stereo system that extends to the lanai’s pool and spa area, custom window treatments and a hardwood floor in the den. The home sold in December unfurnished for $630,000, but Schoepfer reports that this property would have sold for more than $1 million at market peak.

 

Neighborhood Watch

Naples Club Estates

Naples Club Estates is a secluded enclave of 28 properties located off Collier Boulevard in southeastern Collier County, just south of Naples National Golf Club. Fifty of the community’s 155 acres have been set aside for walking paths. The gated community’s homes, which must be a minimum of 4,000 square feet, provide residents with views of two lakes and pine trees. Residents may purchase membership in Naples National Golf Club and those who do can use a private cart path that connects the two properties. Recent market listings ranged from $950,000 to $2.89 million.

Total number of properties: 28

Number of MLS sales, Jan. 2010 to Jan. 2011: 1

Price: $900,000

Number of MLS sales, Jan. 2009 to Jan. 2010: 0

On the market: Located on three quarters of an acre, this three-bedroom, four-and-a-half bath home, pictured at left, includes a koi fish pond outside the master suite and a vanishing-edge pool on the spacious, screened lanai. Listing agent Brandy Hazel, of Amerivest Realty, Naples, says the exercise room could be converted to another master suite. Built in 2001, the home has 6,720 air-conditioned square feet and about 10,000 total square feet. It is for sale at $2.89 million, unfurnished.

Recent sale: Built in 2007 with four bedrooms, a den and four-and-a-half baths, this home provides 4,197 square feet under air and has a three-car garage. The selling price in April was $900,000, unfurnished, as a bank-owned home.

 

Market Talk

Stock forges ahead despite slow housing market.

It’s been no bed of roses for local developers of new housing for the past several years, but at Stock Development, based at Lely Resort in southeastern Collier County, it seems everything’s coming up roses (or houses, more precisely).

On Jan. 29, Stock launched its sales pitch for Lakoya, a single-family home community that will have 372 units at build-out.

At a time when many area builders can’t get a lender to finance one model, Stock Development CEO Brian Stock showed prospective buyers 11 furnished models at Lakoya’s grand opening, and four more are slated for completion soon.

And if that weren’t enough, the company has recently acquired acreage in two other Naples communities and has plans to expand its neighborhoods in Paseo, Fort Myers.

So how is one developer able to forge ahead when so many others are in a holding pattern? Stock says he has a combination of factors going for him. Perhaps, first and foremost, are committed lenders who, with the addition of some of the company’s own financial assets, bankrolled the horizontal construction and initial vertical construction at the 252-acre Lakoya.

Second is confidence that he’s got a product people want.

“In 2010, we had 165 sales and a sales volume of $70.5 million at Lely Resort, an 11.6 percent increase in sales volume over the previous year,” he reports. “At Paseo, there were 70 sales, an increase of 14.8 percent over 2009. For our new products, we had focus groups tell us how we could enhance what was already popular with buyers.”

He cites the advantage of highly amenitized communities. “These are not visionary,” he says. “People can see the golf courses and clubhouses being used and enjoyed by residents.”

Even the base pricing at Lakoya, from the $400,000s to the high $600,000s, seems right to Stock.

“We look at what people paid last year for the basic house and lot, and it averaged $427,000,” Stock notes. “By the time they chose extras and hired designers, the average price tag was around $500,000.”

He also believes in the old adage that success breeds success. “In 2009, Stock Construction built 81 homes. In 2010, it built 290. People see the construction activity, they see people enjoying the amenities, and they appreciate the value we’re offering. They want to be a part of that.”

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