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Realty Check: What Your Money Will Buy

...for $2.4 million, $1.4 million and $975,000.

A $2.4 million home in Estates at Bay Colony.

$2.4 million

“The top-tier luxury golf club and the private beach club are two of the major attractions complementing this residence in the Estates of Bay Colony Golf Club,” says Bill Earls, John R. Wood Realtors, Naples, “but of course the home’s character was the prime incentive.”

Earls was the listing agent and buyer’s representative for this four-bedroom, den, five-and-a-half-bath home located on a slightly-more-than-half-acre waterfront lot within the Estates at Bay Colony, a gated Naples neighborhood in Pelican Marsh.

“For example,” he explains, “guests entering through the front veranda of this Florida-themed home are greeted by a fireplaced living room that overlooks the lake.”

The recently renovated two-story home provides a guest wing with three suites and sitting area with wet bar that opens onto the lanai. The kitchen has a gas cooktop and maple cabinetry. The outdoor area includes a summer kitchen with gas barbecue and a fireplace.

Earls notes that there’s a home theater and exercise room within the 5,830 square-foot floor plan. Built in 1996, this home, with 8,867 total square feet, closed in February for $2.4 million unfurnished..

$1.4 million

“This home in Venezia was purchased by current Grey Oaks residents who fell in love with the view and knew this was the home for them,” says listing agent Mark Weber, White Sands Realty LLC, Naples.

He points out that the rear of the home has a western exposure for perfect sunset views over the lakes and golf course. The front of the home’s welcoming approach includes a curving, pavered driveway, turned columns and views of the interior plantation shutters.

This Naples residence has three bedroom suites, a den and a powder room within its 3,627-square-foot floor plan. A privacy hedge enhances the 45-foot lap pool.

Weber says the buyers are seasonal residents and avid golfers who made the acquaintance of the Venezia neighbors before they even moved in.

“They were able to sell their former property in February as well,” he says. “So there were wonderful Valentine’s gifts for the buyer of their property, and the seller and buyers of this magnificent home.”

Built in 2000 with 4,277 total square feet, the home sold unfurnished in February for $1.4 million.


“This Ravenna condo has some unusual features that were very attractive to the buyers,” says Jeff Garard, Miromar Realty, who was the listing agent for the three-bedroom, den, three-and-a-half-bath home at Miromar Lakes Beach & Golf Club, Estero. “Among them is a private elevator that leads to a private, individual boat house and boat slip.”

Garard adds that the design at the rear of the home on the third floor of the six-unit building is another distinctive element.

“The buyer really liked the wide, waterfront views from the third floor,” he explains. “The entire back of the residence is windows, and the expansive lanai really takes advantage of the spectacular setting.”

Built on the Ravenna peninsula by Gulfshore Homes in 2009, the residence has 3,630 air-conditioned square feet and 4,917 total square feet, including a two-car garage. It closed in February for $975,000, unfurnished.


Marco Island Estates

SPANISH SEA CAPTAINS USED WHAT THEY CALLED ISLA DE SAN MARCO as a watering hole in the mid-1500s. The largest of the 10,000 Islands has a rich residential character developed in part by the Deltona Corp. in the mid-1960s. In the early 1970s came the homes in the estates area, a two-unit, 250-acre parcel in the southeastern sector accessed by South Barfield Drive and bordered by Winterberry Street. Many dwellings enjoy gulf access and gulf and bay views. In 2013‘s first quarter, 39 homes, priced from $1.1 million to $11.950 million, were MLS-listed.

Total Number of Properties: 500

Total MLS Sales, Feb. 2012 to Feb. 2013: 23

Price Range: $550,000 to $4,125,000

Total MLS Sales, Feb. 2011 to Feb. 2012: 28

Price Range: $350,000 to $5 million

On the Market: A boater’s delight waits outside this five-bedroom, den home with a new sea wall, 50-foot dock and two boat lifts. Inside, there are five full baths and two half baths, stone flooring, two fireplaces, a theater and smart home technology. The gulf and sunset views are spectacular, say co-listing agents Stefan Bolsen and Judy Appel, of 5th Avenue Real Estate in Naples. Built in 2011 with 6,370 air-conditioned square feet and 12,138 total square feet, the three-story, elevator home, pictured top left, is listed at $4,949,000, unfurnished.

Recent Sale: This two-story canal-front home located on close to half an acre has four bedrooms, den and four and a half baths. Built in 2009 with 4,313 air-conditioned square feet and 6,951 total square feet, the interior includes wood floors and a second-floor morning kitchen. Outside are a pool, spa and new seawall. Buyer’s representative Peter Van Veen, of Clausen Properties Inc., Marco Island, reports the home closed in February for $2,140,000, furnished.


Not all homes are selling equally

SO WHY ISN’T MY HOME SELLING? SOME SELLERS ARE STILL asking that question, even though the local market is said to be improving.

“Sales may be up and inventories may be down,” says Brenda Fioretti, managing broker, Prudential Florida Realty, Naples, “but some communities are selling better than others. There are many reasons why home shoppers reject one development and choose another,” she continues. “It could be that maintenance fees or club fees are a turn-off. It could be that the lack of inventory in one place is a turn-on.”

 When an association becomes aware that there are impediments to sales, they often try to make amends, Fioretti reports.

“Condominiums have been known to make many changes,” states Cindy Carroll, of Carroll and Carroll

Real Estate Appraisers and Consultants, Naples. “It might be relaxing the pet rules, or refurbishing the amenities, which could be important for some of the older condominiums along the beach. They have location, but they have to compete with newer residential options.”

Carroll says sellers should not be misled by generalities. “They hear that values are up 17 percent in the local market, but that does not apply to all communities.”

She and Fioretti note that there is a supply-and-demand formulation to evaluate a community’s property value stability.

“Supply and demand in any given market sector is determined by dividing the number of active listings by the number of closed sales in the last 12 months,” she explains. “In the Naples area, one year of supply signals market equilibrium. Therefore, if the number of listings and sales are about the same, supply and demand are in balance and property values have stabilized.

“However, if the number of listings is significantly larger than the number of sales, the market is oversupplied and the potential for market erosion exists,” she adds. “If the number of closed sales in the prior 12 months is significantly greater than the number of current listings, there is a shortage of inventory and upward pressure on property values. It is important to remember that market trends are neighborhood specific.”



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