September 4, 2015
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Realty Check: What Your Money Will Buy

... for $4.6 million, $3.2 million and $1.325 million. Plus, Neighborhood Watch and Market Talk.

 

$4.6 million

A busy 40-something businessman who owns homes in two other states purchased this newly built, two-story house at 920 17th Ave. S. in Aqualane Shores for $4.6 million in February. The property, listed at $5.1 million, did not sell right away. Listing agent Mitch Williams of John R. Wood Properties persuaded the builder to stage and furnish the home, and “that elevated the interest level,” he says. A few weeks later, a contract was signed. The buyer chose to take the house unfurnished.

The home is perfectly situated for boating. While the waterfront area on Duck Channel did not come with a dock, the buyer plans to build one for his boat, which he currently has in storage. The buyer also liked the oversized pool, spa and outdoor area with a fireplace, which fit well on the extra-deep lot, Williams says. The three-and-a-halfcar garage, reached from a circular driveway, will fit up to six cars with an added lift.

Inside, wood touches and limestone flooring give the home a West Indies look. A bonus room on the second floor with an outdoor terrace overlooking the bay will be the new owner’s “man cave.” “You could sit out there with your coffee or glass of wine and really enjoy it,” Williams notes. Altogether, the home offers four bedrooms plus a den, with water views throughout.

 

$3.2 million

Privacy was the key factor in marketing the luxurious three-story residence at 880 Sea Dune Lane in Hideaway Beach on Marco Island. An overseas businessman purchased the home, which was listed at $3.5 million, in January. “It was a buyer looking for the ultimate in privacy,” says Linda Sandlin, broker associate for RE/MAX Affinity Plus in Marco Island.

The house is located in the secluded, back section of Hideaway that has an even more private entrance than the main gate. With 152 feet of beachfront, the lot overlooks Sand Dollar Island and “one of the prime spots on Tiger Tail beach,” Sandlin says. The home, built in 2001, features a two-and-a-half-car garage, a golf cart garage and a workout room on the ground floor. The living room, dining room and family room are one level up, featuring a huge bay window, a two-way wood-burning fireplace and a screened-in lanai with a spa. (There is no private pool but the Gulf forms a private, “lagoon-style pool” in that location, Sandlin says).

Architectural features in the contemporary home include teak cabinets, granite countertops, an oak staircase (as well as an elevator) and mahogany entrance doors. Two master bedrooms and baths are located on the second level, with sweeping views of the Gulf. Two more bedrooms grace the top level, as well as a gallery for artwork and a library with a 25-foot-long teak bookcase. “The home sold very quickly. … We had several interested buyers,” Sandlin says. The purchaser, who plans to use the home as a vacation getaway, liked the natural habitat and also enjoys the nine-hole golf course and other amenities at Hideaway Beach.

 

$1.325 million

A retired couple from Pennsylvania snapped up this furnished, southwest-facing, third-floor end unit overlooking the beach at 261 Barefoot Beach Blvd., in late January. Built in 1991, the condo was listed at $1.499 million, says Barry DeNicola of Barry DeNicola Realty Inc. The couple “liked the casualness of Barefoot” and the proximity of the beach out the back door, he adds.

The condo comes with three bedrooms and baths, 9-foot-high ceilings and a large lanai with electric hurricane shutters. Bamboo wooden flooring and warm paint colors and furnishings add to the tropical feel. The community pool is nearby. The couple, who had visited the area before, now plan to spend winters here. Before buying, they also considered Naples but found some of the buildings too formal, DeNicola says. He received multiple offers for the condo.

 

NEIGHBORHOOD WATCH

Talis Park

Originally developed as tuscany reserve, talis park is a luxury golf community in North Naples, just south of the Lee County line. Developer Kitson & Partners (owned by former National Football League player Syd Kitson) bought the community in 2011 after the initial developer ran into financial difficulties. Seven different neighborhoods dotted by lakes and nature preserves make up Talis Park, which offers a variety of condos, villas and estate homes in Italian, Spanish and Caribbean styles. The golf course is one of just two in the world designed by Greg Norman and Pete Dye. At the center of the community is the Grand Piazza and the Vyne House clubhouse.

Total number of properties to be completed at buildout: 635

Total number of properties built to date: 44

Homes sold, March 2013-March 2014: 11

Current price range: $650,000 to $3.3 million

On the market: A two-story, 3,109-square-foot Catania model in the Il Corso neighborhood, left, is priced at $1.36 million fully furnished and is available for sale and leaseback to the builder. The home at 16520 Talis Park Drive has three bedrooms, four baths, a study, great room, dining area and island kitchen, and two-car garage with golf cart storage. The home is built in Spanish style, with the outdoor area featuring a pool and spa, kitchen and sitting area with a natural gas fire pit.

Recent sale: A fully furnished, 3,175-square-foot residence in the Fairgrove neighborhood of Talis Park sold for $1.825 million in March. The Villa d’Este model comes with three bedrooms, three and half baths, a great room, a formal dining room and a study. The large outdoor area has a covered lanai, outdoor kitchen, pool and spa. The inside of the home features porcelain tile floors in the living area and wood flooring in the study.

 

MARKET TALK

Home Sales Surge While Supply Dwindles

It’s getting harder to buy a home these days in Southwest Florida. The reason: The supply of homes listed for sale is dwindling.

The trend in Naples is strongest on the lower end of the market, for homes priced under $300,000, as well as in the market for condominiums priced over $2 million. The inventory of homes for sale in Collier County (excluding Marco Island) in February decreased 20 percent for lower-priced properties and 32 percent for condominiums priced over $2 million, compared to a year ago, according to the Naples Area Board of Realtors (NABOR). The trend in Bonita Springs and Estero is even more dramatic: The supply of condos and single-family homes listed for sale in January was down 50 percent compared to a year ago, the Bonita Springs-Estero Association of Realtors says. In Fort Myers, meanwhile, the number of condos on the market was 19.5 percent lower in February than a year ago, while single-family home listings were down 2.3 percent, according to the Realtor Association of Greater Fort Myers and The Beach.

The supply is tight because sales have been surging. In the first two months of this year, a record number of sales closed on residential properties in the combined Naples, Bonita Springs and Estero market, even exceeding the 2005 high, says Anita Colletti, president of the Bonita Springs-Estero Association of Realtors and a Realtor with John R. Wood Properties. The tough winter propelled more seasonal visitors who traditionally might have rented condos to buy, a trend helped partly by the tight rental market. “The condos in the market that fit the profile of what a snowbird would rent, two to three bedrooms with a garage, are gone. … [They] were selling as quickly as we were listing at certain price points,” Colletti says.

As a result, prices are rising. The median sales price in the combined Naples, Bonita, Estero market rose 17 percent in February to $265,000 compared to 2013. Luxury condos in Naples were going for a median price of $3.5 million in February, up from $2.2 million the year before.

 

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