An amazing opportunity in Old Naples came on the market yesterday. Two lakefront properties located next door to each other at 714 East Lake Drive ($1.95m) and 740 East Lake Drive ($1.85m) are now available. These lots are in a prime location less than 1 block south of the famous 5th Avenue South shopping and restaurants, 1 block from Cambier park, and a short walk to the Gulf of Mexico and Naples white sandy beaches. The lots boast western exposure with views over Spring Lake. Each lot measures close to .25 acres. The property at 740 East Lake has a livable 1963 home that can provide a rental income for the season while you design a new home.
Gulf Coast International Properties had success selling a Forsite spec home this summer just next door to these lots 698 East Lake Drive (as shown in the picture above). It sold prior to completion for $3.8m or $847 per square foot. This home is a key west style home with 4484 square feet under air, 4+den, 6 bath, and a large outdoor lanai and pool area. Finished nicely with white Oak floors, gourmet kitchen, and layout that is described as casual elegance.
If you would like a profit and cost analysis for building a spec home on these lots or you would like to discuss opportunity for a custom build please contact Adam Carriero at [email protected]
. I have been representing developers in downtown Naples for over 16 years.