Another hot summer market for 2016 has been condominiums along the water from The Moorings/Park Shore, Pelican Bay, up to Vanderbilt Beach near the Ritz-Carlton. For the past 60 days (typically Naples real estate's slowest time of the year) there have been 25 pending sales. Two of the condominiums to go pending were listed north of $6.75m in Park Shore. There were 9 sales over $1m. This area of Naples has always been a very stable market with little opportunity for new construction competition as there isn't much land left for development. Redevelopment similar to what the market realized in the mid-2000s has been attempted especially in the area close to Lowdermilk Park in Coquina Sands without much success. There are several new buildings under construction (including Seaglass from the Ronto Group) in Bonita Springs just north of Naples offering amazing amenities but do not sit directly on the beach. Pelican Bay is also getting a new high-rise, Mystique, boasting 22 floors with 87 units. WCI Communities announced plans to build a 21-story tower Altaira at The Colony Golf & Bay Club in Bonita.
For more information on the Naples real estate market please contact Adam Carriero at [email protected] or 239-641-3876.
Please contact Adam Carriero at [email protected] or 239.641.3876. I am available for consultation on the Naples, Florida, market.