Spurt in Commercial Real Estate sales in Old Naples

Sale of lots for multimillion projects of apartment complexes, as well as high-end properties located in water-front areas of Old Naples are picking up briskly, as project developers are beaming. It is a new trend for Old Naples, after a lull during last year.

Naples hotelier and project developer Phil McCabe says “it’s an amazing market right now; It really is very encouraging. I think it defies the recession that you hear about out there.”

This is just an example of the happy feeling, prevailing upon Realtors dealing in both residential and commercial sector properties. While the property markets in Florida are hit heavily for months together due to foreclosure fiasco, it is welcome news for commercial property investors that Naples – a predominantly preferred location for business and pleasure by both Americans and foreigners – is getting the most desired resurgence.

Let us see what is behind this development for the good. A two-story waterfront estate, stretching more than 12,000 square feet and sitting on 1.37 acres on the south side of Central off Gulf Shore Boulevard was sold in September 2009 for $17.5 million. It was marketed privately, without advertising on MLS listings.

As for new construction of big projects, Old Naples is seeing a new vigor. As McCabe puts it “Old Naples in general is on fire, especially west of Gulf Shore Boulevard”.

Craig Jones, Naples Realtor says lot sales have been particularly strong; either people have bought and held, or have started to build. For example, three parcels recently went under contract at the northwest corner of Fifth Avenue South and Gulf Shore Boulevard. One of the lots on the beach, which was listed for sale at nearly $7.2 million, has an older but updated house on it – to be demolished for further construction of new project.

Jones commented it was a busy season – but June through October are typically the busiest months for closing. Similarly encouraged is Philip Collins, a broker/associate with Premier Properties of Southwest Florida Inc. He said “I think the people that are looking right now are serious buyers; I think in the next several months, you are going to see more properties in the higher-end go under contract.”

Posted by Amitesh Kumar on Jul 8 2010. Filed under Market Updates, Naples. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry