Resale Values Continue to Rise Despite Increased Competition from New Construction
BONITA SPRINGS, Florida | May 3, 2019 – New construction communities in Estero and Bonita Springs are sprouting up like weeds overnight. In previous years, a main focal point when buying real estate in Southwest Florida was being within a mile or two of the beaches. “Location, Location, Location” is what this is most commonly referred to in the industry, as the resale value on a beach-centric home is increasingly larger than one beyond the sights of the shoreline. Although the resale value of a home is top priority to a buyer when making a purchase, it is not the only consideration. Agents in the SWFL market are finding that buyers are looking towards new construction communities more now than before as homes near the beach do not offer the same rich amenities and square footage at the same price point.
According to the Bonita Springs-Estero REALTORS® (B.E.R.) Media Committee, with reporting from the SWFLAMLS, year-to-date sales in new construction, pre-construction and under construction homes have increased 29.2% compared to this time last year. Consumers are reminded, if interested in new construction, always engage a REALTOR® from start to finish in order to assist in price negotiations, selecting the right lot and upgrades for future resale value.
Besides being able to purchase more home for the same dollar amount and living in new construction, buyers are migrating away from the beach because of the evolving community that is now the Village of Estero. Over the last decade, there has been tremendous growth in the Estero area, from the expansion of Florida Gulf Coast University (FGCU) to the migration of Hertz Global Headquarters. This alone, along with the opening of many new businesses, has brought more attention to Estero, therefore pushing for the need to build more homes. According to the Village of Estero website, there has been a 23% increase in households from 2014-2019. In layman’s terms, a large influx of people are deciding to make Estero their permanent residence. In addition to this, the average age of residents is decreasing, making Estero more desirable for families and working professionals.
When deciding where to purchase a new home, Estero is becoming more desirable for many reasons, but one that is critically important to families with young children is the ability to attend Estero schools when residing in the town. Thanks to the Estero Education Initiative, families living in Estero now have priority when choosing a school for their children to attend. Nick Batos, former Mayor of Estero and Councilman, states that “The Village of Estero has entered into a public private partnership agreement with Lee County Schools, serving the Estero students to augment and improve the educational opportunities offered to the students. This initiative will allow for additional educational, recreational and aesthetic experiences for our students while at the same time making Estero even more attractive and desirable for students, residents and business alike.” This creates a huge incentive for those considering the move to Estero as the rest of Lee County does not have priority over their school of choice.
Although the new construction market is an option, the resale market is still on an upturn compared to this time last year. Pending sales showed an increase of 9% from March 2018 as well as a 6.5% increase in new listings coming on the market. “Based on current market conditions, it appears that our REALTOR® members will have a busy summer” remarks B.E.R. CEO, Meighan Harris.
The Bonita Springs-Estero REALTORS® March 2019 Report shows these overall findings for both single-family homes and condominiums combined.
Month over Month
Month over Month
March 2018
March 2019
% Change
New Listings
426
458
7.50%
Pending Listings
422
459
8.80%
Closed Listings
347
313
-9.80%
Median Closed Price
$296,415
$299,560
1.10%
Average Days on Market
54
65
20.40%
12-Month Ending
12-Month Ending
March 2018
March 2019
% Change
New Listings
3.543
4,926
39%
Pending Listings
3,065
3,238
5.60%
Closed Listings
3,015
3,182
5.50%
Median Closed Price
$291,000
$297,500
2.20%
Average Days on Market
62
60
-3.20%
*Current Active Listings
1,857
*Current Avg. Month’s Supply
7.6
To ensure your next real estate transaction in the Bonita Springs or Estero market is a success, contact a B.E.R. member by visiting BonitaEsteroRealtors.com.
Attributions given by B.E.R. Media Committee members Ursula Weinkauff, Joseph Pavich Sr., Angela Parker, Chris Maccarone, Becky Jaarda, Michael Fagan and Julie Ross.
*Inventory calculations are based on property listings that exist within the Southwest Florida MLS. Only properties in zip codes 33928, 34134 and 34135 are included. Single-family homes are tabulated with the building design of single family, villa detached or manufactured with land conveyed. Condo units are tabulated with a building design of low-rise, mid-rise, high-rise or villa attached.
The Bonita Springs-Estero REALTORS® Multiple Listing Service (MLS) syndicates to LISTHUB, which distributes to 2,000+ real estate search websites.
Founded in 1966, the Bonita Springs-Estero REALTORS® is a local trade organization of over 950 REALTORS® and more than 150 affiliated industry members. Bonita Springs-Estero REALTORS® is part of the National Association of REALTORS® and Florida REALTORS® and provides its members with a wide range of services designed to educate and empower members and consumers alike through the opportunity to sell or purchase real property. It also provides the public with up-to-the-minute real estate reports, trends and information about the Bonita Springs and Estero real estate market.
Lisa Conley, Naples Daily News Published 1:56 p.m. ET May 1, 2019
Plans call for the storied hotel to be torn down and rebuilt as a smaller, world-class resort — and for luxury residential towers to be added on both sides of Gulf Shore Boulevard.
The Naples City Council gave final approval Wednesday to a proposal to redevelop the historic Naples Beach Hotel & Golf Club despite continuing concerns about future uses of the golf course.
The Athens Group plans to tear down the beach hotel and build a smaller resort and add residential condos. Council initially approved the project April 17.
Wednesday’s approval allows the underlying land use changes that will enable the project to move forward into site planning. The Athens Group will come before the planning board and City Council for site plan approval later this year.
In case you missed it: Naples Beach Hotel & Golf Club redevelopment plan approved by City Council
And: Naples Beach Hotel & Golf Club redevelopment plan approved by planning board
Since the developer first announced its plans in November, the proposal has run into opposition over its height and proximity to the road and other buildings.
Members of the community have also repeatedly expressed a desire to preserve the hotel’s golf course as green space in perpetuity, which John Passidomo, the Naples attorney representing the developers, said The Athens Group has agreed to do.
But residents remained concerned.
“I still have questions that aren’t answered,” Keith Kipp, who lives near the hotel’s golf course, said at Wednesday’s meeting. “My concern is the rush. I know they’re going to build a fantastic property … but I don’t know about the future. Who’s going to own the golf course in the future if The Athens Group wants to sell it? You don’t know.”
City Manager Charles Chapman said council would have to approve any changes to the golf course.
“If they were to shut down the golf course and leave the sand traps, the greens, the platforms, nothing is modified … then they don’t have to come back (because) it’s still in compliance with what they said they were going to do today,” Chapman said.
“But if they want to make amendments, they want to move things around, they want to change the landscape a little bit, then we would need to have a site plan review process that comes back before you.”
In addition to preserving the golf course, the developer’s plans also prohibit any structures built on the golf course, such as refreshment stands or pro shops, from exceeding 30 feet in height, Passidomo said, and any structures that exceed 1,000 square feet in size may not be located within 200 feet of residences.
However, some council members didn’t think that’s enough, especially if future owners of the property decide to build tennis or pickleball courts, which are listed as permitted uses under the current agreement.
“That’s not enough of a buffer if you’re going to have potentially very active, maybe louder than some of the other uses that would be permitted,” said Vice Mayor Gary Price.
Passidomo said council ultimately has control over the location of any sport courts, and the developer has no plans to place them next to residences.
“You will in fact approve where any sports courts are located as part of the site plan approval process,” he said. “(There’s also) the practicality of putting sport courts in a place that’s antagonistic to our own interests. We have a self-interest to not do that and an experienced developer who won’t do that.”
Residents have also frequently expressed concerns about the height of the condo buildings. The plans call for the buildings to be four stories to seven stories high, although the bottom of the first floors would start 18 or 19 feet above the ground, as required by the Federal Emergency Management Agency for flood protection.
They would be 11½ feet higher than permitted by the city’s code to give each condo unit a floor-to-ceiling height of 12 feet, said a representative of the developer.
Passidomo has pointed out at previous meetings that under the city’s current code the developer could build 12 seven-story buildings and 157 homes on the golf course. He argues that, given that and the other concessions the developer has made, an additional 11½ feet is a reasonable request.
According to the redevelopment proposal, the hotel’s meeting space will be cut in half but updated. HB’s on the Gulf, the hotel’s signature restaurant, and the Sunset Beach Bar & Grill will be renovated and will reopen to the public, continuing the hotel’s longstanding community connections, said Kim Richards, CEO of The Athens Group.
The Watkins family, which has owned the hotel for decades, plans to continue operating the hotel and golf club through the 2020-21 tourist season. After that, ownership would transition to The Athens Group, which would redevelop the property in phases.
Richards said construction could begin in 2021, and the new facilities could open by Thanksgiving 2023.
Outdoor bar at Mystique Pelican Bay. Photo: mystiquepelicanbay.com
Printed From Gravina, Smith, Matte & Arnold Marketing and PR, Special to Naples Daily News
Pelican 1 Owner, LLC, the developer for Mystique, announces that construction progress at the iconic, 20-story tower is on track for substantial completion in April 2019. Pelican 1 Owner, LLC, is an equal partnership between an affiliate of the global investment firm Kohlberg Kravis Roberts & Co. L.P. (KKR) and an affiliate of the Gulf Bay® Group of Companies (Gulf Bay).
After topping out last summer, Mystique’s construction has continued steadily, and the December removal of the of the site’s two massive tower cranes, signaled the end of vertical construction. Currently, permanent power has been provided for the tower’s second through 20th floors, and final connection of the underground utilities is near completion for the tower. Additionally, startup and commissioning of the tower’s major MEP (mechanical, electrical and plumbing) equipment is underway.
Other construction milestones include kitchen, bathroom and laundry room cabinetry installation through the 18th floor and drywall installation through the 20th floor. Two service elevators are fully operational with installation of the four passenger elevators underway. Mystique’s Certificate of Occupancy is estimated to be achieved in April 2019.
Located just steps from the beach on one of only two remaining permitted and developable high-rise land parcels in Naples between The Ritz-Carlton on the beach and Port Royal, Mystique offers 68 estate and four penthouse residences with expansive living spaces and terrace views toward the Gulf of Mexico from most units. Additionally, Mystique offers nine Jardin residences.
Mystique’s building amenities include a 24-hour staffed front desk with a monitored video/electronic closed circuit surveillance system, surveillance cameras at all owner entry accesses, and a two-level parking garage with controlled access. Additionally, Mystique offers SmartEstate™ integrated technology that features state-of-the-art home automation and monitoring systems, private elevators with biometric/alphanumeric access, and the opportunity to access an Electric Vehicle (EV) charging system.
Mystique’s resort-inspired outdoor recreational amenities include a tropical pool, sun deck with pergolas and lush landscaping, and two Har-Tru tennis courts above the garage deck. Mystique’s lobby-level amenities offer custom-designed interior spaces for socializing, including a club room, parlor, salon, library and solarium/card room. Mystique also features a theater, billiard room, board room, state-of-the-art health and fitness club with the latest in exercise and wellness equipment, ladies’ and men’s steam rooms and showers, and massage rooms with on-call masseurs and masseuses.
Residents also will enjoy the exclusive and renowned amenities of prestigious Pelican Bay, including private beachfront dining, extensive walking and biking trails, chauffeured tram service, and private access to nearly three miles of unspoiled Gulf of Mexico beaches.
Estate residences at Mystique range in size from 4,003 to 5,280 square feet of air-conditioned living space and are priced from over $3 million to over $7 million. Jardin residences offer 1,370 to 2,396 air-conditioned square feet and are priced to $2.2 million. Mystique’s four expansive penthouse residences, priced from $8 million, have been sold.
Founded in 1986, Gulf Bay has successfully completed 15 luxury properties along the 1.5 mile stretch of Gulf-front land within Pelican Bay. In addition to its history in Pelican Bay, Gulf Bay’s other award-winning developments include The Brittany on Park Shore Beach; Marco Beach Ocean Resort® on Marco Island; and the 4,000-acre award-winning, master-planned community of Fiddler’s Creek®.
Gulf Bay’s completed and under development build-out market value of luxury residential properties is estimated in excess of $8 billion.
KKR is a leading global investment firm that manages investments across multiple asset classes, with over $100 billion in assets under management.
For more information about Mystique and to arrange a visit to any of these luxury homes, call David at 239-285-1086 or email david@davidflorida.com.
Reprinted From Caffrey & Associates, Special to Naples Daily News
Seagate Development Group has been selected as the exclusive custom homebuilder at Esplanade Lake Club, a new 778-acre resort lifestyle community being developed by Taylor Morrison in Fort Myers. The gated community is positioned on a 352-acre lake.
Seagate’s Esplanade Lake Club offering includes four floor plans designed by RG Designs that range from 3,500 to more than 4,500 square feet under air. Custom homes by Seagate will be built on 11 of the community’s most exclusive lakefront home sites. Seagate is currently developing plans for the construction of its Monaco furnished model that will feature an interior designed by Theory Design’s Vice President of Design Ruta Menaghlazi. Outdoor Productions is designing the model’s landscaping, outdoor living area, pool and spa.
The Monaco model’s 3,299 square feet under air open-concept floor plan features an entry sequence that includes a covered front porch. A spacious great room with beamed ceiling details and a wet bar will open to a covered lanai and an outdoor living area with an outdoor kitchen, a pool bath, and an expansive deck with a custom pool and spa. The lanai and outdoor living area will overlook Esplanade Lake Club’s stunning lake views. The master suite will feature a bedroom with a sitting area that opens to the outdoors, two walk-in closets, and a morning bar. The master bath includes his and her vanities, a free-standing tub, and a walk-in shower. Two VIP guest suites will feature private baths. The Monaco plan also features an owner’s study, a dining room that opens to the outdoor living area, an island kitchen with counter-height seating at the island and a walk-in pantry, an audio/visual control center, and a three-car garage. Pricing for Seagate’s furnished Monaco model will be determined when construction commences.
Menaghlazi has created a coastal beach style interior for the Monaco model that will convey a casually elegant feeling. Wall tones in various shades of white will be accented by soft tans, warm greys, and light blues. The palette will play against light oak hardwood flooring. Intriguing ceiling details will be found throughout the home, including reverse soffit details in the great room.
Esplanade Lake Club is located just east of I-75 in Fort Myers and provides easy access to Southwest Florida’s stunning beaches, the Southwest Florida International Airport, golf courses, cultural activities, upscale shopping and dining entertainment, schools, medical facilities, and employment corridors. As planned, on-site amenities will include a resort-style pool, the outdoor Bahama Bar and Grille restaurant, the full-service Koquina Sand Spa that will feature a Lakeside Spa Cabana, sports courts featuring tennis, pickleball, and bocce ball, a waterfront walking trail, a kayak launch, and a learning space for residents to utilize for meetings, social activities, gaming, and more. A full-time on-site lifestyle manager will plan special events, parties, and gatherings for the residents.
Seagate Development Group continues to expand its custom home construction and luxury home remodeling activity throughout Southwest Florida’s finest communities and neighborhoods. In addition to Esplanade Lake Club, the award-winning developer and homebuilder is currently building custom end-user residences at Renaissance in Fort Myers, Quail West, Miromar Lakes Beach & Golf Club in Estero, Windward Isle in North Naples, Talis Park in North Naples, and at Hill Tide Estates at Boca Grande on Gasparilla Island. Remodeling projects are underway in Estuary at Grey Oaks and Pelican Bay, Quail West, the Shadow Wood community, in Miromar Lakes Beach & Golf Club, and on Boca Grande where Seagate is renovating the Boca Grande Lighthouse United Methodist Church. The projects include extensive interior renovations, remodeling of master baths and kitchens, and exterior projects ranging from transforming outdoor living areas to new dock construction. The end-user custom home construction and remodeling activity are being undertaken as Seagate is continuing to develop new furnished models at Windward Isle, Hill Tide Estates, Miromar Lakes, Quail West, and at the new Isola Bella neighborhood at Talis Park.
Seagate has completed ten end-user homes at Windward Isle, a gated enclave of 28 single-family luxury homes just south of Orange Blossom Drive on Airport-Pulling Road in North Naples. Four additional end-user homes and two furnished models are under construction. Two completed models are open for viewing and purchase. Seagate’s Windward Isle offering includes eight one and two-story open-concept designs by Weber Design Group and RG Designs. Seagate will also build custom residences designed for construction on Windward Isle’s home sites. The two furnished models that are open for viewing and purchase feature Seagate’s Sea Breeze I and Abacos floor plans. The models under construction showcase the Cayman II and Grenada plans. Seagate announced earlier that a Grenada model currently under construction has sold, the second time a Grenada model has sold prior to completion. Fourteen home sites have been sold and nine buildable sites remain available for purchase.
Theory Design’s Ruta Menaghlazi has created the interior for Seagate’s furnished Captiva model at Hill Tide Estates that is scheduled for completion in mid-April and priced at $5,995,000 furnished. Outside Productions, Inc. is designing the landscaping, outdoor living area, pool, and spa. Hill Tide Estates is a 9.98-acre gated enclave on the southern tip of Boca Grande being developed by Seagate. The Captiva floor plan includes 4,865 square feet under air and 11,184 square feet under roof. In addition to an on-site sales center at Hill Tide Estates, Seagate and Theory Design have opened a Showroom situated in the heart of downtown Boca Grande’s heralded Historic District at 411 Park Avenue, Suite 1. The Showroom presents home furnishings and finish selections available through Theory Design.
Seagate’s furnished Sabbia model in Miromar Lakes Beach & Golf Club’s Sardinia neighborhood is completed and open for viewing and purchase. Priced at $4,650,000 with furnishings, the three-level, 6,227 square feet under air Sabbia model was designed RG Designs. Situated on a lakefront home site, the Sabbia’s open-concept plan includes a sit-down bar, refrigerated wine storage, and a built-in media center in the great room, a spacious kitchen with island seating, a dining area, three guest suites, and a powder bath on the first living level. The second level hosts the master suite, another guest suite, a clubroom, morning bar, and the laundry room. The master bedroom opens to an owner’s sundeck. A second sundeck and a bathroom with a walk-in closet and shower are located off the clubroom. The outdoor living area features a fireplace, gas grill and refrigerator, a powder bath, dining and conversation areas, an elevated pool and spa, and a sundeck.
Seagate is nearing completion of its previously sold 5,800 square feet pre-sold Spring Hill custom grand estate end-user residence at Quail West, one of three end-user residences being built by Seagate at Quail West. Seagate is also in the final permitting stage for two new furnished grand estate models at Quail West. Construction of one of the models, The Oak Hill, is expected to start this month. The second model, The Streamsong, is scheduled to start first quarter 2019. Both models are being designed by RG Designs. The models will feature interiors by Theory Design.
Seagate has started infrastructure installation at Isola Bella, an exclusive 4.5-acre enclave of 17 single-family waterfront home sites situated adjacent to the Talis Park community’s Grand Piazza that showcases the iconic Great Lawn and the Vyne House clubhouse. The Isola Bella home sites present spectacular water and golf course views and can accommodate estate residences from 3,500 to more than 5,000 square feet. Seagate anticipates beginning construction of two furnished models designed by RG Designs in April. The models will feature interiors by Theory Design.
Contact David for additional information, floor plans, and pricing, and to arrange a visit to any of these luxury homes, call 239-285-1086 or email david@davidflorida.com.
Contact David Critzer to find the perfect home in NaplesReserve at 239-285-1086 or email david@davidflorida.comDavid is a REALTOR® who has the experience and knowledge to show you properties you will love.
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