As of recently, one of the last two vacant plots of land in Pelican Bay that are readily able to be built on was purchased and sold for $80 million dollars. Soon you will see a 22-story luxury high-rise called the Mystique sitting on four acres of land with a mile and half of beachfront property. The Mystique will have 87 units with the west side boasting of breathtaking Gulf views from Grenadier Boulevard.
The developers, a joint venture, KKR and Gulf Bay Group say that these condos will have no competition. Thus, they planned for the units to be very upscale and spacious. Something modern with very few comparables in the area. Pricing hasn’t yet been established. Pre-sales will begin at the end of 2015 and construction should commence in mid-2016.
Mystique will have several amenities including: a health club with on-call masseuses, guest suites, a billiard room, a hunt room, a bridge room, and a parlor. A community pool will be on the first floor along with private penthouse pools. Also, don’t forget that you have the best amenity of all, a short walk to the beach!
If you aren’t familiar with Pelican Bay, it is a 2,104 acre private community with several neighborhoods, private beach access, four parks, tennis courts, shopping, and a 27 hole golf course. Find out more about what Pelican Bay offers by clicking here.
A new record for the highest level of sales in the last six years was reported last Friday from the Naples Board of Realtors. This makes the distressed sales the lowest it has been in six years. 1,095 sales were recorded for April 2015, making it the highest number since NABOR started to share statistics in 2009. 94 percent of the 1,095 closed sales were traditional.
Great words from the president of NABOR, Mike Hughes, stated that he expects the momentum of sales to continue through the summer. The average days on market went from 93(April 2014) to 76(April 2015). Also, throughout the whole state of Florida, closed sales for single-family homes rose from 21,386 to 25,206! That’s a 17.9 percent increase in one year. Condo sales rose 8.1 percent in one year.
Are you a dog owner? Wouldn’t it be ideal to bring your furry friend to the beautiful beaches of Naples along with you for the day? Whether you are in Naples on vacation or an annual resident, the one place that attracts everyone to Sunshine State is off limits to our dogs…the beach! Unless you want to drive 40 minutes north to dog beach in Fort Myers Beach, then dog & owner outdoor activities are limited. However, that isn’t very convenient or remotely nearby.
An ongoing petition is circulating for signatures in hopes to get the attention of the City Council to seriously consider this request for a designated beach area where dogs are allowed. The petition is asking for the commissioners to set aside a small beach area for a one week trial. Fair enough? Thus far, the originator of the petition, Heather Jorge, has attained a little over 400 signatures.
Home builders in the U.S. diligently sped up the pace of building new homes. Almost as if their is a new found passion to increase the momentum since this economy has recovered from the struggle of the recession. The Commerce Department said that the rate of production pace rank increased 20.2 percent to an annual rate of 1.14 million homes! Also, the approval of building permits rose 10.1 percent from March 2015 it an annual 1.14 million homes in April.
Even though higher prices and the inventory remains low and doesn’t seem to be changing at a rapid pace anytime soon, home builder confidence has receded in the last few months. Employment across the U.S. continues to produce new opportunities lowering the unemployment rates. Economic growth is still in its early stages. Some believe the economy’s optimism is slowly fading away. However, the economy can still prevail and continue to expand if the optimism of the people stays strong.
If you aren’t familiar with the expansion in Downtown Naples, there are a few projects taking place…the new, modern condominiums Naples Square on the corner of Central Avenue and Goodlette Frank Rd. Also, 53 new homes will be built in Mangrove Bay on the Gordon River.
This whole area will be transforming into a pedestrian & biking friendly area. Plans for the construction of roundabouts and tropical foliage on Central Avenue for safe and efficient traffic flow is underway. 5th Avenue, Tin City, Central Avenue, and Bayfront will seem more connected and walk-able to whomever chooses to be a resident in these two upcoming communities.
Come this Spring, it may be a little tough out there for home buyers. Inventory is still extremely low in markets all over the country and with they lack of supply, bidding wars are more common. This puts a whole new meaning to best and final offer!
Competition in real estate is common. So before the inventory gets back to a healthy balance, get ready! As home prices continue to rise, pay attention to the supply, low mortgage rates(a great time to finance a home), fewer cash offers, fewer foreclosed homes, and vacation homes.
A new report released by Chief Executive Magazine surveyed the best states for a CEO to do business and Florida was ranked second best due to the economy’s steady advancement. Florida is neck and neck with Texas, the number one best state for business. Florida may even surpass Texas within the next year due to the industrial development, increased tourism, new construction, and technology advancement.
The recent survey of 511 CEOs is determined by comparing taxes and regulations, and the quality of the workforce and living environments. Chief executives seem to favor states with low taxes and economic growth. Florida also has an advantage with the ocean ports for transportation.
Unfortunately, California was ranked the “worst state for business” for the 10th year in a row claiming that the unfriendly regulatory and tax environment is “anti-business” and would rather do businesses in the Southeastern states of the US.
Top 5 Best States For Business
3. North Carolina
To see the full list, Click Here.
The retail shops and offices in the Mercato has recently been purchased by Prudential Real Estate Investors. Their offer of about $240 million dollars surpassed the bids of two other prospective buyers: MetLife Real Estate Investors and Jamestown Properties.
The Mercato offers a 12 screen premier style theater, 12 notable restaurants, over 20 upscale retailers and luxury condominiums. Several events take place year round and is constantly bustling with live music and a vibrant nightlife scene for a wide range of ages.
The new owner of the Mercato claims the intention of purchase is for the property for institutional investors. It was built between 2007 and 2009. It also has 456,359 square feet of prime retail and office space. It’s location is ideal for their clients’ and they have future plans to create additional value to the Mercato for the benefit of existing as well as prospective clients.
Flip of Flop?
A new survey reported that Florida is the top state in the nation with the most single-family home flips. It is safe to say that when it comes to renovations and resales, Florida has it covered! In Irvine, California, a research firm called Realty Trac said that 6.5 percent of all single-family home sales in Florida were flips and sold again after the initial purchase within 12 months. Home flippers show that there is a need for homes to be upgraded to modern tastes considering the competition of new construction home sales. The only struggle for home flippers is finding property to flip with such low inventory.
In the entire nation, only 4 percent of homes were flips in the first quarter of 2015, down from a spike of 6.8 percent in 2012.
Naples-Marco Island: First Quarter 2015 – 6% of properties sold
Cape Coral-Fort Myers: First Quarter 2015 – 5.3% of properties sold
2500 Gordon Drive in Port Royal was originally listed at an amazing $75 million: the highest asking price for a home ever in Naples real estate history and just sold for $45.6 million dollars in April 2015! The home was purchased for $40 million in 2007. It was also noted that the sale satisfied three outstanding mortgages that totaled close to the asking price.
The property sits on 5 acres which overlooks the Gulf of Mexico. It is a country-styled home with ebony floors and a pristine white kitchen. The buyers name was not released and the 2500 Gordon LLC was created the day before the sale for the owner’s privacy.