A unique development opportunity on the waterfront in Naples, FL is set to be auctioned off online with a bidding deadline of March 13. According to Andrew Christopher, a broker at William Raveis Real Estate based in Naples, the approved site in Old Naples has potential for four residential condominiums starting at $15 million or could be used for a prestigious estate. These types of properties are rare and only come onto the market every few decades.
The Gulf Coast region of Florida offers an alternative lifestyle compared to its more crowded Atlantic coast cities and attracts a different type of buyer. As Christopher explains, these buyers are typically still working professionals with families who want an easy option for vacationing and enjoying boating activities without any hassle.
This differs from condo buyers in Miami or Fort Lauderdale who tend to prioritize social scenes over family-oriented living. However, both groups share one thing: they are high net worth individuals looking for luxury properties.
Naples has seen an increase in upscale residential developments such as The Avenue, Aura at Metropolitan Naples and Residences at Naples Beach by Four Seasons which cater to affluent buyers seeking relief from high taxes and urban decay according to Christopher.
In regards to the upcoming auctioned waterfront site that was originally intended for development but plans changed due personal reasons by the seller; Bill Lange CEO at FRE Auctions explains that it would have already been under construction if not for this change. The decision was made sell via auction because pricing such property can be difficult as there is no clear value established yet allowing bidders determine its worth through competitive bidding similar how Sotheby’s or Christie’s handles fine art auctions.
