NAPLES & SWFL REAL ESTATE
May 2023 Newsletter
Did you know Collier County turned 100 years old on Monday, May 8th, 2023?
In honor of Naples’s Centennial Birthday, I am sharing a little Naples, Florida history…did you know Naples was founded in the late 1880s by two prominent land developers, Walter Haldeman, and T. T. Williams? They saw the potential of the Naples beaches and mild climate and named the city after Naples, Italy (of course!). I like numbers, so I find it fascinating that on January 30, 1890, virtually the entire town of Naples, including the hotel, pier, ships, and about 8,600 acres of undeveloped land, was auctioned off to Mr. Haldeman, the only bidder, for $50,000. $50,000 for the entire town! According to the CPI data, considering inflation, $50,000 in 1890 would be worth approximately $1,688,240 in today’s USD.
Real Estate Market Naples, Florida Update
There are so many exciting things happening in Naples these days, here are some of the highlights:
THE NAPLES BEACH CLUB, A FOUR SEASONS RESORT IN NAPLES FLORIDA
The 216-room hotel is close to topping off at seven stories and there are only a few the 58 Beachside Residences remaining for sale. The Golfside Residences will consist of 80 to 90 units and are still being designed with more details expected to be released later this year or early next year. Please reach out if you are interested in more information.
THE RITZ CARLTON NAPLES BEACH RESIDENCES
The sprawling 6-acre site has been cleared and prepped with construction expected to go vertical starting in September. Sales have surpassed 50% sold in just a few months of marketing the first 108 of 128 units in the development. Currently for sale are 68 units within two 12-story towers offering views of the Gulf of Mexico and 40 units within two 6-story buildings with views over the Bay. Reach out if you are interested in exploring the Residences.
KINSALE GOLF CLUB
Construction is currently underway in North Naples. Designed by renowned golf course architect Gil Hanse and his partner, Jim Wagner, this design team is sure to make Kinsale a special place to enjoy the game of golf if you’re lucky enough to score a membership.
DOWNTOWN NAPLES DEVELOPMENT
A developer from Aspen Colorado has proposed a mixed-mixed use development totaling more than 4 acres and is proposed to include a Whole Foods and a Restoration Hardware with a rooftop restaurant. This would effectively extend the commercial district of 5th Ave South by a couple more blocks. Check out the renderings…
AC HOTEL BY MARRIOTT NAPLES
150-room hotel with a destination rooftop restaurant and bar is under construction on 5th Ave South across from Tin City.
OLD NAPLES HOTEL
The long-awaited 109-room hotel on 3rd Street South is behind the previously announced schedule but has been approved by planning and is currently in the building permit review process with the City of Naples.
THE PERRY HOTEL NAPLES
A 7-story hotel is under construction and is targeted to open next to The Bay House restaurant, approximately two miles North of Mercato. It will offer 160 rooms, rooftop pools, a seventh-floor open–air rooftop bar, and a 75-seat restaurant with panoramic Gulf of Mexico views.
GULFSHORE PLAYHOUSE
The new $60M cultural campus with 350 seats is under construction on Goodlette-Frank Road at 1st Ave South, close to Baker Park.
THE NAPLES PLAYERS THEATRE
Recently started a $20M renovation.
NAPLES FL BEACHES
Restoration projects are underway. Some buildings are still working on building back after being damaged by Hurricane Ian, including the Ritz Carlton Beach Resort Naples, which will start a phased reopening on July 6th.
GREAT WOLF LODGE NAPLES
The $250M project is under construction which will offer a 500-suite hotel and an indoor waterpark. Located adjacent to the new Paradise Sports Complex which will ultimately grow to 21 full-size fields including a 3,500-seat stadium home to Naples United FC, Naples’ only pro soccer team.
BIGSHOTS GOLF NAPLES
A Topgolf competitor with 7 other locations in the US and UK, plans to build a 12-hole course and entertainment complex on the site of the former Golden Gate Golf Course.
PRIME SOCIAL
Naples 5th Avenue South might have its first rooftop restaurant by the end of 2024 above Chops City Grill steakhouse and Emillions Art gallery on the north side of 5th Avenue South if plans are approved for the 7800 SF space proposed by Ohio-based Cameron Mitchell restaurant group that also operates Ocean Prime and Del Mar.
NCH HEALTHCARE SYSTEM
The Naples Design Review Board approved its 5-story heart institute that will replace the three-story Telford building just south of the Downtown Baker Hospital building.
THE ICONIC NAPLES PIER
The pier draws more than 1,000,000 visitors annually is being redesigned and will be rebuilt after being damaged from Hurricane Ian on 9/28/22. The project is expected to cost over $10,000,000 and construction to begin at some time in 2024. The final design presentation to City Council is slated for September 20th 2023.
THE PORT ROYAL CLUB
The rebuild is in motion; Hart Howerton is the architectural firm handling the design which will surely be spectacular. Hart Howerton is also the architect for the Naples Beach Club, a Four Seasons Resort and Residences.
Naples City Council Re-Zoning Update
“Naples City Council backs off major land use changes amid opposition” – Naples Daily News 4-19-2023
Heeding the advice of an outside consultant, Naples City Council has backed away from making any sudden or drastic changes to its land development and zoning codes.
- While not in complete agreement, most of the Council decided to kill two of the four proposals, including the most controversial one involving new limits on homeowners. Opponents argued it could have lowered property values by 25% to 30%, hurting city residents and crippling its finances
- The city hired a consultant from Palm Beach County who appeared via Zoom; he concluded there isn’t a need for sweeping changes, evidenced by an outpouring of opposition and an overabundance of confusion about why the Council proposed them in the first place.
- Especially on the residential side, the consultant told Council not to worry about altering the city’s codes, as they appear to be working well. Even if Council decided to do “nothing” with any of the proposals, the consultant said: “The city of Naples is going to be OK.”
- In discussing Fifth Avenue South, the consultant described the master plan that’s guided its redevelopment since the 1990s as “brilliant,” saying there shouldn’t be any effort to change regulations to hurt existing businesses or their livelihoods. At the sessions, a common theme emerged: “If it ain’t broke, don’t fix it.”
April 2023 Market Statistics
Naples spans approximately 150 square miles and has a many different neighborhoods and a wide range of price points. I typically provide the monthly statistics for all of the Naples area since the more extensive data set better indicates overall market trends. Of course, it’s also interesting to look at what’s happening within individual neighborhoods so I’ve included Old Naples and Pelican Bay in this month’s summary:
Median Sales: Prices reached a new all-time high in Naples at $629,320, up 5.8% from April 2022. The median price in Old Naples was $1,950,000, and in Pelican Bay, it was $1,162,500.
Median Price Per Square Foot: Naples also reached a new all-time high at $354/SF, slightly above the peak at the end of last season. The median price per square foot in Old Naples was $1210/SF, and the median price per square foot in Pelican Bay was $683/SF.
Months Supply of Properties for Sale: Ticked down from 3.8 to 3.7 months. Old Naples was 6.5 months, and Pelican Bay was 4.7 months. This statistic indicates how long it would take for all the properties on the market to be absorbed if buyers keep purchasing at the current rate.
Property Inventory: Dipped slightly in April to 2,857, breaking the increasing supply trend since Feb 2022. There were 97 properties for sale in Old Naples and 106 in Pelican Bay.
Pending Sales: Decreased in April to 940 properties, down 14.9% compared to April 2022. There were 19 pending sales in Old Naples and 31 in Pelican Bay.
Total Sales Closings: Ticked to 940 from 1036 in March and were 24.8% below sales in March 2022. Old Naples had 17 closings, and Pelican Bay had 32 closings.
Median Amount of Days: Naples median days on the market was 28, up dramatically from last year but still relatively low. Old Naples had median days on the market of 26 days, and Pelican Bay properties had median days on the market of 21 days.
Median Percent of the Last List Price: Naples was 97.4% overall and Pelican Bay saw the same negotiation, with Old Naples being slightly more at 97%.
Southwest Florida & Naples Real Estate Market Reports
Including previous months published market reports for Naples, Bonita/Estero and Marco Island.
Naples City Lifestyle Magazine Feature
Our listing in Tiburón (Naples’ Ritz Carlton Golf Community) is stealing the spotlight in the latest issue of Naples City Lifestyle Magazine! ⛳🏌️♀️ Head to this link to check out our property feature on pages 38 and 39. Interested in more details? Tour this incredible home at 2581 Escada Drive, Naples and call me with interest. 🏡💭
Area Real Estate News Summary
Search Current Inventory
Filter, view and discover Southwest Florida’s current market inventory (includes Marco Island, Bonita Springs, Estero and Naples properties). Below I have focused on Waterfront Communities.
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