The Cambridge model, by Borelli Homes, located at 1235 Gordon River Trail within The Estuary at Grey Oaks, has sold.
Completed in September 2011 and sold in December 2011, the custom home was listed for $6,700,000.
Specifics of the property include 8,800 square feet under air, six bedrooms, including a private two-story apartment, eight full baths and two half-baths, a library and loft area.
“The expedited sale of this custom-built home speaks to the continued interest and confidence of the luxury homebuyer to purchase in The Estuary,” said Todd Kendall, Director of Sales for The Lutgert Companies.
“The Estuary has a city location with the feel of country club living. The homesites are exceptional in size with views of lake and golf course—there is no area in Naples to rival its attributes. “
Additional highlights of The Cambridge include a city-chic kitchen with black slab granite counters contrasted by stainless steel accents and white cabinetry. The island is generous in size to use as a food prep area and breakfast bar with chair seating.
The family room boasts a dramatic coffered ceiling and opens to a spacious outdoor living area that includes a summer kitchen, fireplace, pool and spa. The master suite has an inviting sitting area and his-and-her baths. Rounding out the unique characteristics offered in this home include an elevator, a private guest casita, and 4-car plus golf cart garage.
New construction activity in this golfing community continues at a swift pace with custom homes currently under construction by builders BCB Homes, London Bay Homes, Covelli Development Group, and Harwick Homes. Five additional homes are slated for construction to commence this season.
The Estuary is joint venture between The Lutgert Companies and Barron Collier Companies, renowned leaders in the luxury real estate industry. Premier Sotheby’s International Realty is the exclusive sales and marketing representative of Estuary at Grey Oaks, and division of The Lutgert Companies. Models are open daily. Visit the Estuary at Grey Oaks on-site Sales Center located at 1220 Gordon River Trail. The Estuary is located off Golden Gate Parkway just west of Airport-Pulling Road or call 239-261-3148. www.estuaryatgreyoaks.com.
About Premier Sotheby’s International Realty
Premier Sotheby’s International Realty is a division of The Lutgert Companies founded in 1984 by Chairman Scott F. Lutgert. The firm has offices strategically located from Marco Island to Bonita Springs to Clearwater with headquarters in Naples, FL. The Lutgert Companies has operated in Southwest Florida since 1964, when Raymond L. Lutgert started the development of Park Shore, which includes 17 luxury high-rises. The Lutgert Companies is also developing the high-rises at Bonita Bay. In addition, The Lutgert Companies has developed two golf course communities, various shopping centers and office buildings including Estuary at Grey Oaks, Linville Ridge, The Village on Venetian Bay, The Promenade, The Northern Trust Building, and most recently, Mercato, a mixed-use center in North Naples. The Lutgert Companies also owns Lutgert Title, Lutgert Insurance, Premier Commercial, and Signature Sotheby’s International Realty, with three offices in Sarasota, Longboat Key and Venice.
About Sotheby’s International Realty Affiliates, Inc.
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.
Premier Sotheby’s International Realty today announced it was recognized by the Sotheby’s International Realty® brand for having one of the top sales in its network for the month of May.
The firm earned the recognition for the sale of 38 Broad Avenue South in Naples, Florida for $7,000,000 and was included in the brand’s monthly Significant Sales brochure featuring 10 of the top sales in its network.
The historical 1900s beachfront home is a rarity in the Naples market. The main house has French doors that open to a trellis covered beachside deck to bring in the views of the sand, surf and Naples Pier. Wide-plank, stained pine floors, and wood beam ceilings capture vintage Naples architecture, while modern amenities of a gas fireplace and a state-of-the-art gourmet kitchen with a center island present its contemporary flair. Upstairs are two large guest suites and a luxurious master suite with cathedral ceilings and sunset deck. A secluded brick paved patio with pool, spa and an outdoor kitchen set amidst tropical foliage connect the two-bedroom guesthouse with the main residence.
Karen Van Arsdale, Sales Associate with Premier Sotheby’s International Realty was the listing agent. Ms. Van Arsdale has been a Naples resident since 1981. She has established herself as one of the top real estate professionals in the United States, and has been recognized by the Wall Street Journal as one of the Top 50 associates in the nation based on closed sales volume.
Premier Sotheby’s International Realty sold over $1,030,511,721 during the first half of 2011 in Collier, Lee, Charlotte, Sarasota and Manatee counties. The firm’s three offices in Sarasota County operate as Signature Sotheby’s International Realty. Compared to the same period in 2010, the firm’s sales of properties over $1 million in Collier and Lee counties are up 19.6%.
About Premier Sotheby’s International Realty
Premier Sotheby’s International Realty is a division of The Lutgert Companies founded in 1984 by Chairman Scott F. Lutgert. The firm has offices strategically located between Bonita Springs and Marco Island with headquarters in Naples, FL. The Lutgert Companies has operated in Southwest Florida since 1964, when Raymond L. Lutgert started the development of Park Shore, which includes 17 luxury high-rises. The Lutgert Companies is also developing the high-rises at Bonita Bay. In addition, The Lutgert Companies has developed two golf course communities, various shopping centers and office buildings including Estuary at Grey Oaks, Linville Ridge, The Village on Venetian Bay, The Promenade, The Northern Trust Building, and most recently, Mercato, a mixed use center in North Naples. The Lutgert Companies also owns Lutgert Title, Lutgert Insurance, Premier Commercial, and Signature Sotheby’s International Realty, with three offices in Sarasota, Longboat Key and Venice.
About Sotheby’s International Realty Affiliates, Inc.
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.
Judy Green, President and CEO of Premier Sotheby’s International Realty, announced today that the firm has sold over $1 billion of real estate during the first half of 2011, marking a critical milestone for the Southwest Florida luxury real estate brokerage.
According to Terradatum, a third party research firm that analyzes data in the local multiple listing service, Premier Sotheby’s International Realty sold over $1,030,511,721 during the first half of 2011 in Collier, Lee, Charlotte, Sarasota and Manatee counties. The firm’s three offices in Sarasota county operate as Signature Sotheby’s International Realty.
“Our associates’ sales performance year-to-date is incredibly encouraging for our region,” said Judy Green. “It signals an increasing confidence among buyers, both domestic and international, that real estate in Southwest Florida continues to be a solid investment.”
In addition to the firm’s regional leadership, Premier Sotheby’s International Realty achieved the #1 market share position in Collier and Lee counties based on closed sales volume, as well as the highest average sales price. The firm’s average sales price year-to-date in 2011 is $1,103,497.
Premier Sotheby’s International Realty also reached the #1 market share position in many of Southwest Florida’s most desired communities, including Port Royal, Aqualane Shores, Old Naples, Park Shore, Moorings, Coquina Sands, Vanderbilt Beach and Bonita Bay. Premier Sotheby’s International Realty also enjoys the #1 market share position in Pelican Bay sales over $1 million and Marco Island sales over $2 million.
Compared to the same period in 2010, before Premier Properties of Southwest Florida joined the Sotheby’s International Realty® network, the firm’s sales of properties over $1 million in Collier and Lee counties are up19.6%. This increase demonstrates the effectiveness of the many Sotheby’s International Realty marketing offerings that Premier Sotheby’s International Realty agents can now offer their clients.
About Premier Sotheby’s International Realty
Premier Sotheby’s International Realty is a division of The Lutgert Companies founded in 1984 by Chairman Scott F. Lutgert. The firm has offices strategically located between Bonita Springs and Marco Island with headquarters in Naples, FL. The Lutgert Companies has operated in Southwest Florida since 1964, when Raymond L. Lutgert started the development of Park Shore, which includes 17 luxury high-rises. The Lutgert Companies is also developing the high-rises at Bonita Bay. In addition, The Lutgert Companies has developed two golf course communities, various shopping centers and office buildings including Estuary at Grey Oaks, Linville Ridge, The Village on Venetian Bay, The Promenade, The Northern Trust Building, and most recently, Mercato, a mixed use center in North Naples. The Lutgert Companies also owns Lutgert Title, Lutgert Insurance, Premier Commercial, and Signature Sotheby’s International Realty, with 3 offices in Sarasota, Longboat Key and Venice.
About Sotheby’s International Realty Affiliates, Inc.
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.
The Lutgert Companies report sales in 2011 continue at a strong pace at the luxury high-rise Tavira at Bonita Bay. Tavira is located at 4851 Bonita Bay Blvd. just north of Naples, Florida. From January through May, there were twelve closed sales and seven pending firm contracts totaling $31,000,000 in sales activity.
“With the improving general economy, consumer confidence is improving, and buyers are now making decisions,” said Mike Hoyt, Senior Vice President of Lutgert Development. “Tavira is an attractive choice for the second-home buyer who wants a carefree lifestyle afforded by condominium living, yet they still need space for family and entertaining. Tavira’s floor plans live like single-family homes, and our buyers are seeking expansive getaways that can accommodate
their lifestyles.”
The Lutgert Companies has operated in Southwest Florida since 1964, when Raymond L. Lutgert started the development of Park Shore, which includes 17 luxury high-rises. Tavira is the sixth of eight planned high-rises in Bonita Bay and enjoys a prime setting adjacent to the Estero Bay Park. Every residence in this luxury tower has sweeping preserve, Estero Bay and Gulf of Mexico views from their signature Lutgert window walls and through-view design. Soaring 25 stories, Tavira has 90 residences with floor plans encompassing 3,500 to 4,100 square feet of air-conditioned living space.
“The Lutgert Companies sets a new standard in building design with each new project,” said Hoyt. “With Tavira, we have added those touch-of-home features such as a fireplace in the living area and a screened terrace with built-in electric grill and sink.”
Tavira’s rich array of amenities ranges from social to recreational to therapeutic and athletic. The expansive lushly landscaped deck area has a heated pool with lap lane, individual poolside cabanas and covered screened cabana with fireplace, grills and Wi-Fi. Indoors is a furnished health club with fully-equipped fitness center, men’s and women’s steam and massage room, card room, billiard room, theater and expansive club room with bar and catering kitchen overlooking a preserve stand.
“The rooftop amenity level with breathtaking sights over the Gulf of Mexico, custom seating and built-in architectural planters, bar area and grill is another crowning achievement by The Lutgert Companies, said Billie Jans, a Premier Sotheby’s International Realty on-site agent at Tavira. “Residents and potential buyers are amazed that we offer this type of feature. It’s the perfect spot for owners to meet at sunset.”
For worry-free living, Tavira has a resident manager. There is controlled-access parking, bicycle storage and climate-controlled resident storage.
Residents may purchase memberships to the member-owned club with five championship golf courses, tennis and swim center, walking and cycling paths, three waterfront parks within the community and a private beach park on the Gulf of Mexico. The marina cub has a full-service marina with storage, dining facilities and egress to the Gulf of Mexico via the Imperial River and Estero Bay.
Premier Sotheby’s International Realty, the real estate division of The Lutgert Companies, is the exclusive representative for The High-Rises at Bonita Bay. Residences at Tavira start at $1,200,000. The High-Rises at Bonita Bay sales center is located at the entrance to the community. Models are open daily. Call 239-495-1105 or visit www.BonitaBay.com for more information.
Joining the likes of extravagant homes from Hawaii to Maine, a Gulf front Naples, home was included in the roster of the finest oceanfront homes for sale by Ocean Home magazine. All waterfront homes featured extend the ultimate in luxury, amenities, acreage, and square footage.
Homes chosen not only have the best architectural and interior designs, but also are located in some of the most desirable neighborhoods in the United States.
After a far-reaching quest for homes at the top of their market, Premier Sotheby’s International Realty’s Port Royal Area property made the cut.
The palatial beachfront home located in the Port Royal Area, along the Gulf of Mexico, made lasting first impressions with details such as the home’s hand-forged wrought-iron gated entry, beyond which a set of cedar and mahogany exterior doors and iron archways welcome you inside. Once inside, owners of the 20,075 total square-foot home have their pick of rooms to use and are treated to niceties like imported travertine flooring with onyx accents, a 32-foot imported travertine fireplace, handmade Italian chandeliers, Costa Brava granite, copper hammered sinks, gorgeous groin ceilings, a custom wood paneled family room, a study, and a library. Additionally, a temperature-controlled wine room, a gourmet kitchen with imported solid granite surfaces and modern appliances by Miele and Thermador make for elegant entertaining. A butler’s pantry, servant’s quarters, and an outdoor kitchen with a fireplace round out the offerings, all of which are surrounded by multiple Gulf side verandahs overlooking a two-level water feature flowing into a beachfront pool.
The home is listed for $21,900,000 with Philip N. Collins, Broker Associate with Premier Sotheby’s International Realty, 239-404-6800; naplesluxuryproperties.com.
Ocean Home magazine, a luxury oceanfront lifestyle publication, announces its fourth annual list of the “Top 25 Ocean Homes” for sale in the U.S. from coast to coast. The current issue (May/June) displays these most exotic, luxurious, and desirable oceanfront homes currently on the market.
About Premier Sotheby’s International Realty
Premier Sotheby’s International Realty is a division of The Lutgert Companies founded in 1984 by Chairman Scott F. Lutgert. The firm has offices strategically located between Bonita Springs and Marco Island with headquarters in Naples, FL. The Lutgert Companies also owns Lutgert Title, Lutgert Insurance, Premier Commercial, and Signature Sotheby’s International Realty, with three offices in the Sarasota region.
About Sotheby’s International Realty Affiliates, Inc.
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.
Premier Sotheby’s International Realty today announced it was recognized on the REAL Trends 500 Top Firms Ranked by Volume and Top Firms Ranked by Average Sales Price lists.
The REAL Trends 500 is an annual research report that identifies the country’s largest and most successful residential firms as ranked by closed transaction sides and separately by closed sales volume.
Premier Sotheby’s International Realty was ranked 54th on the Top Firms Ranked by Sales Volume list, which is available in the publication’s May 2011 issue. The list is a ranking of the 500 largest firms that participated in the REAL Trends 500 rankings.
Premier Sotheby’s International Realty was also ranked 15th on the Top Firms Ranked by Average Sales Price list. The list is a ranking of the 25 firms in the REAL Trends 500 by sides or volume with the highest average sales price. Premier Sotheby’s International Realty was the only company in Florida to be included on the list. The Sotheby’s International Realty® network received the most rankings of any brand on the Average Sales Price list.
“We are very proud to have Premier Sotheby’s International Realty and its talented team of professionals represent us in Sarasota, Manatee and Charlotte counties,” said Michael R. Good, chief executive officer, Sotheby’s International Realty Affiliates LLC. “This recognition is a testament to the hard-working individuals that make up this fine firm and the extraordinary listings they represent.”
“We are proud to represent the finest home in Collier and Lee counties,” said Judy Green, President & CEO. “This recognition is a result of our market knowledge and expertise and the support of the Sotheby’s International Realty brand, all of which enable us to effectively market and sell these extraordinary residences.”
The Sotheby’s International Realty network currently has more than 11,900 sales associates located in approximately 560 offices in 42 countries and territories worldwide.
Since 1984, Premier Sotheby’s International Realty, a division of The Lutgert Companies, has been the leading luxury brokerage with offices strategically located from Bonita Springs to Marco Island and their headquarters located in Naples, FL. Premier Sotheby’s has over 250 licensed real estate professionals including a full service rental division, marketing, IT and E-commerce divisions.
The Lutgert Companies, whose history in Southwest Florida dates to 1964, also owns Lutgert Title, Lutgert Insurance, Premier Commercial, and Signature Sotheby’s International Realty, with three offices in the Sarasota region. www.premiersothebysrealty.com.
About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.
Premier Sotheby’s International Realty announced that the “Mariana” model at 1280 Osprey Trail in Estuary at Grey Oaks has sold. The classically designed model by Covelli Development Group features 6,910 square feet of indoor living space with six bedrooms, five full baths, a powder room, pool bath, theater room, cherry wood paneled library and an 1,100-bottle temperature controlled Malaysian mahogany wine room.
The “Mariana” is Estuary’s first green new model home certified by the Florida Green Building Coalition and has won several awards from the building industry. Besting over 220 entries in the 2010 Aurora Awards, the “Mariana” won Best Home in the category of single family homes over $3,000,001. The Aurora competition covers a 12-state region of builders, developers, architects, planners, interior merchandisers, landscape architects and other disciplines demonstrating excellence in building and design.
The “Mariana” also earned awards for Best Home over $3.5 million, Best Kitchen Design, Best Theatre, Best Outdoor Living, Best Master Suite and Best Interior Design by the Collier Building Industry Association at their 2010 Sand Dollars competition.
Covelli Development Group is a Naples-based, custom-home builder in Southwest Florida, and one of the preferred custom-home builders at Estuary at Grey Oaks.
Premier Sotheby’s International Realty is the exclusive representative of Estuary at Grey Oaks, and the real estate division of the Lutgert Companies. Estuary’s sales center is off Golden Gate Parkway, immediately west of Airport-Pulling Road N. Online at www.estuaryatgreyoaks.
About Premier Sotheby’s International Realty
Premier Sotheby’s International Realty is a division of The Lutgert Companies founded in 1984 by Chairman Scott F. Lutgert. The firm has offices strategically located between Bonita Springs and Marco Island with headquarters in Naples, FL. The Lutgert Companies also owns Lutgert Title, Lutgert Insurance, Premier Commercial, and Signature Sotheby’s International Realty, with three offices in the Sarasota region.
About Sotheby’s International Realty Affiliates, Inc.
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.
Premier Sotheby’s International Realty is pleased to announce that Christopher Harrington has joined as Broker Manager for the firm’s Old Naples offices located at 390 Broad Avenue South and 776 Fifth Avenue South.
Mr. Harrington’s distinguished career includes 24 years of management experience with exceptional results in marketing and promotional strategies, fiscal oversight, information technology, and associate recruitment and training.
“Chris has an exceptional reputation in his stellar career and we are fortunate to have him on our team,” says Judy Green, President and CEO of Premier Sotheby’s International Realty. “His vast experience in real estate and his hands-on style work ethic will help our agents and company grow in scope as the leading luxury brokerage in Southwest Florida. ”
Most recently, Mr. Harrington served as the Chief Operating Officer with Prudential Palms Realty in Sarasota, Florida and was responsible for the daily operations of 6 residential locations and 250 sales agents.
From 2001 to 2007, Harrington was managing broker for Coldwell Banker offices in Longboat Key, East St. Armands Key and West St Armands Key, in Sarasota. His responsibilities included oversight of daily operations and 145 sales associates and employees. Harrington was credited by many of the top agents for his role in achieving record sales volumes during his tenure there.
“I am excited about this new chapter in my career,” said Harrington. “Our business is so much about relationships, and I look forward to working with our agents to share some new approaches and concepts.”
While Sarasota was home base for many years, Harrington is looking forward to making Naples his new home. ” I am very knowledgeable of the Naples market and the clientele our company attracts,” says Harrington. “This is a great opportunity to be a part of such forward-thinking firm like Premier Sotheby’s International Realty.”
Other former positions include Chief Operating Officer for York Simpson Underwood in Raleigh, North Carolina, and managing broker with Arvida Realty Services in Sarasota, Florida. Harrington began his real estate career with Sarasota’s Michael Saunders & Company in 1995, where he was an award-winning multimillion-dollar top producer and later promoted to Manager.
Harrington, a licensed Florida Real Estate Broker, studied at the College of Charleston in Charleston, South Carolina, and Winthrop College in Rock Hill, South Carolina. He is a Dale Carnegie graduate, and a certified real estate coach. He is also a former USPTA tennis professional.
About Premier Sotheby’s International Realty
Premier Sotheby’s International Realty is a division of The Lutgert Companies founded in 1984 by Chairman Scott F. Lutgert. The firm has offices strategically located between Bonita Springs and Marco Island with headquarters in Naples, FL. The Lutgert Companies also owns Lutgert Title, Lutgert Insurance, Premier Commercial, and Signature Sotheby’s International Realty, with three offices in the Sarasota region.
About Sotheby’s International Realty Affiliates, Inc.
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.
Joshua Bahoff bought a three- bedroom luxury condominium in Naples, Florida, in December for $235,000, about one-third of the price that the seller paid near the height of the U.S. housing boom.
“It was a great deal,” said Bahoff, 59, a Philadelphia dentist who plans to spend one week a month every winter in the 2,700-square-foot (250-square-meter) property in Fiddler’s Creek, a residential and golf development south of the city’s downtown historic district on the Gulf of Mexico. “We can’t see this market going down any lower.”
While much of Florida’s real estate market remains depressed by foreclosures, buyers seeking a second home in the state’s affluent vacation enclaves are “finally getting off the fence,” Karen Van Arsdale, an agent at Premier Sotheby’s International Realty in Naples, said in a telephone interview.
Sales in the Naples area last year rose 10 percent, the first annual increase in at least five years, while the median price for homes listed at $300,000 or more gained 4 percent to $544,000, according to data compiled by the Naples Area Board of Realtors. About half of the properties in the market are second homes, and discounts from 2006 peak prices average about 25 percent, said Brenda Fioretti, president of the group.
“Wealth determines housing, and the good places pick up first,” Karl Case, 64, a professor emeritus in economics at Wellesley College in Massachusetts who has been visiting Naples since a family vacation took him there when he was 13, said in a telephone interview. “For people with deep pockets, it’s generally a flight to quality.”
Atlantic Coast
Resort towns on Florida’s Atlantic coast are starting to follow the lead of Naples, said Patricia Fitzgerald, president of the Florida Realtors. Sales in Boca Raton, Jupiter and West Palm Beach rose 32 percent for existing houses and 40 percent for condos in February from a year earlier, according to the group.
Rising stock prices and the decision by President Barack Obama and Congress not to increase tax rates in 2011 contributed to the surge in deals, according to Van Arsdale. Record cold temperatures in parts of the Midwest and Northeast this winter “nudged people” to make real estate purchases they’d been putting off, she said.
Home values in South Florida markets may show a “surprise upward” trend while U.S. prices remain flat this year, according to Lawrence Yun, chief economist in Washington for the National Association of Realtors.
“Given that they are historical vacation destinations for the wealthy, and the stock market having risen so much, it’s possible that they get a nice snap back even though I’m calling for no change nationwide,” Yun said.
International Buyers
The Standard & Poor’s 500 Index, a benchmark for U.S. equities, has risen 91 percent since reaching a 12-year low in March 2009.
International buyers seeking to protect their wealth with U.S. hard assets may also buoy South Florida, according to a June 2010 report by the Chicago-based Realtors association. Florida properties accounted for 22 percent of all purchases made by buyers from outside the U.S. in the 12 months ended in April, the most of any state, according to the report.
The surge in Naples luxury prices contrasts with much of Florida’s housing market, where values are falling amid a glut of foreclosed properties. Loan servicers have been slow to resume home seizures as state attorneys general investigate mortgage-industry practices such as robo-signing, or using employees to sign affidavits and other documents, according to RealtyTrac Inc.
Foreclosure Ranking
Florida’s ranking of foreclosure filings per household fell to eighth among states last month from second in September, before the robo-signing controversy broke, the Irvine, California-based data seller said March 10. Florida ranked second in the number of filings sent to property owners with 18,760.
“The foreclosure market is completely dysfunctional,” said Michael Olenick, founder of LegalPrise Inc., a data seller based in Palm Beach that focuses on distressed properties. “People have given up finding a really cheap foreclosure.”
WCI Communities Inc., a Florida homebuilder that emerged from bankruptcy in September 2009, has “aggressively” reduced peak prices by as much as 40 percent at nine of its developments around the state, including three in Naples, Chief Executive Officer David Fry said in an interview.
The Bonita Springs-based builder, which cut its staff from 4,000 to 600, expects to sell 300 units this year and almost double that number in 2012, he said.
Land Prices
“The stock market has favorably affected confidence in recent months,” Fry said as he sat on the back patio of the Ritz-Carlton Hotel and Golf Resort in Naples, which WCI developed in 2002 as part of its Tiburon community. The hotel hosts the Naples Winter Wine Festival, a charity auction and social event that raised $12 million in January, 48 percent more than last year.
Land prices are rising as the real estate recovery takes hold, according to Steve Hagenbuckle, managing principal of real estate investment firm TerraCap Management Corp. in Cape Coral, Florida. Undeveloped land with zoning approvals in Estero, north of Naples, sold to a public builder he declined to name for $40,000 per quarter-acre lot. Eight months ago, Toll Brothers Inc. (TOL) bought similar land for $10,000, he said.
Premier Sotheby’s International Realty sold 41 Naples residences priced at $2 million or more this year through March 17, a gain of 14 percent over the same period in 2010, according to Lutgert Cos., a Naples property developer that owns the brokerage. There were 55 sales of homes priced between $1 million and $2 million, an increase of 17 percent, President Howard Gutman said in an e-mail.
Closing the Deal
“The buyers are value-conscious, but they’re making decisions,” said Van Arsdale, who brokered four transactions for a combined $27 million since Christmas. The properties sold for about 30 percent less than peak prices, she said.
Richard Azrael, 65, wanted to buy last year at WCI’s Marquesa subdivision next to the Ritz-Carlton until the company bankruptcy delayed his purchase. Last month, he closed on a three-bedroom, 3,000-square-foot condo and golf membership for $720,000, saving about $80,000 over the 2010 price, he said.
“We’ve been thinking of this for several years, and we felt that if we were going to do it, we should do it now,” said Azrael, a real estate developer from Columbia, Maryland. “We’ve been spending a lot of time in Florida on both coasts, and we happen to like the pace and environment in Naples.”
Interstate Access
Naples, with a bay like its namesake Italian city, was developed in the late 1880s by John S. Williams, a U.S. senator from Kentucky, and Walter Haldeman, publisher of the state’s Louisville Courier-Journal. They built homes, a pier and a 16- room hotel, according to the Naples Historical Society website.
The town, about 170 miles (270 kilometers) south of Tampa, remained “a small, lovely oasis along the Gulf of Mexico” until the 1950s, the website says.
After U.S. Interstate 75 was extended from Tampa to Naples and international service began at Southwest Florida Airport, Ritz-Carlton opened the first of its two hotels, a resort on Vanderbilt Beach near downtown, in 1985.
“That put Naples on the map,” Gutman said.
Midwest residents had always been the core vacation group, driving south on I-75, and now they were joined by air travelers and international visitors, Gutman said.
The office portion of the Mercato commercial development, a Lutgert joint venture with Barron Collier Cos. that opened in late 2008, is 83 percent leased with tenants including securities brokers Merrill Lynch & Co. and Wells Fargo Advisors, Gutman said.
Click here for more on Naples Housing Market. Via Bloomberg.com.
Visitors will get a glimpse into high-rise living this month as they tour six model homes at Tavira at Bonita Bay.
The Southwest Florida Symphony Society is featuring the models during its 2011 Sanctuaries in the Sky Designer Showcase, which continues through March 13. The annual event has raised more than $118,000 for the symphony during the past five years, showcase chairwoman Ruth Condit said.
Tickets for the event – which includes complimentary valet parking and refreshments and an on-site vintage jewelry boutique – are $15.
Built in 2009, Tavira is the sixth and newest Bonita Bay high-rise developed by The Lutgert Companies, based in Naples. The 26-story tower offers panoramic views of Bonita Beach, Estero Bay and the Gulf of Mexico with residences priced between approximately $1.8 million and $2.5 million, including furniture and finishes.
The lifestyle
Roughly three of every four buyers at Tavira are people who already live at Bonita Bay and are looking to upgrade to the 2,400-acre community’s newest high-rise, said Billie Jan, an agent at Sotheby’s International Realty who focuses on Bonita Bay’s Tavira and Esperia towers.
Twenty-three of the 90 residences at Tavira have sold. The Realtor said interest is picking up, and she wrote three contracts for the property last week.
“We have very good, qualified traffic coming in the door and the product is absolutely gorgeous,” she said.
People choose Tavira for the ease of high-rise living as well as the amenities, which include a rooftop terrace, resort-style pool, a 10-seat theater, card and game rooms, a fully equipped health club and a golf simulator.
Homes at Tavira range from approximately 3,500 square feet to more than 4,400 square feet. They include 10- or 12-foot ceilings, private elevator lobbies, gas fireplaces and summer kitchens with electric grills and sinks on screened terraces.
“It’s luxurious,” Jan said of the property. “You offer the views and no maintenance so it’s a turnkey situation they (buyers) can walk into.”
Click here for more on Sanctuaries in the Sky Designer Showcase.
