A “one of a kind” development site on the Naples, FL waterfront is coming up for auction online with a bid deadline of March 13. Broker Andrew Christopher with locally based William Raveis Real Estate told Connect CRE the approved site in Old Naples could support development of four residential condominiums with pricing starting at $15 million. Alternately, it could be used to build a trophy estate. Locally, sites such as this—replete with four private boat slips—may come to market once in a few decades. 

Florida’s Gulf Coast and the lifestyle it represents make it a distinct alternative to the more populated cities on the state’s Atlantic coastline. Accordingly, it attracts a different type of residential buyer. 

“Typically, the profile is somebody who’s still working, married with kids,” Christopher told Connect CRE. “They’re looking for an easy ‘get-in get-out’ option with minimal hassle. They’re coming in to enjoy their place for a few weeks, get some sun, enjoy the boating life and then usually, it’s not their primary residence; it’s a vacation property or a secondary home.” 

This profile differs from the condo buyer in Miami or Fort Lauderdale, which is “typically not family-oriented but looking for more of a social, nightlife scene,” said Christopher. What buyers on either Florida coast have in common is that they tend to be high net worth individuals. 

Naples has seen an uptick in high-end residential development, with The Avenue, Aura at Metropolitan Naples and the under-construction Residences at Naples Beach by Four Seasons all recent arrivals. They’re coming into a Naples that’s increasingly populated with retail and dining options. These and other residential projects are capitalizing on the influx of affluent buyers seeking relief from high taxes and “urban decay,” Christopher said. 

In the case of the waterfront site coming up for auction, such a project could already have been under construction had the seller not changed his plans. “Our client fully intended to build out this property with four condominiums and spent well over a year putting together the team: the architectural team, the building team, etc.,” Bill Lange, CEO at FRE Auctions, told Connect CRE. “For whatever personal reasons, he’s decided not to go forward with the development.” 

The would-be developer decided to sell the property via auction “because it’s very difficult to price something like this,” said Lange. “I mean, how much is it worth? It’s kind of like Sotheby’s or Christie’s when they have fine art up for auction: they have a general idea of what it’s worth, but they’re allowing the public to really price it. And that’s what the auction process is all about.”  

For additional information on the offering, click here.