RITZ-CARLTON RESIDENCES ESTERO BAY SPOTLIGHT
August 2022 Newsletter
I hope everyone is enjoying their summer! School is starting up again next week in SWFL – where did time go?! The afternoon tropical storms are increasing in intensity – beautiful to watch from afar but not so much fun when you’re right under one! On a personal note – we are renovating our home, temporarily living in our guest house and moved my my home office to my daughters’ tree house, which can feel a bit precarious during the storms!
🥇 The accolades just keep piling up for Naples as it was ranked the #1 safest place to live (and Fort Myers checked in at #3) on U.S. News & World Report’s list of the Safest Places to Live in the U.S. in 2022-2023! Naples also ranked #2 in Best Places to Retire out of 150 metro areas in the US.
🏝 The Ronto Group has acquired a 5.25 acre parcel of beachfront land in Naples formerly home to the Mansion House co-op, located next to Lowdermilk Park Beach. In partnership with Rosewood Hotels & Resorts, Ronto plans to build 50 estate sized ultra-luxury residences.
💰 $62,000,000! – a 16,000-square-foot furnished beachfront home at 25 16th Ave S sold for $62M ($3875/SF), a record by $10M for single-family residential real estate in Naples. Built in 2014 and situated on a 1.64ac corner lot with 180′ of beachfront. ($344k/LF)
💦 Developers broke ground on a $250M Great Wolf Lodge coming to Naples in 2024. This destination attraction will include a 500-suite hotel, 100,000 square foot indoor water park and 62,000 square feet of attractions.
📊 As expected for summer in SWFL, the activity level is light – there are still a reasonable number of properties going into contract, but not too many additional buyers in town looking. Indicators show we are trending back towards a more “normal” market in SWFL but the transition feels like an abrupt change as we quickly got accustomed to the extraordinary swell of buyers looking to purchase here over the last two years. As you can see from the charts below, the average sales prices have come down off their peak in the last 2 months but the supply of new listings has also dropped keeping inventory low. Pending sales ticked up in August to 945, which is only 9% below last year and actually 15% higher than the 822 pending sales we had in July of 2019.
Lindsey and I were featured in the July 2022 edition of Naples Real Producers Magazine, a trade publication focused on the top 500 real estate agents in Naples. Click the article below to read a little about our story!
New Development | The Ritz-Carlton Residences Estero Bay
In late 2020, London Bay Development Group purchased 475-acre Raptor Bay Golf Course and the Week’s Fish camp parcels with plans to develop a new community in Bonita Springs on the bank of the Estero Bay. The Ritz-Carlton Residences will be located within the master-planned community, Saltleaf, a 500-acre resort-style community that will encompass golf, marina, walking trails, restaurant, clubhouse town center and much more. Two 21-story Ritz-Carlton towers will located on the Estero Bay only 25-minutes from Southwest Florida International Airport in Fort Myers and directly north of the well-established Hyatt Regency Coconut Point Resort and Spa.
Each tower will include 112 residences, with prices starting from the mid $2Ms. The Ritz-Carlton Residences, Estero Bay will provide resort-style amenities featuring: three pools, two spas, a lagoon with floating pavilions, 10 tower suites for purchase per tower, 3 hotel guest suites per tower, 3 barbecue stations with seating and overhead trellis per tower, 2 firepit gathering areas per tower, concierge service, valet service, kids/teen room, fitness center with yoga and personal training rooms, locker rooms (steam/sauna), pet grooming space, beauty salon, spa/treatment rooms, wine/whiskey room, private dining room, catering/demonstration kitchen, business center, sports/news café and more.
• Pricing starts in the mid-$2Ms and goes up from there
• Starting sales with the South Tower, starting going to contract in May 2022
• 2 towers, 112 units each tower, 21 stories each
• Timeline is to break ground Q42022 and deliver the 1st tower Q12025
• Floors 1 and 2 will be 2-3 units per floor (bottom floor will have 2 units with plunge pools)
• Floors 3 through 19 will be 6 units across
• 10 tower suites can be purchased by owners (2 bedroom units up to 1500 SF)
• 3 hotel rooms in each tower for guests of owners to reserve
• On back side of towers facing the marina and bay will be a 32,000 SF lagoon and 2 pools
• Poolside cabanas and additional storage available for purchase
• Will be a private restaurant for residences of Ritz-Carlton
• Will be a public restaurant that will sit in between Hyatt and Ritz (near the Marina) operated by London Bay near the buildings.
• 36,000 of amenities: Fitness center, yoga, Pilates, personal training rooms, beauty salon, wine and whiskey room, catering/demo kitchen, news café, speakeasy/bar near tower suites.
• Ritz Carlton will manage towers/amenities after London Bay completes the construction
Overall Community Plans: Saltleaf on Estero Bay
• London Bay purchased 500 acres of land including Raptor Bay Golf Course
• Master planned community is called SaltLeaf, will be about an 8-10 year build out with the idea that they are creating a coastal village
• The Ritz Carlton Estero Bay will be the first 2 buildings
• Saltleaf is zoned for 4 more towers + 4 to 6 mid-rise buildings about 6 stories tall
• Raymond Floyd Design will redesign front nine of the existing course and the back nine will be built on. They will construct a new back 9 in the undeveloped area as well as a 9 hole short course.
• New golf course will be known as “Saltleaf Preserve Golf Course” Redesigned course planned to open FEB 2023
• Will tear down existing clubhouse and build a new 15,000 SF clubhouse
• Marina will have 72 slips with a restaurant and offer slips for lease, London Bay will manage the Marina
Contact Matt for more information at 239.580.8864.
Including previous months published market reports for Naples, Bonita/Estero and Marco Island.
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