Homes & Estates Florida Collection May 2017 | Page 9

SOUTHWEST FLORIDA
It’s perhaps no surprise that lifestyle remains
the dominant draw for Southwest Florida.
Consistently recognized for its destination
beaches, fi ne arts venues and relaxed vibe,
this region — which encompasses Manatee,
Sarasota, Charlotte, Lee and Collier counties—
continues to attract visitors from around the
globe, according to Jennifer Putnam, regional
vice president of the Southwest Florida region at
Coldwell Banker Residential Real Estate.
Jennifer Putnam
Regional Vice President,
Southwest Florida,
Coldwell Banker
Residential Real Estate
“From Sarasota through Naples and south to
Marco Island, our luxury housing market is
vibrant with lifestyle choices,” she says. “Offering
bayfront, intercoastal waterways and Gulf of
Mexico settings, the Southwest region boasts
fi ve barrier islands with three waterfront coastlines of luxury waterfront condos
and single-family homes.”
Current State of the Market: “Mimicking what’s happening in the Southeastern
corridor, the luxury market in Southwest Florida has seen a steady increase
in inventory,” says Putnam. This bump in inventory was responsible for “a 4%
decline in average home prices last year.” That said, she says that each luxury
residence “is individually unique and speaks to buyers who are willing to pay for
the opportunity to be a part of this Southwest Florida paradise lifestyle.”
Wild Card: Like the Southeast, Southwest Florida has experienced exponential
growth in high-end housing options with an explosion of new residential
construction. “Our market has had a steady recovery from the Great Recession
and has refocused and reenergized since 2013,” notes Putnam. “Luxury
downtown condominiums offering city walkability, estates enveloped in natural
Florida fl ora and wildlife, and gulf-to-bay communities with lifestyle amenity
centers all provide complementary options to our early 1920s historic homes.”
Hot Markets: “Waterfront properties are the most desirable locations for our
luxury properties, and they continue to draw celebrity business leaders and
entertainment stars to our area,” notes Putnam. “The island of Longboat Key,
anchored by St. Armands Circle to the south and Anna Maria Island on the
north, have both condo and single-family home prices ranging from $2.3 million
to $18.5 million. Port Royal and Acqualine Shores in Naples have waterfront
homes ranging from $7.8 million to $60.9 million.”
Good Buys: Hidden on the Gulf between Sarasota and Fort Myers,
Manasota Key is a natural “old Florida” area, Putnam shares. “Large,
untouched beach-to-bay lots are available at approximately one-third of the
cost of more well-known waterfront locations and provide opportunities for
estate homes and compounds.”
Outlook: “I predict sustained aggressive new construction in our region
continuing to offer luxury property options for buyers,” says Putnam.
EAST CENTRAL FLORIDA
Rich Fleischer
Regional Vice President,
East Central Florida,
Coldwell Banker
Residential Real Estate
East Central Florida — which encompasses the
area from greater Orlando east through Flagler
and Brevard counties on down to Palm Beach —
has also been grappling with oversupply in the
highest tiers of price segments. However, signs
of light are beginning to fi lter in from areas such
as West Palm and Palm Beach, where luxury
properties are beginning to move at an increased
pace due to improving buyer confi dence. For this
reason, Rich Fleischer, regional vice president
of the East Central Florida region at Coldwell
Banker Residential Real Estate, characterizes
this region’s market as “inconsistent.”
Current State of the Market: “Depending on
the local market, luxury homes are generally
staying on the market longer,” says Fleischer. “Inventory for the luxury sector
is steadily rising, while the number of contracts is remaining mostly constant.”
He is heartened by a recent uptick in activity in the Palm Beach area. “The high-
end has been stagnant over the last six to nine months,” he says. “However, we
are now seeing properties change hands.”
Wild Card: The speculative building market has been particularly active in East
Central Florida over the last fi ve years. “We now have a signifi cant number of new
or under-construction products available,” says Fleischer.
Hot Markets: “In Central Florida, opportunities continue to expand for affl uent
buyers looking for new construction in areas like Heathrow, Alaqua Lakes, South
Sanford and Markham Woods Corridor,” says Fleischer. “Winter Park continues
to be our fl agship luxury market, where prices have remained fairly constant,” he
adds. Hammock Dunes, Hammock Beach and Ocean Hammock offer homes
up to to $2.5 million, with the average price being around $800,000. At Golden
Oak, a community of luxury custom, single-family homes in the Walt Disney
World Resort offering access to the Four Seasons Resort Orlando, the average
sales price is about $7 million. In Windermere, it’s $6 million. “The Palm Beach
County Country Club community in Old Palm is showing estate homes selling
from $3 million to $8 million, with new homes offered in excess of $9 million,”
says Fleischer. “On the West Palm Beach waterfront, older estate homes are
selling for about $3 million and luxury condos are under construction with asking
prices in excess of $8 million.”
Good Buys: Good buys in East Central Florida are rare and are only happening
with sellers who are pricing below market, says Fleischer. “There are no
exceptional deals,” he adds. “Smaller homes in prime locations are being
purchased for land value and rebuilt.”
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