London Bay Homes is coming out from behind the gates of Southwest Florida’s upscale communities and into the heart of Naples. The company’s first downtown Naples home this year met with so much success that it is building another one next door and has plans for even more in the future.
“In the past we had built in Aqualane Shores and Port Royal, but with the downturn we kind of stepped out of that market,” explained Mark Wilson, president of London Bay Homes. “With the market back up we are stepping back into that market.”
For the past few years London Bay has been known for its upscale homes in Mediterra and Quail West. Now it is buying up scattered lots in Old Naples as it geasr up for its latest building strategy.
“There is a market demand for it,” Wilson said. “It’s not that one is better than the other; it’s the market demand and downtown is very much in demand, so therefore let’s go there and fill the demand.”
James Bates, a Realtor with Coldwell Banker and one of the top-producing real estate agents in Naples, confirms that the Old Naples area is in great demand now.
“Property is just getting snapped up by developers,” he began. “Definitely, prices are going up.”
Bates sells a lot of homes in Naples and said in just the last few months he’s seen prices soar. He said a lack of inventory adds to the escalation of prices.
“I think we have probably seen an almost 20 percent cost increase in the past 12 months and it is continuing that way,” Bates said. “Naples is the hot spot and it is moving down to the Moorings and Parkshore too.”
London Bay’s first fully furnished downtown model was the Southampton that sold for $2.6 million in March just as the model was being completed. Now construction is underway nearby on the Chelston, a two-story, three bedroom plus study home on Broad Court that will be complete next spring. The Chelston combines West Indies and Old Florida-inspired architecture and features transom windows, an entry water fountain and a tin-type roof. The home will be fully furnished by Romanza Interior Design. The 4,092-square-foot home will sell for somewhere in the $3.5 million range.
“The Chelston is like the Southampton on steroids,” Wilson exclaimed.
It will have higher ceilings, a larger great room, a more dramatic master bedroom and an upstairs loft with wet bar.
“Some was feedback from clients that went through the Southampton and some was the market was ready for a little more,” Wilson said. “The Southampton was designed in January of 2012. This is what the market wants today as opposed to two years ago.”
Another thing driving the bigger home is the bigger expense of lots.
“Homesites downtown are more expensive since January of 2012,” Wilson began. “Some of them have more than doubled in price so then you look to increase the square footage to do it.”
London Bay Homes recently purchased a lot on 1st Avenue North for $2.6 million, the same price as the entire Southampton home sold for.
“It was $2.6 million for the lot so it will be a $6 million home,” Wilson said. “First Avenue North is one of the most desirable spots in downtown. It is very pretty and one block from the beach.”
“Now downtown the lot entry price is in the high $2 millions to low $3 millions,” Wilson continued. “If you want to spend less than that you go further north like Moorings Park.”
London Bay built homes downtown in the early 1990s and was known for its expensive, luxury homes in Port Royal. The new furnished models mark a return to that area as the company aims to attract a buyer who doesn’t want the gated community life.
“It’s the individual that doesn’t want to be in a community and wants easy walking to downtown,” Wilson said. “People are paying a very healthy number to live there now.”
The newest model home will showcase what Wilson said today’s customer wants. Highlights of the new Chelston model include a great room with pocket sliders that open to an outdoor living area with a secluded fire pit and fully equipped outdoor kitchen. Inside there is a huge kitchen with an island breakfast bar and large pantry. The master suite features large walk-in closets, a bathroom with his and her vanities, a spa tub and walk-in shower. Double doors lead from the master suite to a private patio with a linear pool and raised spa.
Source: Andrea Stetson, Special to the News-Press
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