Luxury market levels off: Southwest Florida's top home sales in 2023
Laura Layden, Naples Daily News
15 min read
This compound at 2200 Gordon Drive in Port Royal listed for a record $174,747,536.
In the aftermath of Hurricane Ian, Naples saw trophy mansions list at never-before-seen prices.
In March, a sprawling waterfront estate hit the market for more than $174 million in the posh neighborhood of Port Royal.
It's still for sale.
So, too are other rare luxury properties that had the potential to break Collier County's record home price of $62 million – set in 2022.
That record broke the previous one by $10 million.
"That's a testament to the property, and to the market at the time," said Paul Arpin, the listing agent, with Premier Sotheby's International Realty. "It's still the top sale."
With six bedrooms and 11 bathrooms, the resort-style, Gulf-front retreat, with a living area of more than 11,800 square feet under air, in Aqualane Shores, one of the most coveted neighborhoods in Naples, sold at its asking price.
Admittedly, the uber-luxury home market wasn't as hot in 2023, Arpin said.
"It's probably fair to say that the market has taken a break, and it has leveled off," he remarked.
Paul Arpin, with Sotheby's International Realty in Naples.
However, 2023 still brought a few whopping sales. In fact, Arpin sold one of the two highest money-getters in Collier County last year, for $32.5 million, no chump change.
The most expensive home fetched $46.8 million in Port Royal. The purchase price for the furnished single-family estate at 1672 Galleon Drive was the highest ever paid for an off-beach residential property in the neighborhood, and all of Collier County.
A home at 1672 Galleon Drive in Port Royal, with this view, sold for $46.8 million.
John R. Wood Christie's International Real Estate's top-producing team of Bill Earls and Larry Lappin represented both the buyer and the seller of the property, marketed as the "definition of coastal luxury.”
"It just had incredible western exposure, with a big panoramic view," Earls said. "It sold for the asking price."
While Lee County doesn't always command the same eye-popping home prices as Collier County, it had some big sales of its own in 2023, but none beat its record of $17.15 million, based on data from the Southwest Florida Multiple Listing Service, or MLS. That record was set in 2021, for a Caribbean-style manor on Captiva.
With the clock ticking on 2023, the highest-priced sale in Lee was $12.25 million for a waterfront estate on Hickory Boulevard, which set a new record on Bonita Beach. The 5,771-square-foot house built in 2016, with five bedrooms and seven bathrooms, sold in October. It had belonged to evangelist David Turner, who bought it in 2021 for $7.5 million.
Of the top 10 sales recorded in Lee, half occurred on Bonita Beach.
A few areas of Lee and Collier counties saw record home sales last year, including Cape Coral, where a waterfront estate brought $6,063,000, including furnishings, the most in the city's history. The home at 1967 SE 36th Terrace, built in 2022, spans 11,302 square feet on a 0.43-acre lot.
At the time of the sale, listing agent Maxwell Thompson, with Premier Sotheby's International Realty, said it reflected an "exciting opportunity carefully curated for the ultimate waterfront destination."
"This property is not just a home; it's a lifestyle statement, an embodiment of luxury living at its finest," he explained.
This home at 1967 SE 36th Terrace in Southeast Cape Coral sold for $6,063,000, and it's the highest sale in Cape Coral's history.
Early in the year, a rare over-sized single-family lot on the southernmost tip of Marco Island went for a record $11 million, selling within hours of hitting the market.
The 0.79-acre homesite, located at 1071 South Barfield Drive, sits in a cul-de-sac. It's south facing, with 265 feet of frontage on the water, and a new seawall, boat dock and lift.
In the market area, the previous high paid for a lot was $6.4 million on Caxambas Island, off the coast of Marco.
At year end, the most expensive residential property listed for sale in Lee stood at $26,985,000, for a waterfront family compound on more than six acres, described as a "once in a lifetime offering," stretching from the Gulf of Mexico to the Roosevelt Channel on Captiva.
This compound at 16486/488 Captiva Dr. on Captiva is listed at $26,985,000.
In Collier, the $174 million-plus estate in Port Royal remains the priciest listing – by far. The property at 2200 Gordon Drive includes a home that encompasses more than 8,800 square feet, with 11 bedrooms and 16 bathrooms (including half-sized ones). It's described as a "stunning masterpiece."
According to the listing, the house – built in 1986 – is "move in ready," and its living area "sustained no damage" from Hurricane Ian's pummeling of the Gulf coast in September 2022.
"The existing home is one of the highest structures in Collier County on the beach at 16½ feet. The Polynesian architecture was designed by one of the most prestigious architects of its time," said Michael McCumber, the listing agent, after it hit the market.
While built decades ago, the house has seen many upgrades and add-ons over its lifetime.
Only time will tell how much it goes for – and when.
"We will have to just wait and see," Arpin said. "The word is still out on that – and where they sell it at is anybody's guess."
Denny Grimes, a long-time Realtor and local real estate market expert, with Keller Williams Realty, said there's no question the housing market has cooled since 2022, but it should come as no surprise, with the craziness it saw after the pandemic hit in 2020.
After crunching the numbers in the $5 million-and-up market, he found single-family home sales fell 27% in Collier and 53% in Lee in 2023, compared to 2022, for the months of January through August, taking Ian out of the equation.
"If we had a fourth quarter in 2022, these numbers would be more dramatic," he noted.
The market had already begun to cool before Ian.
Denny Grimes, Keller Williams Realty, Naples
"We were slowing to normal," Grimes said. "We were coming off a COVID market that was the best market since Noah. It couldn't sustain itself."
When compared to 2019, home sales were only down by about 5% in Collier and 3% in Lee overall last year, factoring out Ian, he stressed.
What's most shocking is the median sales price in the two counties was still so much higher in 2023 than before COVID, rising to $443,000, as of August, up nearly 70% from where it stood at the same time in 2019, Grimes said. The median represents the price at which half the homes sell for more and half for less.
"That's like having a birdie on every hole. That's like having a home run every time you're on the plate. I mean people should be kicking up their heels," Grimes said of the surge in prices.
While he's not one to make predictions, he believes Southwest Florida's housing market will remain "great," based on three elements – water, warmth and way of life.
"We have to preserve our water and our way of life," he said. "The warmth we don't have any control over."
Taking out his crystal ball, Arpin said his outlook on the housing market is bullish, with the stock market seeing positive momentum, and mortgage rates expected to fall over the next year.
"There is starting to be some more activity, and we should have a good 2024," he said.
Here's a more in-depth look at the Top 10 home sales in Collier and Lee counties in 2023, provided by Denny Grimes, who pulled it from the Southwest Florida Multiple Listing Service.
Collier County
1. 1672 Galleon Drive, Port Royal
This home at 1672 Galleon Dr. in Port Royal sold for $46.8 million.
Price: $46.8 million
Year built: 2011
Total square feet: 12,806
Features: With four bedrooms and seven bathrooms, it includes a gourmet kitchen, 400-bottle wine cellar, master suite with dual walk-in closets, air filtration, security and audio systems, a private elevator and four-car air-conditioned garage.
Date sold: 2/23/2023
2. 1804 Gulf Shore Blvd. S., Olde Naples
This home at 1804 Gulf Shore Blvd. S. in Olde Naples sold for $32.5 million.
Price: $32.5 million
Year built: 1988
Total square feet: 9,082
Features: With more than six bedrooms and eight bathrooms, it includes serene outdoor living spaces, with 50 feet of beach frontage on the Gulf of Mexico. The lot spans 1.38 acres, with the potential to subdivide. It sold in "as is" condition, with damage from Hurricane Ian.
This home at 3775 Rum Row in Port Royal sold for $29 million.
Price: $29 million
Year built: 2002
Total square feet: 12,549
Features: With six bedrooms and six-and-a-half bathrooms, it includes lushly landscaped grounds, offering privacy together with views over Buccaneers Cove. It accommodates formal entertaining and informal gatherings with equal ease.
This home at 1675 Gordon Dr. in Aqualane Shores sold for $20,747,500.
Price: $20,747,500
Year built: 2023
Total square feet: 10,558
Features: With five-bedrooms, plus a study, and eight bathrooms, the home sits on an oversized lot. The property includes a four-and-a-half car garage, an upper lounge, an exercise room with custom glass wall, gourmet kitchen, security, sound and security systems, and an outdoor living area with a 65-foot pool and swim-up bar.
This home at 3701 Nelsons Walk in Port Royal sold for $20.25 million.
Price: $20.25 million
Year built: 1998
Total square feet: 7,500
Features: With four en-suite bedrooms, plus a den, and five bathrooms, this home offers panoramic views of Naples Bay, with more than 250 feet of water frontage. It includes formal living and dining rooms, a breakfast room, a study, and an additional "flex" room. A large balcony upstairs overlooks the pool.
This home at 40 32nd Ave. S. in Port Royal sold for $19.9 million.
Price: $19.9 million
Year built: 2015
Total square feet: 7,400
Features: With four bedrooms and six bathrooms, the property offers 135 feet of beach frontage. The home includes a chef's kitchen, three fireplaces, high, coffered and bead beach board wood ceilings, accent lighting, a whole house generator, an eight-car garage, a large bonus room, an elevator, impact doors/windows and electric hurricane shutters.
This home at 450 Gulf Shore Blvd. N. in Olde Naples sold for $19.5 million.
Price: $19.5 million
Year built: 2010
Total square feet: 15,816
Features: With five bedrooms, plus a den, and 11 bathrooms, the fourth and fifth bedrooms, with an additional living room, are located in the guest wing. The home has four garage bays, and an expansive pool, with covered terraces, and rooftop decks.
This home at 3300 Fort Charles Dr. in Port Royal sold for $19.45 million.
Price: $19.45 million
Year built: 2021
Total square feet: 9,036
Features: With five bedrooms, plus a den, and eight bathrooms, the West Indies-inspired home includes a gourmet kitchen, a multi-tiered lanai with heated saltwater pool and spa, a generator, and an outdoor living area with electric screens and shutters. There's a four-car garage, sound and lighting systems, plus an elevator.
This home at 1050 Gulf Shore Blvd. S. in Olde Naples sold for $19 million.
Price: $19 million
Year built: 1973
Total square feet: 4,014
Features: The existing Rutenberg El Dorado home, with four bedrooms and four bathrooms, sustained damage from Hurricane Ian and the property sold "as is" for the value of the interior beachfront lot.
This home at 3320 Rum Row in Port Royal sold for $18.6 million.
Price: $18.6 million
Year built: 2020
Total square feet: 9,880
Features: With five bedrooms, plus a den, and eight bathrooms, it includes 111 feet of water frontage. The two-story home has well-crafted interior finishes, an elevator, club room, a chef-grade kitchen, and many other upgrades. There's a five-car garage, large outdoor pool and entertainment complex, and a Bellingham 48' concrete floating dock with two boat lifts.
This home at 27586 Hickory Blvd. on Bonita Beach sold for $12.25 million.
Price: $12.25 million
Year built: 2016
Total square feet: 10,844
Features: With four bedrooms, plus two dens, and seven bathrooms, this redesigned home includes a chef's kitchen, with a separate bar and seating, double laundries, a wine room, bamboo ceilings, butcher block stairs with glass ceilings, an elevator, a smart automation system for climate control, lighting and music, and pocket sliders that open to an elevated patio, with a pool, spa and outdoor kitchen.
This home at 26564 Hickory Blvd. in Bonita Beach sold for $11.6 million.
Price: $11.6 million
Year built: 2020
Total square feet: 10,327
Features: With five bedrooms, plus a den, and eight bathrooms, this three-story beachfront home includes dual master suites, one upstairs and one downstairs, a chef's kitchen, two laundries, a built-in wine fridge, a four-plus car garage, impact-rated doors and windows, smart home technology and an elevator. Pocket sliders lead to the elevated entertainment deck with a pool and spa, outdoor kitchen and fireplace.
This home at 103 Montrose Dr. in Fort Myers sold for $8.95 million.
Price: $8.95 million
Year built: 2018
Total square feet: 13,934
Features: With four bedrooms, plus a den, and five bathrooms, this home sits on half an acre in Deep Lagoon Estates. The property includes luminous living areas, 20-foot ceilings, a spacious great room, chef's kitchen, glass-wine room, gallery, an eight-car garage, two floating docks, a 271' wrap-around dock, a boat lift and an expansive entertainment deck, with a zero-edge pool, spa and party room.
This home at 27516 Hickory Blvd. in Bonita Beach sold for $7.4 million.
Price: $7.4 million
Year built: 1998
Total square feet: 5,116
Features: With five bedrooms and five bathrooms, this fully renovated home has a master suite with a private balcony, large walk-in closet, dual sinks and a spacious shower. It includes a chef’s kitchen with a large walk-in pantry, a surround sound system, impact glass windows and doors, an elevator and a pool and spa.
This home at 1800 Woodring Road on Sanibel Island sold for $7.25 million.
Price: $7.25 million
Year built: 2022
Total square feet: 11,294
Features: With four bedrooms, plus a den, and five bathrooms, this home, with a private gated entry, sits on more than 1.5 acres, with 200 feet of natural shoreline and views across Pine Island Sound. It's surrounded on three sides by county and federal conservation lands and its fourth side is San Carlos Bay. It includes four en-suites, all with private balconies and water views, impact windows and doors, an elevator, a large 20’ x 40’ waterfront pool and a boat lift.
This home at 27420 Hickory Blvd. in Bonita Beach sold for $6.7 million.
Price: $6.7 million
Year built: 1992
Total square feet: 5,140
Features: With four bedrooms and three bathrooms, this Tommy Bahama-style home sold with some needed repairs from Hurricane Ian. It has electric shutters, a security system and an elevator to all three floors. High end interior finishes include built in custom cabinets and wood floors.
This home at 17012 Treviso Way in Bonita Springs sold for $6,656,887.
Price: $6,656,887
Year built: 2004
Total square feet: 10,327
Features: With five bedrooms, plus a den, and seven bathrooms, this sprawling home in Mediterra has lake and golf course views, with a grand entry fountain. It includes a modern theatre, a temperature-controlled wine cooler, a fully equipped wet bar next to a chef-inspired kitchen and spacious guest suites. Outdoors there's an expansive lanai, with a state-of-the-art summer kitchen, grill and covered seating, and a tropical pool and spa, plus a fireplace.
This home at 4273 W. Gulf Dr. on Sanibel Island sold for $6.575 million.
Price: $6.575 million
Year built: 2004
Total square feet: 5,500
Features: With five bedrooms and five bathrooms, this coastal contemporary home sits in a cul-de-sac over a quiet beach. It includes high ceilings, a chef's kitchen with a wet bar, den/loft with a large rooftop deck, two en-suite guest rooms in the main house, along with a guest house with two bedrooms, two extra deep garages, a beachfront pool, enclosed lanai and an elevator.
This home at 27290 Hickory Blvd. in Bonita Beach sold for $6.5 million.
Price: $6.5 million
Year built: 1986
Total square feet: 7,439
Features: With four bedrooms and five bathrooms, the property sold "as is," with damage from Hurricane Ian. It includes a large master bedroom suite, a loft for extra guests, and a fireplace. Three of the bedrooms on the main floor have their own en-suite bathrooms.
This home at 13830 Williston Way in Quail West sold for $6.45 million.
Price: $6.45 million
Year built: 2016
Total square feet: 6,817
Features: With four bedrooms, plus a den, and five bathrooms, this property includes an en-suite casita. The home in Quail West has a grand entry with expansive views, a custom “lobby bar,” a gourmet kitchen, a master suite with large custom closets, and a whole-home generator. The nearly 1-acre property includes a pool and spa, a covered lanai with retractable screens, an outdoor area with a kitchen, seating, a fireplace and a pizza oven. A large, air-conditioned garage, with a lift, fits four cars.
