Naples, it seems, isn’t often found by design. People tend to come to it serendipitously: Newcomers are often introduced during a getaway from Florida’s other coast or while visiting friends. Naples quietly works her magic, revealing a lifestyle that’s slower paced than, say, Miami or Fort Lauderdale, but just as glamorous and vibrant. The city’s Gulf of Mexico backdrop mesmerizes, and with its small-town attitude and big-league amenities it offers the best of both worlds.
The Ritz, which opened in 1985, is ofen credited with giving Naples its luster. Its founders saw Naples as a little town on the verge of greatness, close to a brand-new international airport in Fort Myers and positioned along the newly completed Interstate 75, connecting Michigan’s Canadian border all the way to Miami. The resort became a classic build-it-and-they-will-come success story. Other luxury properties followed, as did business and leisurely pursuits catering to the well-to-do: golf courses, gourmet restaurants, high-end boutiques at Waterside Shops and the Venetian Village, and the arrival of famed city planner Andres Duany from Miami, who in 1996 redesigned Fifth avenue South, Naples’ downtown.
Today, international house hunters are among the many buyers taking full advantage of favorable currency exchange rates and home prices that have dropped 50 percent since their 2005 peak. The current listings range from under $100,000 for distressed properties to nearly $22 million for a rambling beachfront estate in Port Royal, the city’s toniest neighborhood.
Naples’ most coveted neighborhoods are west of U.S. Highway 41, placing them between the major traffic corridor and the Gulf. Older communities like the Moorings and Coquina Sands offer 1970s and newer single-family homes along banyan-tree-shaded streets, and many access the Gulf via canals and back bays.
The Smiths’ Bay Colony home is in the 2,100-acre Pelican Bay, one of Naples’ first master-planned communities, offering gated neighborhoods near the Ritz, the Waterside Shops and the beach. Their Naples lifestyle includes golf and serving as trustees of the Naples Winter Wine Festival. Food is a big part of the Naples lifestyle, and the wine festival has also introduced many chefs and vintners to this Gulf city, including Fabrizio Aielli, whose Sea Salt has earned national kudos.
Both the Segarros and the Smiths cite Mercato, a shopping, dining as well as an entertainment center anchored by Whole Foods Market (Naples’ first) and the luxe Silverspot movie theater, among their favorite venues. Hailed as Naples’ uptown, this mixed-use development also offers one- to three-bedroom condos. About half of the 92 homes in the first phase have sold. Undoubtedly helping sales are adjusted prices — from $400,000 to $1 million for a 2,900-square-foot penthouse — that better reflect the market.
Inventory is declining in Naples’ luxury-home market, a factor that could influence price increases.
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