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Port Royal...An Address Known The World Over
Posted by V.K. [Mel] Melhado P.A. on Tuesday, March 20th, 2007 at 10:49am.Port Royal in Naples, Florida is a community of just 600 estate sized homes situated on a maze of direct-access Gulf of Mexico canals directly south of Olde Naples and Aqualane Shores.
Port Royal has always fascinated me, both from a real estate standpoint, as well as from a community standpoint. When I first came to Naples some 15 years ago, you could have purchased two homes in Port Royal� directly on the Gulf of Mexico for less than $1,000,000, and ironically, both homes, although older, were totally livable.
PORT ROYAL PROPERTY TODAY…
Today Gulf front� lots, when you can find them� (the dirt only), start at almost $5,000,000, and some have sold for in excess of $20,000,000. The single family homes built on them in some cases have cost over $100,000,000. The most largest and expensive home in Collier County took all of seven years to build at a cost in excess of $100,000,000, is well over 50,000 square feet under air and 70,000 square feet in total and is a third home for the gentleman who owns it.
Interestingly, someone will most likely come along in the not too distant future and build a bigger home, just because he or she can. It seems that is always the way among some of the rich and famous, it just translates into ego.
Having said that, Port Royal real estate today is thriving. In a very flat market for the most part elsewhere in Naples, sales in this most exclusive world-class community remain very strong, with, as always,� minimal discounting going on.
Here are the statistics: Currently active 49 single family homes ranging from $2,950,000 (not on the water) to $17,500,000. The is one pending sale at $14,900,000 and year-to-date 6 sales totaling $44,150,000. In 2006, 27 homes were sold totaling $154,000,000, so sales in 2007 are well on their way to topping the 2006 figure.
V.K. [Mel] Melhado PA
Downing-Frye Realty, Inc.
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