Barefoot Beach in Bonita Springs, Florida - Luxury Beach Living - End of 2013 Sales Analysis
Posted by Benjamin Dona on Thursday, January 9th, 2014 at 11:30am.
The Rodeo Drive of the Southwest Gulf coast is Barefoot Beach Boulevard – where captains of industry and major sports figures enjoy an easy stroll out their door to the white sandy beaches of the Gulf and the homes and views are multi-millions. An exclusive enclave of custom estate homes, detached villas, and condominiums offering Gulf access for boating, quiet and nearly deserted beaches, surrounded by a state park, this neighborhood is breathtaking.
There were 17 single family home sales on Barefoot Beach. There were five sales in Southport on the Bay where some homes have Gulf access for boating and all have access outside of their gates to Barefoot Beach, three occurred in Bayfront Gardens, a gated community offering all homes Gulf access for boating and may also access the beach outside their gates, and one in the Cottages at Barefoot which are detached villas. Eight sales took place in the estate custom designed homes sometimes referred to as the Beach Gardens. These are spectacular homes built around 11 horseshoe shaped streets that feature a community pool for the owners on their individual street and all are typically four stories with fabulous Gulf views.
The shortest days on market for a sale was in Southport, a foreclosure listed at $899K but sold at $1,003 due to multiple offers, which went to contract in 19 days. The longest DOM is a Cottage home listed at $3.899, starting in 2007, when Cottages sold at $2.950. The final DOM for this Cottage home was 1,285, and it closed at $2.6M. This is a prime example of overpricing for the market – the seller netted a lower sales price by $350,000 and spent years trying to sell a home that market conditions did not support.
The highest netted sales price was for a 6,290 SF Gulf front home on 1 and ½ lots and that sold at $3.554 in 398 days. This would be considered the Beach Gardens section of Barefoot Beach. The average price per square foot for all single family homes is $560.26 and the average days on market are 369.
There are two condominium complexes on Barefoot Beach. Barefoot Beach Club are mid-rises on both sides of the boulevard, all odd numbered addresses are on the Gulf side and even numbers are on the Bay side-hence a wide variance in both asking and selling prices. There were 14 sales in Barefoot Beach Club ranging in DOM of 48 to 1,188. The range in selling prices is $409K to $1.522, with the lowest sales price a foreclosure on the 2nd floor, bay side, with no view and the highest a penthouse on the Gulf side with both Gulf and Bay views. The shortest DOM was also the highest selling home in the mid-rises. The longest DOM was a Gulf frontage home that started at $995 and was two bedrooms. There is absolutely no reason why the home did not sell except that it was $200-300K over priced from the previous six months of sales for the exact same units and the seller paid much more in the "bubble" of 2005 than the property was truly worth. The homes always find the market when it actually sells. The average price per square foot for Barefoot Beach Club is $501.33 and the DOM average is 193.
The Villas at Barefoot Beach had three sales in 2013. These are large units with deeded beach access and gated. The average price per square foot is $317.36 and average DOM is 113. The highest sale is $750K and the lowest $645,000. The highest sale was the closest walk to the sandy beaches of Barefoot.
Each property requires a much more in-depth evaluation to determine current market value, but what we see far too often are sellers who damage their own sales by listing too high for market and not realizing that their initial public offering is the most important time period for selling. Properties that are well-priced for the market always sell in a shorter time and for a higher price! Let your agent earn their commissions!
*Sales Data Statistics from Naples and Ft. Myers MLS
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About the Author
Benjamin Dona is the Broker and Owner of Gulf Coast Associates, Realtors in Bonita Springs, Florida. He holds two advanced degrees, an MBA and an MA, and has an extensive background in both business and marketing. In 1998, he founded Gulf Coast Associates, and formed a group of like-minded Realtor® associates dedicated to offering professional Southwest Florida real estate services by concentrating on information, education and the use of leading edge technologies. He also is a recognized expert on the "Net," a much-quoted and read blog author, and a contributor to both national and international news outlets. Benjamin is a member of the National Association of Realtors, the Florida Association of Realtors, and numerous local real estate boards throughout Southwest Florida.
Contact Benjamin Dona at 239-948-3955
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