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A trio of Fort Myers investors may have set a floor in the real estate market, at least in the Naples area.
Fort Myers commercial developer and luxury homebuilder John McGarvey and two partners, Dan Gerner and Alan Freeman, bought 262 home lots and a clubhouse in North Naples called Quail West from
Orlando developer Ginn Resorts for $13.5 million. Spread over the lots alone, that's $51,527 per lot.
Until the real estate bust took hold, Ginn was selling lots in Quail West for $1.1 million to $1.3 million. The community includes two Arthur Hills championship golf courses and a 70,000-square-foot clubhouse that was recently renovated by Ginn at a cost of $16 million, more than what McGarvey and partners paid for the whole development.
Gerner, who is a partner in the venture called QW2009 LLC and executive vice president at McGarvey Development, says closing is scheduled for March 31. The partnership acquired Quail West at bankruptcy auction last week from a Ginn affiliate. Their bid beat at least two others, Gerner says.
Gerner says the partnership has not established prices for the lots and he could not say how quickly the development will sell out. “I don't know because I don't have a crystal ball,” Gerner says. “Do you know when the stock market's going to hit 10,000?”
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