Luxury builder sells $18.5M waterfront home — on spec
London Bay Homes recently sold a 7,640-square-foot home it built in the Port Royal neighborhood.
Business Observer Staff
| 6:00 a.m. November 27, 2020
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The high end of the high-end housing market, at least in Naples, remains relatively immune to the pandemic.
The latest example: London Bay Homes recently sold a 7,640-square-foot home it built on spec in tony Port Royal neighborhood for $18.5 million. The sale closed in October, and notably, there were three qualified buyers for the property, says London Bay Homes president and CEO Mark Wilson.
The family that bought the home is from California, and Wilson tells Coffee Talk the pandemic, in addition to social unrest and other 2020 chaos, played a role in their desire to move. “And there’s not a buyer out there that wouldn’t consider the tax implications when making a purchase like this,” adds Wilson, referring to the high taxes of the Golden State compared with no income tax in the Sunshine State. He declined to provide other information about the buyer, listed in Collier County property records as J & J Henley 1989 Trust.
The property, 700 Admiralty Parade W., has five-bedrooms, five full and two half-bathrooms, a VIP guest suite, multifunction bonus room and a pair of personalized studies. The waterfront location provides views across Admiralty Bay to Keewaydin Island, according to statement.
Naples-based London Bay’s decision to build a house without a buyer in such a lofty price range, says Wilson, was purposeful. “A few years back we decided if we were going to do spec housing it had to be the best of the best lots,” Wilson says. “If you have the right lots, the right view, you can always find a buyer for the best.”
But even at that level, the Admiralty Parade sale is a lesson that in any field, the best product or service requires constant networking and strong marketing to reach a sale. A key to the marketing of this property, says Wilson, was “we had very good video, down to having the right furniture in the right places. That was really important.”
London Bay also met with Naples real estate brokers who had experience selling homes in Port Royal and other luxury neighborhoods. “We wanted to get it in Realtors’ heads that if you have clients thinking about making a purchase in this (price range) in Naples, then you have to see this house,” Wilson says.