Home Sales Remain Strong at Mediterra

Naples, FL (Nov. 10, 2010) – Last fall, the local real estate economy and an ownership dispute between the developer of Mediterra and its homeowners stalled home sales at the luxury golf and beach community in north Naples.

In December, two events breathed new life into the award-winning community.  First, on Dec. 4, the membership purchased the assets of the golf and beach club from the Bonita Bay Group for $6.8 million in cash and assumed the debt for the community’s development district.  Less than two weeks later, London Bay homes purchased the remaining 50 single-family and villa home sites in the community and assumed sales and marketing activities at Mediterra.  

Now, sales are on the rebound.  Since December 2009, there have been 44 closed real estate transactions in the gated, high-end community totaling $almost $70 million dollars.  As of early November there were 10 additional sales pending in Mediterra with a value of $9.2 million.    

London Bay President Mark Wilson says the results demonstrate a new found sense of confidence in Mediterra.  “Late last year prospective purchasers were very cautious about buying at Mediterra because of the uncertainty surrounding the community,” he said.  “But those issues are now part of the past and we have seen a dramatic resurgence of interest in the community.  Homes are selling again and visits to our sales center continue to increase as we head into the 2011 season,”  he said.

Wilson also said that visitors to the sales center had a much more optimistic attitude than he has seen since the real estate downturn began.  “The high-end market never lost confidence in Naples real estate,” Wilson said.  “They knew the value was here and they knew the lifestyle hadn’t changed.  They were being prudent shoppers and waiting for the right time to step into the market again.  It now appears that early 2011 could see a significant jump in homes sales,” he said.  

Since assuming sales and marketing responsibilities for Mediterra, London Bay has invested in promoting Mediterra on television, in local magazines and in the newspaper, as well as working closely with the local REALTOR® community.  In addition, the company re-designed Mediterra’s sales office to better display the community’s lifestyle and home selections.  “Right now buyers can purchase a coach home in Mediterra for $600,000 and a luxury villa for about $800,000 and enjoy some of the best community amenities in the area,” Wilson said.  

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