My Client Bill Finfrock from Finfrock Industries received full entitlements for development of 189 room Hyatt Hotel in Downtown Naples located on the water yesterday…Congratulations Bill!!  The Project will be a huge plus for City of Naples bringing many jobs, increasing tax base, creating more tourism and additional expenditures, and improving the overall aesthetics of the downtown Naples area…A perfect way to cap of 5th Ave!!  The design will be epic!!  Big thanks to John Passidomo, MHK Designs, and Pickett Engineering to help take the project to full entitlement…Construction slated to start first week in January 2015…

NAPLES, Fla. – The proposed waterfront Hyatt House Naples resort hotel moved another step closer to fruition Wednesday, when City Council granted conditional approval for a parking analysis and garage and allowed the hotel to be seven feet higher than city code allows.

The 6-1 vote, with Councilwoman Teresa Heitmann opposing, approved plans for the 16,317-square-foot, three-story luxury hotel at 1345-1355 Fifth Ave. S., near the intersection of River Point Drive and the bridge over the Gordon River. Heitmann wanted reassurances about parking and cited concerns it would be in the flight path of planes departing and arriving at Naples Municipal Airport.

The 189-room hotel, approved by the Planning Advisory Board, Naples Airport Authority and Design Review Board, still must receive final design approval before building permits are granted. It also must receive state Department of Environmental Protection approval, but architect Matt Kragh has said that’s expected because plans ensure the river’s water quality would be improved.

See full article in Naples Daily News

# Ferrari Capital Club # Clark Pear # 898 5th Ave South # Naples # 5th Ave South # Commercial Real Estate # Commercial Development # Ferrari Capital Club and Hotel # Real Estate # Entrepreneurs # Making Money # Start Ups #  Four Corners of Naples # 898 5th Ave South # Four Corners Building # Hoffman Commercial Real Estate # Hyatt House on 5th # Naples Hyatt House # Finfrock Industries # Bill Finfrock # Naples Redevelopment # Naples Greenway # Gordon River # Olde Naples New Naples # Naples Real Esate # Naples  Hotels # Hotels Naples # John Passidomo # Naples Daily News

For the Best Deals in the Universe and Legendary Service 239-571-0627

Naples on Friday April 25, 2014.

NAPLES — A bidding war has erupted over the storied — and sometimes headline-grabbing — Four Corners building on the southwest corner of U.S. 41 and Ninth Street South in downtown Naples.

Once the home of a pop star’s restaurant and a movie star’s art, the mixed-use building is on the market for $6.8 million.

“The response has been overwhelming,” said listing agent Clark Pear of Premiere Plus Realty, who has been quietly marketing the property since December. “I get five to 10 calls on it a day.”

With interested buyers from the Northeast, Midwest, Canada and Europe, he expects the property eventually will sell for about $7 million.

The three-story, cupola-topped building at 898 Fifth Ave. South has had a colorful past.

On a 0.2-acre site that originally housed a gas station, the 16,714-square-foot structure was built in 1997. The first two floors were devoted to commercial uses, the top to apartments.

In the Metcalfe Klopfer Gallery on the second floor, an art dealer who lived in the building used to display the art of movie star Anthony Quinn, said the actor’s longtime friend, Sandra Figge.

Quinn visited occasionally. In 1997, the 82-year-old star of “Zorba the Greek” was married to his third wife, Kathy Benvin, 35, at Figge’s Bay Colony home by former Naples Mayor Bill Barnett.

Meanwhile, a number of restaurants cycled through the building over the years, including Hofgarten Brauhaus, Royal Courtyard, Armadillo’s, and Viva on 5th.

Some drew controversy.

In 2004, Zen Sushi Bar & Asian Grill opened its doors, owned by Naples resident Robert Daly in partnership with former ‘NSync boy-band singer JC Chasez. Ownership battles and financial woes forced the eatery into bankruptcy, and the restaurant re-emerged with a new name — Zen — and new ownership a year later.

But Zen’s owners contended the building suffered from leaks and mold, and refused to pay rent to then-building owners 898 Fifth Avenue South Corp. Zen closed its doors in 2007 and was replaced by another Oriental-themed restaurant, Sushi-Thai.

In 2008, Sushi-Thai made headlines when police found the restaurant was violating its live entertainment permit by running a nightclub with scantily clad women who performed lap dances for tips. The restaurant agreed to close the club, and continues to operate an eatery at the site.

Meanwhile, 898 Fifth Avenue South Corp. lost the property to foreclosure in 2009 and Marolax Naples acquired it.

Pear said the two Marolax owners, who are German, are selling because they are retiring.

He added that the building recently was renovated and upgraded and is “in excellent shape.”

Besides Sushi-Thai, the Four Corners building houses four apartments on the third floor. Naples Laser and MedSpa, which includes a hair salon, opened on the second floor in December.

While the current leases will remain in place, Pear said the building also eventually could be used for a boutique hotel, condos, retail or offices.

While the commercial market has been slower to recover from the recession than residential, Fifth Avenue has been booming of late. Last year, more than two dozen new businesses popped up on the street, and rents are on the upswing.

Within the past year, one high-end sale happened, too: the former St. George and the Dragon restaurant building at 936 Fifth Ave. South, which sold for $5.2 million in January.

Naples commercial broker Wes Kunkle says Fifth Avenue is “the place to be when buying or leasing property.”

“There’s a waiting list,” he said. “It’s a sign of good times coming.”

Naples Med Spa had their grand opening on 5th Ave this past Friday February 28, 2014 at the Four Corners Building (http://www.loopnet.com/lid/18246824) and was a HUGE success… Attendance was high at the event and everyone got a preview of the new facility offering Botox™, Dysport™, and dermal fillers such as Radiesse, Juvederm and Restylane…Naples Med Spa is destined to make Naples more beautiful than ever 😉  www.naplesmedspa.com 

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Home prices, rents expected to rise in SW Florida next year

By JUNE FLETCHER
Wednesday, December 11, 2013

Tis the season for predictions.

In real estate, a new report by Cary, N.C.-based research firm Local Market Monitor predicts double-digit growth in both home prices and rents for both Naples-Marco Island and Cape Coral-Fort Myers in 2014.

This partly will be due to inflation, which the firm’s president Ingo Winzer expects will rise from current levels to 3 or 4 percent “fairly soon.”“Inflation won’t be rampant, but you can’t keep printing money forever,” he said. But other market forces will also be at play, propelling Southwest Florida to faster home price appreciation and rent growth, the report said.

For Naples-Marco Island, the firm predicts home values will accelerate by 12 percent over the next 12 months, on par with expected statewide increases but a faster pace than the national pace of 8.1 percent. It’s also faster than the area’s average home price growth of 8 percent, to $268,525, over the last 12 months. The report forecasts 10 percent price appreciation in both 2015 and 2016. Though home prices in the metro area have been on the upswing for months, they’re still 19 percent undervalued due to the metro area’s high incomes, Winzer said.

A 1.5 percent increase in population has swelled demand, drawn partly by gains in jobs, particularly in tourism, health care and retail. Over the past 12 months, jobs have grown by 7.6 percent, compared to a national increase of 1.7 percent. Increase in demand also is expected to push up rents by 17 percent over the next three years, to an average of $1,273 a month. “It’s booming for us,” said June Prophet, rental division regional manager for Berkshire Hathaway Home Services in Naples, adding demand is strong for both annual and seasonal rentals in Southwest Florida. In Cape Coral-Fort Myers, the report forecast home prices will rise by 12 percent over the next 12 months. Then price growth will moderate to 9 percent in 2015 and 8 percent in 2016. Currently, average home prices are $176,560, up 12 percent from a year earlier.

Yet demand remains weak, resulting in homes that are underpriced by 26 percent, the report said. Job growth in the area has lagged Naples-Marco Island at 2.6 percent, but still outpaces the national increase of 1.7 percent.

Population is growing, too, up 2.1 percent last year, though that is far below the peak level of 2005, when a flood of newcomers pushed it up 5 percent year over year.

The report also predicted Cape Coral-Fort Myers rents will rise 13 percent over the next three years, to an average of $1,148 a month.

View this email in your browser

Home prices, rents expected to rise in SW Florida next year

By JUNE FLETCHER
Wednesday, December 11, 2013

Tis the season for predictions.

In real estate, a new report by Cary, N.C.-based research firm Local Market Monitor predicts double-digit growth in both home prices and rents for both Naples-Marco Island and Cape Coral-Fort Myers in 2014.

This partly will be due to inflation, which the firm’s president Ingo Winzer expects will rise from current levels to 3 or 4 percent “fairly soon.”“Inflation won’t be rampant, but you can’t keep printing money forever,” he said. But other market forces will also be at play, propelling Southwest Florida to faster home price appreciation and rent growth, the report said.

For Naples-Marco Island, the firm predicts home values will accelerate by 12 percent over the next 12 months, on par with expected statewide increases but a faster pace than the national pace of 8.1 percent. It’s also faster than the area’s average home price growth of 8 percent, to $268,525, over the last 12 months. The report forecasts 10 percent price appreciation in both 2015 and 2016. Though home prices in the metro area have been on the upswing for months, they’re still 19 percent undervalued due to the metro area’s high incomes, Winzer said.

A 1.5 percent increase in population has swelled demand, drawn partly by gains in jobs, particularly in tourism, health care and retail. Over the past 12 months, jobs have grown by 7.6 percent, compared to a national increase of 1.7 percent. Increase in demand also is expected to push up rents by 17 percent over the next three years, to an average of $1,273 a month. “It’s booming for us,” said June Prophet, rental division regional manager for Berkshire Hathaway Home Services in Naples, adding demand is strong for both annual and seasonal rentals in Southwest Florida. In Cape Coral-Fort Myers, the report forecast home prices will rise by 12 percent over the next 12 months. Then price growth will moderate to 9 percent in 2015 and 8 percent in 2016. Currently, average home prices are $176,560, up 12 percent from a year earlier.

Yet demand remains weak, resulting in homes that are underpriced by 26 percent, the report said. Job growth in the area has lagged Naples-Marco Island at 2.6 percent, but still outpaces the national increase of 1.7 percent.

Population is growing, too, up 2.1 percent last year, though that is far below the peak level of 2005, when a flood of newcomers pushed it up 5 percent year over year.

The report also predicted Cape Coral-Fort Myers rents will rise 13 percent over the next three years, to an average of $1,148 a month.

The market has turned in a serious way…seems like almost over night…the secret is out…Naples is the place to be…jump on board before I sell this place out 😀

MEDIAN PRICES CONTINUE TO CLIMB

1. Short Sales
2. Foreclosures
3. Investor “flippers”
4. Traditional transactions

• Aqualane Shores: was at the “top of the market” in February of 2005 with less than a 4 month supply of houses on the market. In April of 2007 there was a 3.5 year supply. Currently there is approximately an 18 month supply, which has been virtually unchanged in about 2 years. Presently 37 “actives”, 5 homes under contract [pending], and 21 closed sales in the past 12 months.
• NA 06 [Old Naples]:  Presently there is only a 10 month supply of single family homes for sale in Old Naples. This area peaked in February of 2005 with a 5 month supply. In December of 2008 there was a 3.2 year supply. There was a “balance” market reported for the first time in approximately 4 years in September 2011.     
• NA15, the area between US 41 and Goodlette Road, is “on fire“! Currently there are only 26 active listings…27 “pendings” and 92 closed sales in the past 12 months!
• NA 05 [Coquina Sands, The Moorings and Park Shore]: In September 2005 there was a 6 month supply…In September of 2007 there was a 4 year supply! Today’s inventory is only a 7 month supply! Great recovery!
• Pelican Bay is one of the least variable neighborhoods. It never really got “over-supplied”, and never had the short sales and foreclosure numbers of other communities. In September of 2009 there was a 2.5 year supply, but the market has been balanced for awhile and presently there are 34 active single family homes, 13 under contract and 31 closings in the past 12 months.
• Royal Harbor has one of the best stories in town! Just to give you a history of the area, in September of 2004 there was only a 3 month supply…In April of 2007 there was a 9.6 year absorption rate…As Cindy put it, “it was dreadful!” By November 2010 the Royal Harbor area had improved to a a 3 year supply, which still wasn’t great. Presently there are only 25 homes for sale, 16 pendings and 29 closed sales in the last 12 months. This equates to approximately a 10 month supply…a remarkable comeback!
• Vanderbilt Beach area: A year ago had a 2+ year supply of inventory, presently only an 8 month supply.
• Golden Gate Estates: NA 22, the Logan Woods and Oaks Blvd corridor, has been “artificially depressed” due to land values and the inability to finance vacant lots, but the single family home market presented itself with a shortage of inventory by November 2010, and today there is a very healthy 9 month supply!
• The Grey Oaks single family market is “a bit of a mystery”…In September of 2005 there was less than a 6 month supply. In October of 2011 there was nearly a 4 year supply. Currently there are 43 actives and only 14 closed sales in the past 12 months.