Land is no longer a “four letter word” in the world of real estate lingo. Ever since the last economic tailspin holding land (or maybe worse: lending on land) was a painful endeavor.
In the Naples market, where I concentrate much of my time and efforts, there is a very significant lack of buildings available for purchase by users, whether for medical offices, furniture stores, or restaurants. As a result many users are being forced into thinking about new construction. Unfortunately again the availability of commercially zoned land is also approaching a shortage stage. Land prices are also at a pretty hefty level making it an expensive proposition for many users. Along the much sought after “North Trail” land is now priced in the $2 million per acre range.
All of this will finally encourage long awaited (and long needed) growth and prosperity to East Naples, Bonita, and South Lee County. In long troubled East Naples, we are already seeing a flurry of activity near the intersection of US 41 East and Collier Boulevard. Major chain stores and restaurants have rediscovered that area. The big housing developments of Lely, Treviso Bay and the new Minto development are reshaping the East Trail. Eventually commercial redevelopment will push from both ends of the East Trail (from downtown and from Collier Boulevard). Same holds true in segments of Lee County thanks to Hertz and Coconut Mall.
Red Line – US 41 from Downtown Naples to Collier Boulevard
We are in the midst of the next major land rush here in Southwest Florida. Most of the big national homebuilders have quietly reentered the market over the past couple of years while others were still licking their wounds from the last cyclical downdraft.
Dougall McCorkle, MBA
Sales Associate and Commercial Specialist
Premier Commercial, Inc., Licensed Real Estate Brokers
Direct: 239.213.7234
Cell: 239.860.3368
dougall@premiermail.net