The developers of the Palmetto Cove Condominiums have found success with sales for Phase One, despite the depressed housing market. Buyers have signed contracts for 55 of the 72 luxury garden homes in the south Fort Myers development's first phase, according to Rich Halpern, an investor in the project, which is being developed by New York-based McCann Development. Halpern of Bonita Springs said closings should begin in December and that he and McCann officials "feel lucky" to have commitments for about 76 percent of Phase One, since pre-sales began in April of 2006.
Palmetto Cove occupies a roughly 30-acre tract near Cypress Lake Drive and McGregor Boulevard, nestled behind the residential and commercial buildings that line those roadways. The gated enclave will ultimately consist of 204 homes in 14 two-story buildings. There are two floor plans, the 1,317-square-foot, two-bedroom two-bathroom Begonia and the Azalea, with three bedrooms, two bathrooms and 1,671 square feet of living area.
Standard features include oversized, detached, two-car garages with courtyards, private lanais, 8-foot doors and 10-foot ceilings and granite cabinetry. Thick stands of mature trees and native vegetation will buffer the community from surrounding developments and highlight the landscaping.
Prices range from around $249,000 to about $350,000, Halpern said. He said most of the buyers will be owner-occupants, including some who now live along the McGregor corridor, as well as some vacation home purchasers. Nicholas Massaro, 56, said he and his wife, Marge, split their time between Connecticut and their home at the Gardens at Beach Walk, located near the intersection of Gladiolus Drive and San Carlos Boulevard.
"We had gotten wind of a pre-construction deal going on there (Palmetto Cove) and we were looking for an upgrade size-wise and in amenities," he said. "I was looking for something much bigger because this will probably be a retirement home. We met with a sales rep and it seemed like what we were getting, with the amenities and everything, it was what we were looking for. The location seems very nice also." Work is under way on all five buildings in Phase One and residents should start moving in next month, Halpern said.
Construction will begin on the second of the development's three-phases when 50 to 60 percent of its 72 homes are pre-sold, Halpern said. Marketing for Palmetto Cove is shared by the Prince Group, an Estero-based company Halpern owns with his wife, Anne, and Century 21 J.B. Novelli Internationale, which has offices in Lee and Collier counties and is also handling sales. Halpern said the reality of today's buyers' market has been factored into the sales strategy, citing lowering interest rates on mortgages by one point and waiving closing costs as examples of that approach.
"And we're looking at what else we can do to reward our loyal customers," he said. "We've done one thing a month and we'll continue to do things. We've learned to be flexible with people's concerns." J.B. Novelli, president of Century 21 J.B. Novelli Internationale, said the agency has recently begun marketing the development in Latin America, Canada and overseas.
"We're outside the box," she said. "It's a different approach. Because of the strength of the foreign markets, especially England, Canada and Latin America, that's what we're targeting. We have a very strong network of Century 21 offices all over Europe and in Latin America." Novelli said negotiations are under way with three prospective buyers, roughly one month after the effort began. "It's kind of a sophisticated little project, right near all of the music and restaurants," she said. "It's a nice location."
For Keith Davenport, of Clark Summit, Pa., the development's nearness to those attractions, Rutenberg Park and his favorite local beaches on Sanibel and Captiva helped prompt his purchase of a two-bedroom, two-bathroom home there.
He said he intends to rent out the vacation home he and his wife, Karen, own in Beachwalk once his unit in Palmetto Point is ready for occupancy.
"Everything is real close, just five minutes away, Davenport, 52, said. "I think Palmetto is going to be a nice place when they're done with it. I think it's going to be state of the art."
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