Lutgert reports strong seasonal activity

The Lutgert Companies announced it experienced strong activity at each of its developments in the Southwest Florida luxury home market during the 2007 season, particularly from late March through the end of April, as well as an upswing in luxury residential sales through its real estate brokerage, Premier Properties of Southwest Florida Inc. Realtors compared to the same time period in 2006.

Sales at Aria, a luxury high-rise on Park Shore Beach in North Naples, have been stronger in the past four weeks. Three developer residences and one re-sale residence with an aggregate listing price of $11.475 million have sold during that period. Seven developer units out of the 65 originally offered remain available. Aria, the 17th high rise developed by The Lutgert Companies on Park Shore Beach, was completed in October 2006.

High-rise sales have also been strong at The Lutgert Companies’ 50-acre site at Bonita Bay in Bonita Springs. The last unit at Azure, the fourth of eight luxury high rise residences to be included in The Lutgert Companies Bonita Bay collection, was sold in January. Azure was completed in the fall of 2006. Ten other residences at Lutgert’s Esperia South and Tavira in Bonita Bay sold between March 26 and April 30.

The total sales volume for Lutgert high rise residences at Bonita Bay since Jan. 1 is $33,395,000. Esperia South is scheduled to be completed in October. Based on the strength of pre-construction sales, construction at Tavira will begin late summer or early fall. Esperia North is also available for pre-construction purchase.

Esperia North and Esperia South will share amenities, including a multipurpose clubroom with bar and catering kitchen overlooking the ninth hole of the Bay Island golf course. Other amenities include a card room, theater/media room, game room, manager’s office and residence, four guests suites available to residents for their overnight guests, a furnished health club with a fitness center and men’s and women’s steam and massage rooms.

The large, heated lagoon style pool includes a lap lane and a separate whirlpool. An outdoor bar and covered/screened cabana with a fireplace, built-in architectural planters, architectural water features and barbecue grills are also included.

Twelve new residences and eight lots with a combined value of $61,338,447 have been sold at Estuary at Grey Oaks since fall 2006. There was an additional $8,855,850 in lot and villa re-sales during the same time period. Estuary at Grey Oaks is a gated golf course community inside the Naples city limits at Airport-Pulling Road and Golden Gate Parkway.

The Lutgert Companies is developing the property in partnership with the Barron Collier Companies.

Estuary includes both estate homes and detached luxury villas. Estate homes are built by a list of builders that includes Boran Craig Barber Homes, Borelli Construction, Gulfshore Homes, Harwick Homes and London Bay Homes. The Lutgert Companies developed Noble Heron Way, a neighborhood of 36 detached luxury villas, and is completing Marsh Wren Lane, a detached luxury villa neighborhood with 39 residences. The Lutgert Villas at Estuary are priced from $1.85 million. London Bay’s Mirada is an enclave of 16 estate homes priced from just over $3 million.

Site preparation and infrastructure installation are underway at Mercato, a mixed-use community also being developed by The Lutgert Companies in partnership with the Barron Collier Companies. The 53-acre site is on the northeast quadrant of U.S. 41 and Vanderbilt Beach Road. Mercato will include 175 residential units, approximately 330,000 square feet of retail space and 120,000 square feet of Class A office space.

The Strada at Mercato includes 92 luxury 1/2/3 bedroom condominiums over retail. To date, 24 residences are under contract. The Strada condominiums are priced from the $500s to more than $1 million.

In addition to the activity in new developer product, Premier Properties has experienced a 17 percent increase in luxury residence sales during the past eight to 12 weeks over the same period a year ago.