Location may be super important in real estate, but not everything, as the condos in St. Kitts at Pelican Bay Naples, Florida can attest. Sometimes there are other factors that can come into play, such as age of the building or the amenities offered. This truly seems to be the case for St. Kitts when compared to its immediate neighbor to the north, Cap Ferrat at Pelican Bay, which was constructed in 2002. The 20 story St. Kitts, which has 97 units, was built 10 years prior and the figures representing value convey a message. For all major factors these two properties share an identical location, side by side on Nicholas Boulevard off Pelican Bay Boulevard in the gated Crown Colony, directly on the tram route with straight views of the Gulf of Mexico, as well as access to all the amenities that the Pelican Bay development has to offer, including the 2 private beach clubs.
The major difference in the condos in St. Kitts at Pelican Bay Naples, Florida has with its neighbor is how they are valued in the market. During the past year the lowest closing price for a condo in Cap Ferrat was $1.4 million while the highest in St. Kitts was $600,000. A lot of this can be explained by the units in St. kitts being much smaller in size. However the average selling price in St. Kitts was $341/Square Foot, compared to $624/Square foot in Cap Ferrat, an 83% difference.
It does not appear that the difference will be made up soon, based on the present day listings. The 3 active listings in St. Kitts average $381/Square Foot, just half of the figures for its next door neighbor to the north. The highest priced of the condos in St. Kitts at Pelican Bay Naples, Florida that are on the market is $890,000. This is for a residence on the 7th floor that has over 2,200 square feet of living space including 3 bedrooms, 2 full baths and a half bath.
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