Aerial Drone Nokomis Beach. Gulf of Mexico on Casey Key in Nokomis Florida
It is real estate gone wild down here in Southwest Florida. I don’t normally think of Nokomis as Southwest Florida, but since this looks like Naples pricing I’m gonna lump them in. This listing for 3761 Casey Key Rd in Nokomis, Florida is for a one bed, one bath, 472 square foot house. It sits on less than half an acre and is for sale at $4.5 million dollars!
So it’s basically a tiny home on Casey Key. A barrier island. So the real estate adage kicks in: location, location, location. It sits on 108 feet of beach frontage on the Gulf Of Mexico. Just look at that view:
So clearly the idea is to level it and build something new. Nokomis Building code won’t let you add on or renovate the little house so the realtor is already working with legendary Naples architects Stofft Cooney to build the new house. And someone is about to get rich off this sale.
The property last sold for $361,200 on October 10, 2017. From $361 thousand to 4 and a half million in 5+ years. Wow.
So, there’s always a catch. Think about what Hurricane Ian did to Fort Myers Beach. If the hurricane would have stayed on the initial projected path, this barrier island may have been wiped out by surge. Tropical Storm Cristobal in 2020, which was no where near Florida, caused waves big enough to make part of the road collapse. The very same road that this property is on. So whoever buys this property is going to have to have a LOT of insurance.
Maybe the near miss of Hurricane Ian is why the seller is motivated to move the property in Nokomis.
Sell it now before it’s gone.
What Can I Get For $100 Million? The 10 Most Expensive Properties For Sale In Naples Right Now
You think your property values have gone up? These properties for sale in Naples are setting the bar for home value increases here in Southwest Florida. So, I saw yesterday that someone bought a lot in Marco Island for a record 11 million. A lot. A chunk of sand with some scrub grass for 11 million. The internet went nuts with the price that was just paid. But I think we took our eyes off the big prize. Naples. You think 11 million is high?
The last time I took a close look at Naples real estate was nearly a year ago. “The 10 Most Expensive Houses For Sale In Naples Right Now – May 2022“. At that time a house in the Port Royal neighborhood of Naples sold for 36 million. There was also a home for sale on Gulf Shore Blvd. North that was listed at 35 million. Well, I’d like to tell those people that they sold a year too early.
Last May, the most expensive home for sale in Naples was 35 million. Today, March 7th, that 35 million dollar price tag doesn’t even crack the top 10. And some of these are within sight of what used to be the Naples pier. That’s right, Hurricane Ian tore through this area causing massive damage. I guess that is a selling point. You’re buying a home on the coast that survived a major hurricane. If you’re going to drop a hundred mil, it’s nice to have that kind of reassurance. Wonder what the flood insurance premium is on one of these?
Looking at Homes For Sale In Naples?
So maybe you just won the Powerball or picked up a massive inheritance. Actually, hold up. Southwest Florida’s most recent lottery winner was Pamela Baker of Bonita Springs. She won $126 Million Dollars On Mega Millions last October. That’d be enough to put down a down payment! These prices are just nuts. I think you’d need to be a Saudi Prince to grab one of these. What’s the realtor’s commission on 100 million?
I’m in the wrong business.
Joe Winner spends his days combing through memes and off beat stories to bring you the side of Florida not always seen.