Realty Check

Cash concessions are one way to sweeten the pot when home sellers vie for buyers, but the most determined market players are using other means to get a jump on the competition.

Tempting agents is one tactic. According to Joseph Faccone of Pelican Bay Realty, Naples, some MLS listings promise cash bonuses to agents who sell a property by a certain date.

Sometimes wheels do the talking. John Garbo, a broker at Germain Properties of Naples, says one program has a Toyota Camry Solara convertible going to the sales agent of a $2 million-plus property. Another program offers a BMW Z4 Roadster to the purchaser of a home in the $1.5 to $2 million-range. Lots of interest, he says, but so far no giveaways.

Developers are trying other ploys. "They can’t lower prices too drastically," says David Gallus of Premiere Plus Realty, Naples, "because they’ll upset the customers who paid more." Gallus claims some buyers are being asked to sign confidentiality agreements, promising to keep mum on their purchase price.

Other offers don’t include price drops, but the pool is a freebie, or a status vehicle, such as a Mercedes, is comped. William Carl, at Re/Max Results Realty, Naples, observes that buying area property is most often an option rather than a necessity, so buyers can hang on until an irresistible deal appears. He cites sellers paying closing costs, mortgage points and condo maintenance fees plus accepting deferred payments among inducements nowadays.

WCI Communities makes a gift of a year’s membership at Rookery Bay National Estuarine Research Reserve to buyers of homes in its new Artesia community. Ron Barakett of Sun Realty, Naples, hatched a novel idea for his single-family home seller in a bundled golf community. If a condo owner in that community wants that single-family home, the sellers will rent the condo on an annual basis until the condo sells. There have been inquiries. "You’ve got to be creative in this market," he says.

Tom Woodyard, partner and transaction specialist at Gates D’Alessandro & Woodyard LLC, says the tree-covered island has permits that would allow for 80 condominium units, a hotel and retail shops. It’s ready for utilities and already has 30 boat docks in place, he says. This might be the time the island comes into its own. It was created when the J.L. Lofton Dredging Company worked on the river in 1910. Lofton and his family built a home there and moved in. In 1929, he sold it to a real estate man whose dreams for a subdivision crashed with the stock market. In the 1950s, Mr. and Mrs. Arthur Hunt built a home there, but they eventually left and the home was ravaged by time. Tom Cronin Sr. bought the island in 1997 for $225,000 and planned to build a resort, but sold the property for $1.63 million in 2004.

Now Woodyard, whose firm was part of the buying company, sees great opportunities. "It could be a resort hotel with restaurants and shops," he says, "or it could be a condo-tel, where folks rent their units and use them part of the time. Or it could be a beach club facility for a residential development." Or it could be a winter oasis for any well-heeled individual. Got a spare $9 million in your pocket?

Inside this unit in the third tower in Grande Preserve at The Dunes, Naples, Signature Communities provides a 2,893 air-conditioned space dedicated to luxury living. The floor plan includes a grand salon/dining room, family room, two bedrooms, den, three bathrooms, kitchen and screened balcony.

The overall interior design is transitional leaning toward traditional, says Patricia Crawford, principal of Crawford & Associates. Glass inlays in the saturnia marble floor enhance the foyer. Dark wood accents and mirrors add visual pizzazz throughout.

The master suite’s bay windows showcase stunning views, and through-views extend from the family room into the open kitchen to the grand salon/dining room. Residence 1706 is available for leaseback at $1.95 million.