NAPLES — Six Southwest Florida golf communities were named to Travel and Leisure Golf Magazine’s Top 100 Golf Communities in its January/February issue.Bay Colony, Bonita Bay Club, Grey Oaks, Mediterra, Tuscany Reserve and TwinEagles, all made the list.
Bonita Bay Club has access to five courses, while Grey Oaks has three, and Mediterra and TwinEagles each have two.
Naples Florida Luxury Golf Homes
Mediterra Naples homes for sale
Naples Florida homes for sale
Sunday, February 15, 2009
Tuesday, September 23, 2008
Tuscany Reserve Update 4th QTR 2008
Tuscany Reserve is currently under new ownership and it's likely that it will take some time for the new ownership to regroup and begin offering homes again. The word around the community is that homes will not be offered for sale again until the summer of 2009. The clubhouse will be the number one project for new ownership in the coming months. WCI attempted to sell a condo product from the 500k range a couple months prior to the sale of the community. That land devoted to the condo product will likely be turned to a villa product starting in the low 1 million range. Tuscany Reserve aims to be an elite luxury golf community in Naples. Anyone who plays the golf course and views the unique architecture will liken it to no other community in the United States.I have helped a couple clients purchase their homes in Tuscany Reserve. For a private tour of Tuscany Reserve during this hiatus contact David Auston at (239) 273-1376 or David@DavidNaples.com
View Naples Florida Luxury Golf Homes/Communities, Tuscany Reserve, Mediterra Naples
Tuesday, May 27, 2008
Tuscany Reserve in Naples, FL Sold!
After several other deals fell through, WCI, headquartered in Bonita Springs, closed on a sale Thursday to a group of European and Middle Eastern investors. The sale price was not disclosed. Observers pegged it at about $65 million. The buyer is AB Naples LLC, which describes itself as a “well-financed international investor group.” It was an all-cash deal, said Rainer Filthaut, president of AB Tuscany Holdings Inc., the parent company of the purchaser.“The dollar is low. The real estate prices are low. So that was for sure two reasons to invest in this property. Plus they got a very good price on it,” he said. The community, hc off Livingston Road at the Lee-Collier line, spans more than 460 acres. WCI invested hundreds of millions in the community to create an authentic Tuscan Village with arched stone bridges, towering fountains, pavers and lush landscaping, including a berm of bushes and trees facing Interstate 75. “I think it’s a very good community. It’s high end,” Filthaut said.WCI put the community on a list of assets for sale last year, as it looked for ways to stay afloat in a sluggish market. In its most recent quarter, the company lost $84.1 million, or $2 a share. That’s blamed primarily on fewer sales and high number of cancellations, with so many would-be purchasers walking away from their contracts.WCI designed Tuscany Reserve as its most exclusive golf course haven and expected to sell a limited number of homes for $2 million to $5 million, with golf membership in the range of $200,000. But it never really took off. In the last year, WCI has repositioned the community, offering homes for less than $1 million. There is an inventory of three homes, two condominiums and a villa. Most of the community has yet to be developed. It’s permitted for 530 homes and only about 30 have been built, Filthaut said. “We want to maintain the high quality and high standing of the community. So we are not going to increase density,” he said. He expects the community to continue selling similar-style homes and condos in the range of $1 million to $4 million. Over the next few months, Filthaut plans to put together a marketing and sales team. A new strategy for selling the homes will be developed.“I think we will really be back selling maybe in 9 to 12 months because we want to make sure the clubhouse is done and that people really see something is happening.”One of the biggest complaints by residents has been the unfinished clubhouse. Some roads are not paved yet either.The purchase of Tuscany Reserve is the first venture into the U.S. real estate market for AB Naples LLC. But the company is looking for others, Filthaut said.(source: naples daily 5-15-2008)Tuscany Reserve Homes For Sale
David William Auston specializes in luxury golf real estate in Naples, Florida and can be reached at (239) 273-1376 or David@DavidNaples.com
Tuesday, April 15, 2008
Greg Norman & Pete Dye play Tuscany Reserve Naples, Florida
Tuscany Reserve in Naples, Florida was designed by two of golf's greatest legends, Greg Norman and Pete Dye, but the two have never played the course? Tuscany Reserve has been open for 3 years and the two have decided to join the members this Friday morning for a fun day of golf in a 2 man scramble format followed by a Question & Answer session. Greg Norman is well known in Naples, Florida for his extremely popular charity golf outing called The Shark Shootout. Many of golf's great's, including Fred Couples, Woody Austin, and the fan favorite John Daly have come for years and years for the popular event. Tuscany Reserve is a Tuscan inspired community that is unlike any other luxury golf community in Florida! This is probably the reason why Greg Norman & Pete Dye signed on to help design the course and this being only the second course they've collaborated on since Hobe Sound in 1994.. Tuscany Reserve Real EstateDavid Auston specializes in Luxury Golf Real Estate in Naples, Florida and can be reached at (239) 273-1376 or David@DavidNaples.com
Thursday, January 10, 2008
Tuscany Reserve deal appears to be off the table
It appears that a mega deal to sell the luxury, Italian-inspired Tuscany Reserve community off Livingston Road near the Lee-Collier line is off.
On Monday, a prospective buyer received an e-mail from a community sales agent saying the developer, Bonita Springs-based WCI Communities Inc., “is no longer looking to sell it” and that marketing is gearing up again.
The sales agent gave two reasons why cash-strapped WCI has taken the community off the market: The tax advantage that it would have gotten in 2007 doesn’t exist anymore and the company had more closings than expected last month at several other projects, which has improved its cash flow.
Jerry Starkey, WCI’s CEO, wouldn’t comment, saying the company doesn’t discuss transactions.
“I haven’t heard anything. I think we would all know if it went through,” said David Auston, a Realtor with Amerivest Realty in Naples and a member of the Tuscany Reserve golf club.
WCI, headquartered in Bonita Springs, put the golf course community on a list of assets for sale earlier this year, as it looked for ways to stay afloat in a market where sales are sluggish and would-be buyers are walking away from contracts in droves.
Realtors, brokers and others who were familiar with the deal said they knew the courting buyer to be Anthony Salce, with Gulf Coast Development Group LLC in Naples. Salce couldn’t be reached for comment.
The deal was expected to close by the end of last year.
On WCI’s online message board, one observer on Dec. 24 said, “This puppy is going sideways. The deal for $63 million is now offered at $51 million and it may very well not close.”
Auston said 2007 was one of the best years for home sales in the community. Earlier this year, WCI announced a repositioning to offer more homes at a lower price.
In the fourth quarter of last year, WCI had an $84.9 million write-down for the community, reflecting a market loss in value.
WCI designed Tuscany Reserve as its most exclusive golf course haven and expected to sell a limited number of homes for $2 million to $5 million, with golf membership in the range of $200,000. But it never really took off.
Now, homebuyers can get into the community for less than $1 million.
It appears that the immediate priorities for WCI are to finish the clubhouse and to sell off the remaining inventory.
WCI invested hundreds of millions in the community to create an authentic Tuscan village with arched stone bridges, towering fountains, pavers and lush landscaping, including an impressive barrier berm of bushes and trees facing Interstate 75.
Greg Norman and Pete Dye co-designed its 18-hole golf course.
“The people in there, they love the golf course,” Auston said. “They love the neighbors. They love the place.”
(Naples Daily Newspaper, 1-9-2008)
On Monday, a prospective buyer received an e-mail from a community sales agent saying the developer, Bonita Springs-based WCI Communities Inc., “is no longer looking to sell it” and that marketing is gearing up again.
The sales agent gave two reasons why cash-strapped WCI has taken the community off the market: The tax advantage that it would have gotten in 2007 doesn’t exist anymore and the company had more closings than expected last month at several other projects, which has improved its cash flow.
Jerry Starkey, WCI’s CEO, wouldn’t comment, saying the company doesn’t discuss transactions.
“I haven’t heard anything. I think we would all know if it went through,” said David Auston, a Realtor with Amerivest Realty in Naples and a member of the Tuscany Reserve golf club.
WCI, headquartered in Bonita Springs, put the golf course community on a list of assets for sale earlier this year, as it looked for ways to stay afloat in a market where sales are sluggish and would-be buyers are walking away from contracts in droves.
Realtors, brokers and others who were familiar with the deal said they knew the courting buyer to be Anthony Salce, with Gulf Coast Development Group LLC in Naples. Salce couldn’t be reached for comment.
The deal was expected to close by the end of last year.
On WCI’s online message board, one observer on Dec. 24 said, “This puppy is going sideways. The deal for $63 million is now offered at $51 million and it may very well not close.”
Auston said 2007 was one of the best years for home sales in the community. Earlier this year, WCI announced a repositioning to offer more homes at a lower price.
In the fourth quarter of last year, WCI had an $84.9 million write-down for the community, reflecting a market loss in value.
WCI designed Tuscany Reserve as its most exclusive golf course haven and expected to sell a limited number of homes for $2 million to $5 million, with golf membership in the range of $200,000. But it never really took off.
Now, homebuyers can get into the community for less than $1 million.
It appears that the immediate priorities for WCI are to finish the clubhouse and to sell off the remaining inventory.
WCI invested hundreds of millions in the community to create an authentic Tuscan village with arched stone bridges, towering fountains, pavers and lush landscaping, including an impressive barrier berm of bushes and trees facing Interstate 75.
Greg Norman and Pete Dye co-designed its 18-hole golf course.
“The people in there, they love the golf course,” Auston said. “They love the neighbors. They love the place.”
(Naples Daily Newspaper, 1-9-2008)
Saturday, December 8, 2007
Paspalum: The reason Tuscany Reserve is so green.
The major reason that Tuscany Reserve is and will always be one of the best maintained courses in Florida is because it was designed with a type of grass called Paspalum. Paspalum is a salt tolerant grass, which is a huge advantage in a scarce fresh water environment. Currently Naples has had a low level of rainfall, so being able to use salt water is a tremendous advantage! Many of my guests have even asked if it was astroturf because of how strong the grass is and how green and plush it is. The blades of grass tend to grow into each other, which makes it difficult to takes divots from, but most people still find a way. Another interesting thing is that because the grass does grow different than most, you'll find that your golf cart will feel like the axel is loose when it's simply the grass affecting the traction of the tires. Paspalum has been a tremendous success at Tuscany Reserve and the new TPC(tournament players course) at Treviso Bay is also using Paspalum on the their new course, which is currently under construction.Contact David Auston at 239.273.1376 or David@DavidNaples.com
Wednesday, November 14, 2007
2007 Tuscany Reserve real estate review
2007 was the best year for homes sold in Tuscany Reserve since it was completed! Currently there are only two Villa homes for sale, 3 luxury condos on the island near the future clubhouse, and a 4,900 sq ft McGarvey custom home on Prato Way. Tuscany Reserve was the best selling WCI community in 2007, mainly because of it's unbelievable golf course. WCI wrote off 80+ million due to its extensive development of the golf course and it's stunning infrastructure(It even has a water system under every green that can warm or cool the grass depending on the weather).This loss comes at a hefty price to WCI, but translates into one of best real estate deals in Naples, Florida. Many have there discounted opinions of Tuscany Reserve because WCI has had quite a bit of trouble, but until you actually enter the massive rod iron gates and play the immaculate golf course, you're opinion will surely change quickly! This is one of the major reasons why Tuscany Reserve is almost completely sold out and the majority of it's sales occurring in 2007 alone.
Contact David William Auston at 239.273.1376 or David@DavidNaples.com
Subscribe to:
Posts (Atom)
