Can luxury condos revitalize downtown? 
It is big news in SW Florida when our problems are aired as a prominent story in the NY Times. Many will most likely find it painful to stomach Ft. Myers being described in the article as “the stepchild to its more beautiful sisters in southwest Florida, Naples and Sarasota.”
While the high-rise development in Downtown Ft. Myers will certainly bring more full-time residents to the area, the lack of public access to the waterfront is troubling. Think of the possibilities if the city leadership had required a retail level and riverside promenade on the first floor of each of these high-rise developments.
As previously discussed here at Gulf Returns, the first new high-rise, Beau Rivage, is experiencing sluggish resale results. Currently, 27 units (22%) are listed for re-sale in the MLS system. The prices range from a low of $439,900 for unit 1405 to a high of $898,000 for unit 2203. The average asking price at Beau Rivage is currently $338 per sq. ft. and the average sales price for three resales in the last 90 days was $291 per sq. ft.
A Florida City Awaits the Payoff From Its Bet on Condos [NY Times]
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