Naples: Pelican Bay, Park Shore and the Old Town

Pelican Bay, Park Shore and the old town, a coast of mid-rise towers and low streets on the Gulf: where new buildings rise, how Florida law shapes every sale, and why most of Naples stays low.

The market in brief

Naples comes later for us, after Los Angeles and Dallas, with Tampa on the same coast. It is a market of second and seasonal homes as much as primary ones: buyers from the Midwest and the Northeast, many spending the winter here, and a growing number who make Florida their residence. New buildings are few and mostly mid-rise, so each one competes on its view of the Gulf, its finish and its amenities.

Area: Pelican Bay and Vanderbilt Beach, Park Shore, the old town around Fifth Avenue South, and Naples Bay
Status: Later, after Los Angeles and Dallas
Before any sale: The developer’s documents filed with the state before purchase contracts are offered
Height in the city: 42 feet and three stories in commercial districts, under a charter amendment voters approved in 2000²
Right to cancel: 15 days from signing and receiving the documents

We will add market figures here when we open Naples, drawn from the same kinds of sources as our other market pages. Our South Florida page covers the rules that apply across Florida, and Tampa lies to the north on the same coast.

Where new buildings rise

Pelican Bay and Vanderbilt Beach

North of the city, in unincorporated Collier County, where most of the area’s tallest residential towers stand behind the beach and the mangroves.

Park Shore

Inside the city, a line of residential towers along the Gulf, with Venetian Bay and its shops behind them.

The old town

Fifth Avenue South, Third Street South and the streets toward the pier, where buildings stay low and new residences come as small buildings and single houses.

Naples Bay

The bay side of the old town and Port Royal, where residences look over boats and the bay rather than the Gulf, many with their own docks.

How a purchase works here

A new Naples condominium usually sells in two steps: a refundable reservation that holds a unit, then a purchase contract once the developer’s documents are filed. Under section 718.503 (opens in a new tab), the contract starts a 15-day window to cancel without penalty, and a deposit schedule that often reaches 30 to 50 percent of the price before completion. Under section 718.202 (opens in a new tab), the first 10 percent stays in escrow until closing; anything above it may fund construction if the contract allows.

Our buyer guides cover each step: buying pre-construction in Florida and buying new construction in Florida, from warranties and reserves to closing costs and the homestead exemption.

What a developer works with here

Filing before contracts. Under section 718.502 (opens in a new tab), a developer may not offer purchase contracts until its documents are filed with the state. Reservations can come earlier, refundable on request.
Deposits that can build. Deposits above 10 percent may fund construction where the contract allows, which changes how much equity and debt a project needs. That is not possible in New York.
Which side of the city line. Inside the City of Naples, the charter holds commercial districts to 42 feet and three stories, so a site’s jurisdiction and zoning decide how tall a building can be. Read both before the land price is set.
Storms and the Gulf. Hurricane Ian’s surge flooded much of the old town in 2022. Buyers ask about elevation, flood zone and insurance first. Show the building’s design for storms plainly in the offering.
Reserves from the first budget. A developer-controlled association cannot waive or cut reserves, and buildings three stories or taller need a structural integrity reserve study. Monthly fees are part of the price buyers compare.
Buyers from New York. Marketing a Florida offering to New York residents brings New York’s filing rules with it, as our New York page explains.

Costs and rules at a glance

Deed stamp tax: 70 cents per $100 of the price. A seller’s cost by custom, often passed to the buyer in developer contracts
State income tax: None
Right to cancel: 15 days from signing and receiving the documents, renewed by any amendment that materially changes the offering against the buyer
Deposits: First 10 percent in escrow until closing; above that, available for construction if the contract allows
Warranty: Three years on the unit from completion of the building; roof, structure and building systems up to five years
Homestead: Up to $50,000 off the assessed value of a primary residence for most property taxes, $25,000 for school taxes, with yearly increases held to 3 percent at most, for owners in residence on January 1

A launch, step by step

Before filing. Pricing, unit mix, plans and amenities are set against the buildings a buyer will compare. Reservations may be taken once the escrow agreement is approved, refundable on request.
Filing. The developer files its documents with the state. Purchase contracts follow, each with its 15-day window to cancel.
Construction. Deposits arrive on schedule; the first 10 percent stays in escrow. Weekly reporting shows whether pace meets the lender’s threshold.
Completion. Walk-throughs, the certificate of occupancy and closings, one residence at a time.
Turnover. The developer hands the association to the owners, with an inspection report for each building three stories or taller.

What we will do here

When we open Naples, we will work as we do in our other markets: advice before launch on pricing, unit mix, plans and amenities, the buyer profile and the launch strategy, then a sales report every Monday against the plan. If you are planning a building in Pelican Bay, Park Shore or the old town, we are glad to talk it through now.

Sources

Florida Statutes, section 718.502 (opens in a new tab), section 718.503 (opens in a new tab) and section 718.202 (opens in a new tab).
On the city’s 2000 charter height amendment, Gulfshore Business (opens in a new tab).
National Hurricane Center, tropical cyclone report on Hurricane Ian (PDF, opens in a new tab).

General information only, not legal, tax or investment advice. Florida law, local rules and tax rates change, and every project is different. Review any purchase or project with a Florida real estate attorney.