The Bayshore region of Naples (East on 41 about three miles east of Old Naples) is an older area that is re-emerging, though certainly slowed down a bit in its tracks by the economy. In 2005 that emergence included the revamping and reconstruction of various older apartment complexes --- among those was Abaco Bay. Abaco Bay topped out in the 200s following its 2005 out of the gate conversion pricing of $119,000 and then $150,000. But then when the bottom dropped out and more expensive areas started competing, Abaco Bay's units (2/2 units under 1000 sq. ft.) took a hit.
We just sold an Abaco Bay unit under $60,000 which should prove a great opportunity for our client since there is an annual renter in place paying $800 a month. There are still units in Abaco Bay under $100,000 that are not short sales, so it is still worthwhile as a possible cash flow situation. The Botanical Gardens is just past Abaco Bay and the Windstar Country Club neighborhood is on the other side of the street, just down the way. Windstar borders the east side of Naples Bay across from Port Royal and though it has some lower priced condos from the high 100s in resale, it also has homes up to several million, so that has given Bayshore the impetus for continuing its reinvention once the economy gets back on track.
Abaco Bay was originally built in 1985 and largely rebuilt in 2005 in Key West style architecture. Its fitness club and community pool were also renovated.
To see any listings in Abaco Bay, Naples Florida, please click on the link below:
To see any units in ABACO BAY or for further information, please contact Marlene Graham, Downing-Frye Realty, (239) 821-9046 or email marlenegraham@earthlink.net
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