Isles of Capri sees record sale of waterfront estate

Laura Layden
Naples Daily News

The lesser-known Isles of Capri has notched a record home sale.

 A three-story waterfront estate recently sold for $5.6 million — the highest-priced residential sale ever recorded on the collection of islands through the Southwest Florida Multiple Listing Service, or MLS.

Located at 8 West Pelican St., the home, built in 2012, sits on a quarter-acre of land, with panoramic views of the Marco River and sunsets over the Gulf of Mexico. 

The slower-paced island community is located about two miles north of the more well-known island of Marco, off Collier Boulevard. 

This house sold for a record price on Isles of Capri.

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The record-setting estate, spanning more than 5,000 square feet under air, includes four bedrooms, a den and six bathrooms on two levels. It was promoted as a "once-in-a-lifetime offering, along the Ten Thousand Islands," a chain of uninhabited islands and mangrove islets.

Special features include a gourmet kitchen with a gas stove, state-of-the-art appliances and a butler’s pantry.

Another big selling point? The garage, sitting on the ground floor, accommodates up to eight cars and has two large storage areas — ideal for auto enthusiasts.

Other attributes of the estate include a private elevator, home theater, media room, loft and game room. 

Outside, there's more to appreciate, including two levels of covered porches overlooking an outdoor pool, spa, fire pit and summer kitchen. There's also a dock with two boat lifts, providing easy access to the Gulf of Mexico.

ML Meade of Premier Sotheby’s International Realty’s Marco Island office represented the sellers, as the exclusive listing agent. The property, she said, "appealed to the discerning buyer seeking a private retreat near an array of countless cultural offerings.”

"It's a fabulous property, in a gorgeous location, with a beautiful view," Meade said.

There's a lot to love about the island, too, she said.

"The Isles of Capri is a small town. It's like a village, where everyone knows everyone else, and looks after everyone," Meade said.

The property, she said, generated "lots of offers and lots of interest." 

The previous record-high sale on Isles of Capri came in at $4.625 million for a home at 38 Dolphin Circle, which changed hands in September. 

As is the case across Southwest Florida, Isles of Capri has more buyers than homes to sell.

"In the past two years, we have worked 24-7, It's been phenomenal. It's good, constant, activity," Meade said.

For her team, she said, this year has been even busier than last year, a dizzying one.

"I would be shocked if more agents aren't selling more this year than last, and last year was a phenomenal year," Meade said.

Southwest Florida has seen a wave of buyers since 2020, following a brief pause after the World Health Organization declared COVID-19 as a global pandemic. Several factors are driving the trend, including the rise in remote work, which has given more Americans the ability to live where they want,  and the increase in early retirement driven by the health crisis.

"What place in the continental U.S. has our weather?" Meade asked rhetorically. "And that is what most are trying to achieve."  

The combination of higher demand and lower inventory has escalated home prices across Southwest Florida, setting records elsewhere in the region, from Marco Island to Captiva — and beyond.

This house at 8 West Pelican Street sold for a record price on Isles of Capri.

Property records show the now-priciest estate in Isles of Capri last sold for $3.2 million in 2015 to Gary and Linda Mink. The owner is listed as Gail B. Peyton. 

Maurice Cossairt, broker/owner for Edgewater Realty in Naples, represented the buyer. While the estate sold for a record price, he said it would cost much more to build it today for many reasons, including inflation and supply shortages that have driven up the cost of construction materials across the board.

The quality of construction is superb, he noted, so there's added value in that.

"When you take everything into account, maybe it's not so crazy," Cossairt said of the price. 

Indeed, he expects the record to soon be eclipsed by other sales on the island, from new homes to tear-downs on larger lots.

"It's everywhere," he said of the record prices.

At the high-end, the buyers are real — not speculators or investors — and many of them come with cash in hand to buy what they want, after having worked hard to get where they want in life, Cossairt said.

"This is end-users who are in it for the long haul," he said. "That are not going to be sellers for a long time."

While Southwest Florida is attractive to buyers for many reasons, from its great weather and low taxes to its low crime rates and good schools, Cossairt said the strong interest can really be summed up in a few words.

"At the end of the day," he said, "it's about quality of life and we have a very high quality of life here." 

He doesn't expect buyer interest to wane anytime soon, with so many people having discovered Southwest Florida as word has spread about the lifestyle it offers for residents, not just in season, but year-round. 

"They are not going to unfind us here," Cossairt said. "The genie is out of the bottle."