Three coastal Naples residences closed this week for $48.85 million, all cash, and the prices per square foot they printed ran from $977 to $4,022, a spread of better than four to one. Two of the three were bayfront estates of nearly the same scale: a 2023 Port Royal residence cleared at $36.5 million and $4,022 a foot, and a 2015 Park Shore residence cleared at $8.2 million and $977 a foot. In the same week, four beachfront residences at the pre-construction Rosewood Residences opened in Coquina Sands, asking between $3,031 and $3,215 a foot. Above the closes, the top of Port Royal stayed in motion: Fort Charles Drive went under contract at a $28 million ask, and Galleon Drive at $13.95 million.
Drawn from MLS of Naples records, current as of July 24, 2026.
The Tape
The week's record, $4M+ coastal Naples.
- Closed: 3 sales, $48.85M combined, all cash, a blended 8.9% below the final asks.
- Per-foot range: the three closes printed $977, $1,261, and $4,022/SF across 2015, 2024, and 2023 construction.
- Top of the week: 3777 Gordon Dr, Port Royal — $36,500,000 at $4,022/SF, a 2023 Williams Group build, the highest per-foot print of the week by a wide margin.
- Established-resale floor: 233 Mermaids Bight, Park Shore — $8,200,000 at $977/SF, a 2015 bayfront estate, carried at 398 days on market.
- At ask: 13945 Old Coast Rd #602, Kalea Bay Tower 400 — $4,150,000 at exactly the list price, a 2024 tower residence, no give.
- New to market: Rosewood Residences opened four beachfront pre-construction units in Coquina Sands, $16.5M to $18.5M, all asking above $3,000/SF for 2027 delivery.
- Under contract: Port Royal's Fort Charles Dr ($28M ask) and Galleon Dr ($13.95M ask), plus new-construction 510 Neapolitan Ln in Park Shore ($6.5M ask, a Borelli Construction build).
- Financing: all three closes cash.
- International note: none of the three closes carried a FIRPTA withholding flag; each seller was recorded as domestic.
The Lens
On price per square foot, the week's three closes printed $4,022, $1,261, and $977. 3777 Gordon Drive, a 2023 Port Royal estate with direct Gulf access, no bridges, cleared highest. 13945 Old Coast Road #602 at Kalea Bay, a 2024 tower residence, printed the middle number. 233 Mermaids Bight, a 2015 Park Shore bayfront estate of nearly Gordon's size, cleared the lowest.
Two things separate them, and the deal prices name both. One is the building: eight years and a full design generation stand between a 2023 estate and a 2015 one, and the market read that difference in dollars. The other is the address and the water in front of it, Port Royal's direct Gulf access against Park Shore's bay. Last week the per-foot order was set mostly by position; this week position and vintage pulled the same way, and the two comparable trophies separated sharply rather than by a few points.
The clearest confirmation opened new this week. Four beachfront residences at Rosewood Residences in Coquina Sands came to market asking $3,031 to $3,215 a foot for 2027 delivery, roughly three times what the established Park Shore estate cleared at and within reach of what the newest Port Royal estate printed. Read together, the week's numbers say something consistent: the coast is paying its steepest premium for new and near-new construction on or beside the Gulf, and clearing established waterfront resale, even at eight-thousand-foot trophy scale, at a fraction of that number. For a buyer, the underwriting line is that vintage and position set the per-foot before the finish package does.
Spotlights
What it is: A 2023 Port Royal estate on Champney Bay, a Williams Group build with Stofft Cooney as architect of record per the listing, on roughly 185 feet of shoreline with a newer multi-lift dock. At $36.5 million it was the week's top close and, at $4,022 a foot, its top print by a wide margin. The listing references Port Royal Associate Club membership eligibility, a detail worth confirming with us directly before underwriting at this level.
Why it matters: The number is the point. A 2023 build fronting open water cleared above $4,000 a foot in cash, and every other print this week was read against it. It opened at a $44.95 million original guide, moved to a $39.995 million ask, and met a cash bid $3.5 million under that last ask; the clearing price is what a calibrated Port Royal number and a real buyer agreed on, and it still led the coast on price per foot.
Tradeoff reality: Unbridged Gulf frontage and a 2023 build carry a per-foot premium that an inland or older waterfront address does not. A buyer paying at this level is buying the water and the vintage first and the 9,074 feet second. Dock capacity, vessel length, and club eligibility are the specifics that decide the number at this level, worth confirming before an offer.
What it is: A 2015 waterfront estate in Park Shore, 8,391 feet on a walled and gated lot with a 94-foot dock per the listing, a specification worth confirming with us at this scale. It closed for $8.2 million in cash at $977 a foot, the lowest per-foot print of the week and the established-resale end of the range.
Why it matters: Set beside Gordon Drive, the deal draws the week's line. Two bayfront estates of nearly the same size, both sold this week for cash, at opposite ends of the week's per-foot range. What the market priced was product and position: a 2023 Port Royal build fronting open water against a 2015 Park Shore residence on the bay. At trophy scale, an established build clears to a per-foot floor that new and near-new construction sits well above.
Tradeoff reality: Eight thousand feet of finished space, a large lot, and a deep-water dock are real value, and the close captures it. What the number says is that at this scale buyers are sorting by build era and water first. An owner or buyer weighing an established waterfront estate against newer product will find the per-foot conversation, not the square footage, does the deciding.
Eyebrow-Raisers
Four residences at the pre-construction Rosewood Residences came to market this week on Gulf Shore Boulevard North, a beachfront development in Coquina Sands with 2027 delivery. The four ask #207 at $18,500,000 ($3,131/SF), #406 at $18,000,000 ($3,136/SF), #403 at $17,500,000 ($3,215/SF), and #302 at $16,500,000 ($3,031/SF). They set the week's beachfront new-construction ask band above $3,000 a foot, opening well above where established Park Shore resale is clearing. For an early buyer, pre-construction terms, delivery timing, and floor-plan selection are worth a conversation before the release schedule tightens.
A 2024 tower residence at Kalea Bay closed for $4,150,000, exactly its list price, in cash. At $1,261 a foot it sits between the week's established-resale floor and its new-construction asks, roughly where recent-vintage view-tower product has been printing. The at-ask close with no give is the tell: on well-priced, near-new condominium inventory, the number holds. It closed the same week Rosewood's beachfront pre-construction opened far above that per-foot, a reminder that direct beachfront and tower-view product are separate markets that rarely share a price line.
The Ledger
What it is: The week's only single-family close above $10 million, profiled in Spotlights above: a 2023 Port Royal estate fronting the open Gulf, closed at $36,500,000 in cash.
Why it matters: It set the week's ceiling and its widest per-foot distance from established resale, the top of a range whose floor sat below $1,000.
Tradeoff reality: The premium is the water and the build year, not the finish package.
A 2021 Port Royal estate on Smugglers Bay, under contract at a $28 million ask. The listing references Port Royal Club membership eligibility, worth confirming before underwriting.
A 2011 Port Royal residence on Jamaica Channel with a private dock, under contract at a $13.95 million ask. Dock depth, vessel capacity, and club eligibility are worth confirming before underwriting.
What it is: A newly finished Park Shore residence from Borelli Construction per the listing, delivered this year and under contract at a $6.5 million ask ($1,660/SF).
Why it matters: It is the week's clearest read on new-construction ask away from the beach: finished 2026 Park Shore product priced near $1,660 a foot, well below beachfront new construction and above established resale.
Tradeoff reality: A buyer here is paying the new-construction premium without the direct-beachfront multiple.
A 2019 Pine Ridge Estates residence on 1.13 acres, new to market at $6,250,000. Off-water Pine Ridge land at $1,227 a foot, a different tier from the coastal per-foot numbers above.
A 2001 Aqualane Shores residence a short walk from the beach and the Old Naples shops, new to market at $5,495,000 ($1,380/SF).
What it is: A renovated 8th-floor beachfront residence at Seasons at Naples Cay, new to market at a $6,799,000 ask ($1,434/SF).
Why it matters: It gives the week a beachfront high-rise ask to sit beside the tower-view close at Kalea Bay ($1,261/SF) and the beachfront pre-construction band above $3,000; a renovated 2002 beachfront resale asks between the two.
Tradeoff reality: Direct beach access and Gulf exposure carry the ask; a buyer comparing it to newer towers is weighing location against build year.
A developer-owned 2017 residence in Kalea Bay Tower 100, new to market at $4,795,000. Its ask sits just above the Tower 400 close down the road, keeping recent-vintage tower product in a tight per-foot lane.
The Question
When two bayfront estates of nearly the same size clear as far apart as Gordon and Mermaids did, how much of the gap is the building and how much is the water in front of it?
My provisional read: this week the two moved together, and the tie-breaker was the beachfront band that opened alongside them. Rosewood's pre-construction units asked above $3,000 a foot regardless of any single seller's timeline, which says new construction and direct Gulf position each carry a real, separable premium. Gordon Drive had both and printed $4,022; Park Shore had neither the newest vintage nor the direct beach and cleared at $977. I would want three or four more paired closes, same size and different vintage on comparable water, before splitting the premium precisely between build year and address, but the direction is not in doubt: at trophy scale, both move the per-foot, and this week they moved the same way.
Codex Recap
This week's tell: three cash closes for $48.85 million printed from $977 to $4,022 a foot, with the two comparable bayfront trophies among them at opposite ends of that range. New and direct-beachfront position carried the top; established waterfront resale, even at eight-thousand-foot scale, cleared to the floor. Rosewood's four beachfront pre-construction units, opening above $3,000 a foot the same week, marked the band the premium is paying for.
How to use it: underwrite by product tier before neighborhood. Established waterfront resale is clearing near a $1,000-a-foot floor at trophy scale; recent-vintage view-tower product is holding near $1,250 and at ask when priced right; and new or near-new construction on the Gulf is a separate market well above $3,000. Where a property sits among those tiers sets its per-foot before its finishes do.
Jose & Renee Malachowski, P.A.
Naples Bay Luxury Homes at Premiere Plus Realty
(239) 319-8154 • Jose@NaplesBayLuxuryHomes.com
NaplesBayLuxuryHomes.com
Private advisory available by request.
MLS data is believed accurate but not guaranteed. Verify all details, dimensions, finishes, permits, HOA and condo rules, costs, club eligibility, boating specifications, and terms prior to transacting.
