The Signal. Coastal Naples logged four closings this week, $48.95 million in all, and only one of them landed at the asking price: a $24 million never-occupied residence at Naples Beach Club, which changed hands off-market at its exact number. The other three each gave something between 7% and 21% off their opening asks, and they took 112 to 232 days to get there. Three of the four closes were new construction, so vintage did not sort them. What sorted them was how much company each ask had.
Drawn from MLS of Naples records, current as of August 28, 2026.
The Tape
The week's record, $4M+ coastal Naples.
- Tracked: 19 residences — 8 new active, 3 new under contract, 3 under contract with contingencies, 4 closed, plus 1 repriced standing active.
- Closed: 4 sales, $48.95M combined, a blended 4.8% below the final asks (8.7% below the original asks), split 2 cash and 2 conventional.
- Only close to meet its ask: 901 Gulf Shore Blvd N #A301, Naples Beach Club — a $24,000,000 new-construction close at $3,705/SF, recorded as an off-market entry.
- New construction among the closes: 3 of 4 — 901 Gulf Shore Blvd N ($24M), 510 Neapolitan Ln ($6.25M), 4851 Crayton Rd ($6.2M).
- Widest cut of the closes: 605 Galleon Dr, Port Royal — $3,400,000 (21.4%) under its $15.9M original ask, closed $12.5M, 112 days.
- Longest road to a close: 4851 Crayton Rd, Park Shore — 232 days, closed $6.2M at 10.8% under an unchanged ask.
- New under contract: Olde Naples' 544 13th Ave S ($11.495M) and 493 8th Ave S ($8.995M), and Vanderbilt's 115 One Naples Way #907 ($9.7M).
- Under contract with contingencies: Port Royal's 997 Spyglass Ln ($18.9M), the Moorings' 3433 Crayton Rd ($6.5M), and Naples Cay's 81 Seagate Dr #803 ($6.799M).
- New to market: 8 actives asking $63.13M combined, from Pine Ridge's 6616 Trail Blvd ($14.995M) to Kalea Bay's 13935 Old Coast Rd #805 ($4.4975M).
- Financing: 2 of 4 closes cash, 2 conventional.
The Lens
One close met its ask this week, and it was the largest: 901 Gulf Shore Blvd N #A301, a 2026 Gulf-frontage residence at Naples Beach Club, recorded at $24,000,000 against a $24,000,000 ask in an off-market transaction. No markdown, no spread, no public marketing cycle. Every other close in the set gave ground.
The three that gave were not sorted by age. Two were finished 2026 new construction in Park Shore. 510 Neapolitan Ln opened at $6.75 million, cut to $6.5 million mid-listing, and closed at $6.25 million after 148 days, 7.4% under its original number. 4851 Crayton Rd held a single $6.95 million ask for 232 days and then closed at $6.2 million, a 10.8% give that showed up entirely in the final spread rather than in the list history. The fourth close was the exception to the new-construction run: 605 Galleon Dr, a 2011 Port Royal waterfront that opened at $15.9 million, was reduced to $13.95 million, and closed at $12.5 million, 21.4% under where it started and the deepest cut of the week.
Read the four together and the divider is comparable supply, not finish quality. The Naples Beach Club residence is a single branded-tower unit with no near-substitute standing beside it, and it met its number cleanly. The two Park Shore closes sat inside a crowded field of nearly interchangeable finished 2026 product. A third Park Shore new build, 4865 Whispering Pine Way, came to market this same week at $6.75 million, and the two that closed cleared within about $45 a foot of each other, at $1,596 and $1,551. When a buyer can choose among several finished houses at one price point in one neighborhood, the ask gives; when there is nothing to choose against, it holds.
Strip out the off-market trophy and the two marketed Park Shore new builds cleared a blended 9.1% under their original asks, close to the resale's give and a long way from the zero the tower recorded. That is the correction to a three-week pattern worth naming. Since the start of August, new construction has led this tape and cleared near ask. This week it still led, still closed, but the price discipline it kept was a tight per-foot corridor rather than an at-ask print, and the concession it gave up traced to the comparable listings beside it rather than to the houses themselves.
Spotlights
What it is: A 2026 new-construction, Gulf-frontage tower residence at Naples Beach Club, running 6,478 square feet with a den, two master suites, and a west-facing beachfront exposure. It sits in a 27-residence building within a 58-unit complex and carries a golf-equity designation in the record. It closed for $24,000,000 in cash at $3,705 a foot of living area, far above any other per-foot figure recorded this week.
Why it matters: It is the only close of the four to meet its asking price, and it did so off-market, with no public listing cycle. That pairing is the cleanest evidence in this week's set: a brand-new Gulf-frontage residence with no comparable unit standing beside it on the market set its number and got it, in cash, at $24 million. Set against three single-family closes that each gave 7% to 21%, it marks where an uncontested beachfront tower ask actually clears.
Tradeoff reality: Because it traded off-market, there is no public price-discovery history behind the number, and the $3,705 a foot reflects a new branded beachfront tower rather than a figure a single-family buyer would underwrite.
Codex note: For the buyer set on a first-owner Gulf-frontage residence at Naples Beach Club, a close that met its ask with no rival unit on the market is what pricing power without a competing listing looks like, and the golf-equity and club particulars are worth confirming directly with us before underwriting at this level.
What it is: A 2011 waterfront residence on the wide Jamaica Channel in Port Royal, built by BCB, running 6,277 square feet with a first-floor primary, a see-through fireplace between the living and great rooms, a walk-in wine room, and a screened lanai with a summer kitchen over the water per the listing. It closed for $12,500,000 in cash at $1,991 a foot.
Why it matters: It is the week's one resale among four closes and its deepest cut. The number opened at $15.9 million, was reduced to $13.95 million during the listing, and found its buyer at $12.5 million, 21.4% under the original ask across 112 days on market. That is a wider give than either Park Shore new build recorded, and it is the counterweight to this week's story: the older house on the open market carried the concession that the uncontested new tower did not.
Tradeoff reality: This close followed two markdowns from the opening ask, and the deep-water and beach-club particulars carry buyer consequences worth verifying before underwriting.
Codex note: For a buyer who wants a finished Port Royal waterfront along the wide Jamaica Channel with a short run to the Gulf, this close resets the working reference on the street, and the listing's dock depth, vessel capacity, and Port Royal Club eligibility are details worth confirming directly with us before underwriting at this price.
What it is: A 2026 new-construction Park Shore residence built by Borelli Construction with interiors by Clive Daniel Home per the listing, running 3,916 square feet on a western-exposure lot, with a split-bedroom plan, a temperature-controlled wine room, and a saltwater pool with sun shelf and spa. It closed for $6,250,000 at $1,596 a foot on conventional financing.
Why it matters: It is the calibrated member of the Park Shore pair. It opened at $6.75 million, stepped down to $6.5 million mid-listing, and closed at $6.25 million, 7.4% under the original number and the tightest give of the three closes that gave. Set beside 4851 Crayton Rd, which cleared within $45 a foot of it, it marks the working corridor for finished Park Shore new construction near $1,600 a foot, and it shows what an honestly opened number costs to clear in a competitive field.
Tradeoff reality: The lot faces landscaping rather than water, and the price met the market only after its ask was cut mid-listing and trimmed again at contract.
Codex note: For a Park Shore buyer who wants a finished 2026 house within walking distance of the Association beach, this sale is the current read on where competitive new construction on a non-waterfront Park Shore lot prices, and the deeded beach access is a neighborhood advantage that rival inventory cannot easily match.
Eyebrow-Raisers
A 2026 new-construction Park Shore residence designed by Carrie Brigham per the listing, with a Wolf, Sub-Zero, and Miele kitchen on natural gas and a Generac generator, closed for $6,200,000 at $1,551 a foot on conventional financing after 232 days, the longest market time among the four closes. Its ask never moved from $6.95 million on paper, and the 10.8% give showed up all at once in the final spread rather than in the list history, a reminder that a held ask and a calibrated one are not the same thing. At $1,551 a foot it sits within $45 of 510 Neapolitan Lane above, marking the lower edge of the Park Shore new-construction corridor that did two of this week's closes.
A 2004 Port Royal waterfront on Runaway Bay, reimagined with a glass wine room and Ruffino cabinetry per the listing, went under contract with contingencies this week off an $18,900,000 ask ($2,252/SF) at 230 days on market. It is the largest number in play after the week's closes, and where it prints against that ask is what to watch, since the contract still carries contingencies and no clearing price is fixed yet. The listing references Port Royal Club membership eligibility, a detail worth confirming directly with us before underwriting at this level.
The Ledger
What it is: A single-story 2026 new-construction estate on 1.18 acres in Pine Ridge, new to market at $14,995,000 ($1,653/SF), with 22-foot ceilings, a 90-foot saltwater pool, a Wolf and Sub-Zero kitchen, a four-car garage with EV charging and lift capability, and a 60KW whole-house generator per the listing.
Why it matters: It is the week's largest new active and the top of the over-$10M single-family field, and it reads as a privacy-and-acreage estate in a non-gated Pine Ridge address minutes from the beach. Against this week's closed new construction, it is the top-of-market ask now testing demand, priced on land and scale in a neighborhood where the water is nowhere near.
Tradeoff reality: At 9,073 square feet on well-and-septic acreage, the buyer trades against the running cost a house this size carries, and the $14.995 million ask is an opening figure rather than a cleared one.
A 2026 new-construction Olde Naples estate by Waterside Builders / Falcon Design / Dianna Horsley Design went under contract this week off an $11,495,000 ask ($2,115/SF) that opened at $13.999M, at 272 days.
What it is: A 2025 new-construction Olde Naples residence by Refined Builders per the listing, with wide-plank oak floors, a Thermador kitchen, a first-floor primary, and a private elevator to a VIP second master, that went under contract this week off an $8,995,000 ask ($1,878/SF), brought down from a $9.95M open, at 124 days.
Why it matters: It is a finished 2025 new build under contract in the heart of Olde Naples, and against this week's Park Shore closes it reads as the same story a tier up: new construction in a walkable address drawing its buyer after its ask came down, not at the opening number.
Tradeoff reality: The lot carries lake rather than Gulf or bay exposure, and the final number is not fixed while the contract works through.
A 2008 bayfront resale in the Moorings came to market this week at $9,500,000 ($1,893/SF), with bay views, a Wolf and Miele kitchen, and a four-car garage with lifts that expands capacity to eight cars.
A furnished 2026 new-construction Park Shore home by Borelli Construction / Carrie Brigham Design came to market this week at $6,750,000 ($1,798/SF), the third finished 2026 build in the neighborhood this week alongside the two that closed.
A 2008 Olde Naples resale between Gulf Shore Blvd and Gordon Dr came to market this week at $6,490,000 ($1,277/SF), a block from the beach, converted to natural gas in 2021 and re-roofed in 2024 per the listing.
What it is: A North Tower residence at The Ritz-Carlton Residences, Naples, a Stock Residences + Ritz-Carlton project under construction for delivery per the listing, that went under contract this week off a $9,700,000 ask ($2,370/SF) at 126 days. It runs 4,093 square feet with vaulted 10-foot ceilings, a summer kitchen on the terrace, and access to a 28,000-square-foot owners' amenity level.
Why it matters: It is this week's window onto the branded under-construction condo tier, where a delivery date and a managed-residence program price the unit rather than land does. At $2,370 a foot its ask runs above this week's finished single-family new-construction closes, the surcharge a branded, serviced tower commands.
Tradeoff reality: As under-construction inventory the residence is not yet delivered, and the recurring carry on a branded, fully serviced building is a real line item to underwrite alongside the price.
A pre-construction penthouse at 2020 Gulf Shore, an 18-residence Moorings project by Barron Collier + Golub & Co. per the listing, came to market this week at $9,500,000 ($2,517/SF), with a bayfront pool and 11 boat slips for vessels to 32 feet.
A renovated 2002 eighth-floor residence at Seasons at Naples Cay, with western Gulf exposure and direct beach access per the listing, went under contract with contingencies this week off a $6,799,000 ask ($1,434/SF) at 37 days.
A 2022 resale at Kalea Bay Tower 300 came to market this week at $4,497,500 ($1,367/SF), with Gulf views on one side and lake and pond views on the other, in a tower with a rooftop pool and beach-club access.
The Question
How much of this week's concession was the field rather than the finish, and where would a Park Shore new build have to open to clear without giving it up?
My provisional read is that comparable supply, not build quality, priced most of the give this week. The two marketed Park Shore new builds cleared a blended 9.1% under their original asks with a near-identical field of finished 2026 product listed around them, while the one residence with no near-substitute beside it, the $24 million Naples Beach Club tower, met its number to the dollar. If that read holds, a Park Shore new build clears cleanest not by pricing at the top of the standing field but a few points beneath it, letting the neighbor's ask set the reference the buyer already sees. I would want to watch one 2026 Park Shore build clear at or near its opening ask against a still-crowded set, or a contested trophy give ground, before treating comparable density as the settled lever rather than one clean month of evidence.
Codex Recap
This week's tell: Only the uncontested ask held. One of four closes met its number, a $24 million off-market Naples Beach Club residence with no near-substitute beside it, while the two Park Shore new builds gave 7.4% and 10.8% over 148 and 232 days and a 2011 Port Royal resale gave 21.4% from a $15.9 million start. All but one of the closes was new construction, so age did not explain the spread; the density of comparable listings did.
How to use it: If you are pricing finished new construction into a neighborhood where comparable product is already listed, expect the field, not the finish, to set the concession, and price a few points under the standing asks rather than at the top of them, since the listings the buyer already sees are the reference your ask is measured against.
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.
