Developers of high-rise condominiums elsewhere in Lee County say they aren't worried about a possible glut in high-rise development."I don't have the crystal ball that everyone wants, but in the greater marketplace it just seems the number of high-rises is extremely small," said Joe Armenia of the Armenia Group, developer of the Riva Del Lago condominium nearing completion near Lakes Park in south Fort Myers. "Even though you have 12, 15 high-rises coming on, these are a couple hundred units each compared to the master-planned communities, which in some cases have a thousand units."Also, he said, the increasing numbers of high-rises is gaining acceptance among consumers for a relatively new type of construction: non-beachfront high-rises. The first projects — Beau Rivage, Riva Del Lago and Mastique off Summerlin Road near Sanibel — have helped make people more comfortable with a high-rise trend that didn't exist a couple years ago.
In Cape Coral, the three 14-story Tarpon Landings towers are sold out at prices up to $2.7 million — the third tower's 70 units sold out in a single day, March 23.Ken Plonski, spokesman for WCI Communities Inc., a Bonita Springs-based builder of upscale high-rises and single-family homes, said he sees the downtown Fort Myers market as distinct from the more established sector of condominiums along the coast.
WCI's latest tower in Bonita Springs, Florencia in the Colony in Pelican Landing, is under construction and drawing "healthy interest" at pre-construction prices of about $1.1 million for a three-bedroom, two-bath, 2,100-square-foot condo, he said.WCI is negotiating with Fort Myers right now to build a mixed residential and commercial downtown high-rise, he said, but investors hoping for a quick profit should be cautious."You're probably going to see a rather cyclical direction," he said. "There are probably a fair amount of real estate speculators there in that market, looking for a chance to flip the property quickly. There will be some people who will be rewarded for their efforts and others who will find investing in real estate a lot harder than they thought."
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