A Captiva Island gulf-to-bay property previously valued at $11.9 million will go up for a closed bid auction on March 27.
Coldwell Banker Residential Real Estate announced in February that the 2.5-acre lot on Captiva Drive would be auctioned off to the highest bidder. With waterfronts totaling 106-feet on the Gulf and 110-feet on Bay Beach, it's zoned for up to ten residential units, and features a new seawall, a grandfathered concrete boat ramp, and observation deck.
The property's major draw is that it's one of the last gulf-to-bay undeveloped lots on Captiva, which may drive bids through the roof.
"This lot is a very rare find and is the last gulf-to-bay property of this size available for development on Captiva Island," said Alex Nicodemi, the sales associate assigned to facilitate the auction. "Therefore, this property, due to its size and desirable location will draw significant attention from prospective buyers from across the country."
David Schuldenfrei, president of the Sanibel & Captiva Islands Association of Realtors, said it will be interesting to see how high the bids go, but personally doesn't expect it to be near $12 million.
According to public records, the property was sold in 1999 for $2.9 million. The listed price also dropped slightly between 2013 and 2014.
Potential buyers have the option of developing the property or living in the 4-bed, 3-bath, 1,648-square-foot cottage already sitting on the lot. Either way, the estimated monthly mortgage, with a down payment and 30-year loan, is in the neighborhood of $60,000.
Another variable for bidders to consider is Captiva Island's growing popularity. It has repeatedly been featured on the Travel Channel, which named it as one of the Top Ten Beaches in Florida. The Wall Street Journal included the island on a list of the 10 Best Places for Second Homes in 2010 and listed the median home price as $3.5 million.
The closed bid will be on Thursday, March 27 and registered bidders need to submit sealed bids on or before March 26 by 5 p.m.
For more information about the property or to register for the auction, visit premierestates.com or call 310-698-3625 ext. 212.