Construction won’t begin until 2018 and the first residents can’t move in until 2020, yet people are still eager to buy a home in a high rise on the river that they say is the best deal around.
With prices at Allure starting at $267,000 for a one bedroom in a deluxe condo complex with amenities, future residents say there’s nothing that compares for the price. Even the two penthouses that are selling for $2 million each have already been sold.
Eduardo Caballero, vice president of Jaxi CMD, the builder of Allure, said the amazing price is there because of his vision years ago.
“We were able to acquire the land at a really good price because of the crash,” he said. “That gave us an advantage in the market, being able to acquire the land at the right price.”
The low price he paid for the land included all the impact fees and the $5 million worth of pilings that were already in place when he bought the property.
“That price is below real market cost,” Caballero said. “If we try to duplicate Allure in any other vacant land I cannot do it at those prices.”
While the square footage of the condos is smaller at Allure, the prices are much lower than other high rise condos that are now under construction. For example condos at Kalea Bay, Seaglass, Aqua and Altaira all start at more than $1 million.
Caballero said a two bedroom, two and a half bath condo with water views is about $400,000 at Allure. There are four floor plans at Allure ranging in size from 938 to 3,838 square feet under air. The smallest has one bedroom, the largest three bedrooms and a den. There is also covered parking for all condos. Owners can also buy a boat slip at Allure for a vessel up to 40 feet. The two buildings will each have 32 floors with 140 units per tower. Each building will have a pool and garden. There will also be a pickleball court and bocce ball.
Erik Elsea purchased a unit on the 6th floor with doors that open right to the gardens.
“I think it is going to be the greatest thing to happen to downtown Fort Myers in years,” he said. “Downtown Fort Myers has so many exciting things happening but Allure is going to be the ultimate luxury building with the amenities and the style. It is really going to be a benefit to downtown Fort Myers. It is close enough to downtown to bike or walk, with all the restaurants in downtown Fort Myers I am really excited about it.”
He also thinks Allure is a great bargain.
“This building offers all the same amenities that these developments down in Bonita Bay are offering, but at a fraction of the price,” he said.
Elsea didn’t mind waiting four years to move in.
“Even in today’s market it is a good value especially with everything the building is going to offer,” he said. “It is a good opportunity to lock in your price now and in a few years you will probably be very happy that you did.”
Andy Heygate, purchased a unit in Allure as an investment. The Fort Myers resident said he does not plan to live there, but found it to be a great asset for him.
“It is better than a CD,” he said. “It is the first contemporary high rise to be built in the area since 2007. It is very Miami stylish with the finishing. Price per square foot it offers a great opportunity. It is a good location, exciting area, great price per square foot, and it is nicely finished.”
Heygate said he put down 35 percent and expects to see his investment grow.
“What you put down you look at what prices will be 3-4 years from now,” he explained. “Fort Myers won’t go down. It will keep improving. I just see it continuing to grow.”
Barbara Bengochea-Perez, director of sales and marketing for Allure, said there are lots of other benefits to Allure.
“My main thing is that it has natural gas,” she began. “That is something that the old developers have not been able to offer to the community. Our demographics is from up north and they are used to cooking on a gas range. What we have that no one else has is the downtown; the shops, the 60 plus restaurants, the marina. The alluring factor of Allure is the river district. And it is the most beautiful building ever building. It is called the Rolls Royce of downtown.”
Bengochea-Perez said she has already sold 26 units. There will be 280 residences when both towers are complete.
Caballero said the name Allure came for his description of buildings and amenities. He said it stand for amazing, luxury living, unique, relaxing experience.
“That makes the name Allure,” he said. “It was hard for us to put together so many things in one word.”
This is a reprint of the News Press. The original article can be found here: http://www.news-press.com/story/marketplace/real-estate/2016/10/09/allure-fort-myers-condos-luxury-jaxi-cmd/91548180/