Interest Builds in Signature’s Naples Resort
The toughest decision Larry and Kathy Patterson face this month is whether to buy a Class A motorcoach site at Signature Resorts’ new Naples Motorcoach Resort now or wait until Feb. 26, when as many as 95 sites at the luxury motorcoach resort will be sold at auction, according to a news release.
“At this moment, I don’t know what we’re going to do,” said Larry Patterson, a snowbird who runs a private equity firm with his wife, Kathy.
Both in their early 50s, the couple has been full-time RVing for the past four years in their 42-foot Country Coach motorhome, spending their summers at Signature Resorts Bay Harbor, Mich. and their winters at the company’s luxurious Naples Motorcoach Resort.
“We have just fallen in love with this facility,” Patterson said of Naples Motorcoach Resort. “We love the fitness center and the swimming pool. They have Zumba classes and yoga classes. Every morning at 7 we play tennis. It’s a great environment for fitness. And we love the social schedule they have. They have activities by the pool and entertainers that come in regularly each week. And they have a social every week so everybody gets to meet everybody.”
The resort, located on Henderson Creek with direct access to the Gulf of Mexico, has creekfront lots and boat docks for snowbirds who enjoy fishing. Other amenities include a lake with a white sandy beach and three pools with spas. Concierge towel and food services are provided at both the beach and the swimming pools. Other amenities include an on-site theater and game room.
In short, Naples Motorcoach Resort offers everything an active snowbird could desire – and more. And Signatures’ managing partner La Jolla, Calif.-based Paydar Properties Inc., is selling the lots from $89,900 to $245,000, which is roughly half of what these lots were selling for two years ago.
“I could not replace these lots for what I am selling them for at the auction,” said Reza Paydar, Paydar Properties Inc. president and CEO.
Paydar Properties acquired Signature Resorts’ properties in Naples and Bay Harbor, Mich. two years ago at auction from Monaco Coach Corp. At the time of acquisition, construction of these resorts had not been completed and the new owners invested millions of dollars of their own capital to complete the development of the resorts.
“We bought these resorts with cash and improved them with cash without having to rely on outside financing,” said Paydar. “And because we were able to purchase the resorts at attractive prices, we can afford to sell the lots at Naples Motorcoach Resort at bargain prices,” he said.
Paydar Properties has identified a qualified lender who is willing to finance RV sites for buyers who can produce a down payment of 35% to 40%. The company is also offering pre-auction sales incentives for buyers that close prior to the auction date of Feb. 26.
Those incentives include a $10,000 coach home exterior as well as another $10,000 in incentives for landscaping, pavers and the interior of the coach home. The buyers will also receive $500 towards closing costs if they purchase sites or pre register with the required deposit before the auction.
“We’re not sure if it’s better to buy now and take advantage of the incentives, or wait for the auction,” Patterson said. “There’s a lot of interest in this park because of its location.”
In fact, because of very difficult and extremely challenging entitlement barriers, zoning restrictions, and the high costs of entitlements, Paydar said developers could never afford to build another resort like Naples Motorcoach Resort in the Naples area. “There will not be another resort like this in Naples,” he said.
For more information about Naples Motorcoach Resort, visit its website at www.signaturervresorts.com or contact Reza Paydar at (858) 456-9201. For information about sales, contact Joe Fabbrini of Eastview Realty at (239) 989-2899 or e-mail him at firstname.lastname@example.org. For questions concerning the Feb. 26 auction, please contact Francis D. Santos at Fisher Auction Co. in Pompano Beach, Fla. at (954) 942-0917, Ext. 16, or e-mail him at email@example.com.
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