On the Miracle Mile, an Older Condo Has Two Prices

Since Hurricane Ian, developers have bought four older condominium properties along Gulf Shore Boulevard North and recorded what they paid. Dividing those prices by the number of units each building had gives a range from about $833,000 per unit to about $2.85 million per unit. For a buyer comparing coastal condos this season, that changes how an older low-rise on a large lot should be read. Its listing price is one number. The value of the land beneath it can be a second number, and on parts of this stretch of beach the second one has turned out to be large.

The figures below are site prices divided by unit counts. They are not the amounts individual owners received, and none of the reporting discloses owner payouts or vote results. They still show the most useful signal on the Miracle Mile right now. On this part of the boulevard, older condo buildings get valued two ways: as a home, and as a site a developer might want to buy.

What developers paid for each existing unit

The Miracle Mile is the 1.3-mile run of Gulf Shore Boulevard North between Doctors Pass and Naples Beach Club, a Four Seasons Resort, according to Gulfshore Business. The publication reports that Ian's storm surge sped up a redevelopment cycle that might otherwise have taken years. Here is what the public record shows for buildings with both a reported price and a reported unit count.

The Bahama Club price comes from Naples Daily News reporting in April 2024. BH Group and The Kolter Group bought the four-story complex together. A follow-up story in February 2025 reported that the 2.5-acre site had 220 feet of beach frontage and that owners of the 36 units agreed to pursue a sale after Ian. The same story covered the Executive Club, a building completed in 1969. Youngquist Brothers paid $60 million for that site in February 2023 and sold it to Kolter Urban for $92.5 million in January 2025. That is about 54% more for the same 3.07 acres in less than two years, and the building on it had already been demolished before the first sale.

Two other sites appear in the reporting with part of the math missing. Golub & Company paid $30 million for the 1.58-acre Park Place Club site in May 2023, but the old building's unit count wasn't reported. The Mansion House in Coquina Sands had eight two-story cooperative units and is now becoming Rosewood Residences, but its sale price was never published.

The per-unit figures cover a wide range, and site size explains much of it. Lot size, beach frontage, boat slips and the number of owners splitting the price all differ from one site to the next. Every one of these buildings was valued for its land as well as its apartments.

Same layout next door, different outcome

Parker Borelli, whose group bought Harbour Club, told Gulfshore Business that Ian's surge wiped out the building's first floor and that owners decided against renovating. "Next door is Reef Club and it's basically the same layout and everything, and they remodeled the first floor, whereas Harbour Club decided they didn't think it was worth it, so they sold," he said.

The two buildings had the same design and the same storm. Their associations made different decisions. One building stayed a condominium and the other became a $17.5 million site sale. Borelli also described the land as underused: "those were '60s units, so they were a little small and they had so much land that they weren't using."

Kolter Urban President Brian Van Slyke linked these decisions to the post-Surfside rules for older buildings:

"A lot of these older buildings have a lot of deferred maintenance, and Surfside brought that to light. With a change in the [Florida] Statutes, there's kind of a realization of what it's going to take to bring these properties up to current standards. So, that definitely factors into the board's decision whether to make a further investment or to sell."

That framework hasn't changed. Florida Realtors' 2026 legislative final report says HB 657, a package of HOA and condominium reforms, passed the House and died in the Senate. So an older building on the boulevard faces the same reinvest-or-sell question this season that Harbour Club and Reef Club each answered after Ian.

What replaces the older units

The new buildings price their units very differently from the ones they replaced. The table above puts Harbour Club at roughly $833,000 per unit, and the 14 residences of Harbour House going up on that site will each have a private garage, a personal elevator and outdoor space with a pool and spa. The Naples Design Review Board approved its final design on March 25, 2026. Borelli Construction is aiming to break ground this fall and finish in spring or summer 2028.

The other sites show the same change:

• Olana, on the former Bahama Club site, plans 12 residences of more than 10,000 square feet each, starting at $30 million. The zoning would have allowed 45 units by right.
• 3300 Gulf Shore, on the former Executive Club site, plans 51 residences with prices starting at $3.7 million and a 16-slip marina. Van Slyke reported more than $60 million in hard contracts and a summer 2028 delivery target.
• Rosewood Residences, at 1601 Gulf Shore Blvd. just north of Lowdermilk Park, lists 42 residences at $12.75 million to $45 million and is scheduled to be completed at the end of 2026.
• 2020 Gulf Shore, on the former Park Place Club site, is being redesigned as an 18-unit bay-side project and isn't expected to break ground until next spring.

In total, the four sites with known counts had 111 units and will hold about 119. The number of homes on the beach is roughly the same. What has changed is the price. The modest 1960s-era apartments that cost well under the boulevard's typical new-construction price are being replaced by homes that start in the millions.

The August numbers and the shrinking older stock

The latest market data covers August 2026, from the Naples Area Board of Realtors August 2026 statistics, released September 25. NABOR's "Naples Beach" area combines ZIP codes 34102, 34103 and 34108. That is wider than the Miracle Mile, but it's the closest published series.

Condo inventory in that area was 547 units in August 2026, down 25.3% from August 2025, and months of supply fell from 10.9 to 6.3. Through August 2026, condo sales were up 28.5% to 806 and new condo listings were down 11.4% to 1,171. More condos are selling while fewer are being listed, and that combination is shrinking the inventory.

Prices haven't jumped. The year-to-date median condo price through August 2026 was $1,091,250, down 3.9% from a year earlier. Sellers received 93.1% of list price in August. The August median alone was $852,500, up 13.7%, but it rests on only 54 closings, and NABOR cautions that small samples can make percentage changes look extreme.

That August median of $852,500 is close to the roughly $833,000 per unit that Harbour Club's site sale works out to. On the Miracle Mile, a typical coastal condo resale price and the per-unit value of a redevelopable site can sit in the same range. Buyers can still negotiate, as the 93.1% list-to-sale figure shows, and supply is tighter than it was a year ago. Many older buildings carry deferred-maintenance costs, and some sit on land that developers have shown they will pay for.

Countywide, Premier Sotheby's CEO Budge Huskey described 2026 as "a faster pace of sales yet with fewer new listings entering the market." NABOR doesn't break out sales by building age, so the data can't show how much of the tightening comes from older buildings in particular. The redevelopment record does show that some older resale stock on this stretch has been removed and replaced at a much higher price tier.

Questions to ask about an older building

None of this means a given building will sell to a developer. It means two older condos with similar asking prices can differ a great deal underneath. Buyers comparing older Gulf Shore Boulevard condos often ask:

1. How big is the lot compared with the number of units? Borelli described Harbour Club as having "so much land that they weren't using." A large lot shared by a small number of units is what made these site sales add up.
2. What does the site have that can't be easily added? The Bahama Club site had 220 feet of beach frontage. Golub & Company said it bought Park Place Club because of its 11 boat slips with Gulf access.
3. How has the board handled reinvest-or-sell decisions in the past? Reef Club and Harbour Club faced the same damage and chose differently. Board minutes, milestone inspection reports, reserve studies and any assessment history show which way an association has leaned.
4. What did the building have to repair after Ian? Ground-floor damage played a role at Harbour Club and Park Place Club.

FAQ

Do the per-unit figures show what owners were paid?

No. They are the reported site price divided by the reported unit count. Units differ in size and position, and none of the coverage discloses individual owner proceeds, vote results or holdouts.

Are any more Gulf Shore Boulevard buildings being marketed for sale?

The research for this post found no 2025 or 2026 reports of another Gulf Shore Boulevard North condo building being marketed for bulk sale or termination. That doesn't rule out private conversations that haven't been made public.

Did Florida change its condo laws in 2026?

The major 2026 condominium reform bills didn't pass. HB 657 died in the Senate, according to Florida Realtors' final legislative report, so the post-Surfside framework Van Slyke described is still in place.

When you compare older condos on the Miracle Mile, we can help you gather the association records, repair history and site details that show what each building is worth, both as a home and as land. To start that review for a specific building, book an appointment with Tom & Sue Weidlich.

This article is general information, not legal, tax or financial advice. Consult a qualified professional about your situation.