On the Moorings Stretch of Gulf Shore Boulevard, What Is an Older Condo Really Priced On?

Two older condo buildings on Gulf Shore Boulevard North had the same layout and took the same storm. Hurricane Ian's surge flooded the ground floor of each. The owners at Reef Club rebuilt their first floor. Next door, the Harbour Club owners decided the work wasn't worth it and sold the whole property, builder Parker Borelli told Gulfshore Business.

His group paid $17.5 million for the 1.36-acre site and plans to replace 21 units from the 1960s with 14 residences called Harbour House.

Harbour Club is in Coquina Sands, just south of The Moorings. The same choice has played out up the boulevard on Moorings land, and it changes how to read an asking price there. In an older low-rise building on this stretch, you are buying a unit. You are also buying a share of land, boat slips and frontage that developers have shown they will pay for. Whether that share ever pays out depends on a reserve study and a vote you don't control.

The Buyout Prices Along the Boulevard

Gulfshore Business calls the 1.3 miles of shoreline from Doctors Pass south to Naples Beach Club the Miracle Mile. Since Ian, the older condos along it have changed hands as whole buildings.

Divide each sale price by the old unit count and the Bahama Club comes to about $2.85 million per unit. The Executive Club's 2023 sale works out to roughly $1.3 million, and Harbour Club to about $833,000. Those figures are gross sale prices, not what each owner received. The spread between them follows the land, frontage and slips each site came with. The 1969 Executive Club building held 46 units. It was damaged by Ian and razed by its previous owners. Youngquist Brothers bought the site for $60 million in February 2023, and Naples Daily News reported that Kolter Urban paid $92.5 million for it less than two years later.

Kolter broke ground on 3300 Gulf Shore in March 2026 and plans 51 residences with a private 16-slip marina. Delivery is targeted for summer 2028. Kolter Urban President Brian Van Slyke told Gulfshore Business the project had more than $60 million in hard contracts.

At Park Place Club, the boat slips set the value. Golub & Company bought the 1.58-acre Moorings site for $30 million in May 2023, eight months after Ian. Managing principal Lee Golub told Gulfshore Business that its 11 Gulf-access slips were "what really attracted us to this site." He added that "nothing can be built forever on the Moorings Beach Club site" across the street, so the view can't be blocked.

The replacement, 2020 Gulf Shore, is being co-developed with Barron Collier Companies. Barron Collier's January 2024 announcement described 15 residences. Gulfshore Business now reports 18 units after a redesign, with groundbreaking expected next spring.

What a Board Weighs When the Repair Bill Arrives

Florida's post-Surfside rules turned deferred maintenance into a number that every owner in an older building now sees. Van Slyke put it this way in the same Gulfshore Business piece:

"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."

The rules behind that realization are specific. Under Florida Statute 553.899, condo buildings three or more habitable stories tall need a milestone structural inspection by age 30 and every 10 years after that.

Florida Statute 718.112 requires the same buildings to have a Structural Integrity Reserve Study, or SIRS. The study covers the roof, structure, fireproofing, plumbing, electrical, waterproofing, windows and exterior doors. Associations that existed by July 1, 2022, and are controlled by unit owners other than the developer, generally had to finish their first SIRS by December 31, 2025. Some associations whose milestone inspection is due by the end of 2026 may do both together, but no later than December 31, 2026. With limited statutory exceptions, budgets adopted on or after December 31, 2024, can't waive reserves for those components.

For a 1960s building, this changes the math. Owners used to be able to defer repairs year after year. Now the repair bill has to be funded through reserves, special assessments or loans. The 2025 amendments in HB 913 give some relief. After a recent milestone inspection, certain associations may pause or reduce reserve contributions for up to two budgets to pay for the recommended repairs, subject to the statute's conditions. Once a board has that bill in hand, a developer's offer is the other option it can put next to it.

The Vote That Decides Whether a Sale Can Happen

A board can't sell the building on its own. Selling means terminating the condominium, and Florida Statute 718.117 sets a high bar for an optional termination. The plan needs approval from at least 80 percent of all voting interests. It fails if 5 percent or more vote against it or file written objections. After a rejection like that, a new plan can't be considered for 24 months.

In a 21-unit building where each unit carries one vote, two owners would be enough to cross that 5 percent line.

The same statute has a separate path for "economic waste." It applies when the cost of repairs or code compliance exceeds the combined fair market value of the units after the work is done. In that case, a plan can pass with the lesser of the vote needed to amend the declaration or the termination vote the declaration itself sets.

This is where the reserve study matters to a sale. A large enough repair estimate can change which voting threshold applies.

The statute also protects owners when one bulk owner holds at least 80 percent of the voting interests. Every other owner must receive at least full fair market value. Homesteaded owners who are current on their assessments and other monetary obligations to the association when the plan is recorded must receive at least what they originally paid.

This post is general information, not legal, tax or financial advice. If any of these rules apply to your situation, confirm the details with a Florida real estate attorney or another qualified professional.

Where the Resale Market Sits Against Those Numbers

The Naples Area Board of Realtors' September 2026 report groups The Moorings into its Naples Beach area, ZIP codes 34102, 34103 and 34108. Here is the condo picture for January through September 2026, compared with the same months of 2025:

• Closed sales rose 27 percent to 870.
• The median closed price fell 7.3 percent to $1,052,500.
• Sellers received 93.3 percent of list price on average.

At the end of September 2026, there were 564 condos for sale, down from 717 a year earlier. That works out to 6.4 months of supply, compared with 10.5.

The single-month September median of $887,500 was down 24.1 percent. NABOR cautions that monthly changes can look extreme because the samples are small.

Compare that year-to-date median of about $1.05 million with the per-unit figures in the buyout table. On the best-located sites, developers have paid well above what the typical beach-area condo sells for. That gap explains why two older units of similar size on Gulf Shore Boulevard North can be priced far apart.

The data has limits. NABOR doesn't break out results by building age, and a buyout depends on the site. The Bahama Club had 220 feet of beach frontage and zoning for 45 units by right. Park Place Club had its slips. A building without that kind of land behind it doesn't have the same value as a redevelopment site.

The Documents That Show Which Way a Building Is Leaning

The Florida Department of Business and Professional Regulation says inspection reports and reserve studies are association records that must be made available to prospective buyers. For an older building on this stretch, these records help explain the asking price:

1. The milestone inspection summary. Associations must give owners the inspector's summary within 45 days of receiving the report, according to DBPR's inspection guidance. If the visual Phase 1 inspection found substantial structural deterioration, a Phase 2 inspection follows, which can include testing.
2. The SIRS and the current budget. Together they show whether the building plans to fund its repairs over time or faces one large bill soon.
3. Board minutes on any developer contact. Under 718.117, a termination plan must disclose any owner holding 25 percent or more of the units and any board member's relationship to that owner.
4. The land itself. Check frontage, slips and the replacement density the site could support, using the Executive Club and Park Place Club sales as reference points.

A Few Questions That Come Up Often

Is The Moorings the only area seeing buyouts? No. Gulfshore Business also lists the Mansion House in Coquina Sands, which was razed for Rosewood Residences Naples at 1601 Gulf Shore Blvd.

Does every owner have to agree to a sale? No. An optional termination needs approval from 80 percent of the voting interests, and objections from 5 percent or more stop it.

What do the new buildings cost? Kolter's February 2025 announcement put starting prices at 3300 Gulf Shore at $3.7 million, so current pricing may differ.

If you are weighing an older condo on Gulf Shore Boulevard North, or you own one and want to know what the land under it might be worth, Lynna Follis can walk through the building's records and recent site sales with you before you set a price or make an offer. Let's Connect.