Naples Daily News

West Bay Club in Estero is still swinging

By LAURA LAYDEN
Originally published 3:28 p.m., Saturday, June 27, 2009
Updated 3:28 p.m., Saturday, June 27, 2009

This article has been edited from its original version.

ESTERO — Sales continue at the resort-style golf community, offering traditional and tower homes.

Behind the hustle and bustle of U.S. 41, the development sits quietly near the Gulf of Mexico, bordered by Estero Bay, the Estero River and Halfway Creek.

After Lehman Brothers, which has an equity interest in West Bay Club, filed for Chapter 11 bankruptcy protection in September last year, some questioned what might become of the community.

With assets of more than $600 billion, Lehman filed the biggest bankruptcy in U.S. history. After the filing, there were rumors the golf club might be forced to close.

But the developer _ known as West Bay Development _ has worked hard to turn challenges into opportunities, said Norman Radow, the company president, in an e-mail.

“The market has changed, but many developers have failed to adjust to this different market,” he said. “By association, our buyers and current owners were wrongly concerned about the possibility that the golf course could fail as others have in the area.”

While many other developers in town are buried in debt, West Bay Club, he said, is fortunate to have little of it.

“Importantly, there are no loans on the golf course or amenities,” Radow said.

Operations have been restructured at the community to improve efficiencies, “with little sacrifice to the services and overall experience of the community,” he said. “We have also funded our operating budgets in advance to give additional comfort to our owners and the community.”

Radow is president and CEO of The Radco Cos. in Atlanta, a consultant services company focused on problem real estate projects. He and two other Radco executives are the directors of West Bay Development.

Nestled inside West Bay are seven neighborhoods with single-family, coach and cottage homes.

At build out, the community will have 1,016 homes on nearly 900 acres. It’s well-established. The 18-hole Pete and P.B. Dye golf course was completed more than a decade ago.

“People are a bit confused because they think we’re brand new,” said Betty Smith, a Realtor for West Bay Club.

The gated community offers boating and a beach park. There are nature trails, fitness centers, resort-style pools and paver streets.

There’s one way in and one way out.

“It’s sort of a diamond in the rough,” Smith said.

In 2007, the developer completed its first two towers, Jasmine Bay North and Jasmine Bay South. Out of 217 condominiums, there are 80 left to be sold.

Thirty home lots are available for sale, with 60 more homes to be built.

Several single-family homes are under construction.

Three more towers could be built if the market improves.

“We have the land to do it,” Smith said. “It depends on the economy.”

Condos start in the $300,000s and homes in the $600,000s. With the downturn in the market, home prices have dropped by about 25 percent.

“Pricing is at the lowest we’ve ever seen in this area,” Smith said.

Since January, there have been 30 sales in the community. During the past year, there have been more than 45.

The sales center at U.S. 41 and Williams Road has seen more than 2,700 visitors in the past year. On a recent Tuesday, a couple was inside looking over toy-sized models of the Jasmine Bay towers. Later, they toured the community.

The sales team uses a fleet of Ford Explorers to take prospective buyers around the community. On a recent tour, one of them marveled at the sight of one of the lavish pools that looked like it belonged at a five-star Ritz-Carlton resort.

“Wow this is perfect,” she said. “You get spoiled.”

At the condo towers, there’s a private concierge service that can book theater tickets, call in dinner reservations and make flight arrangements. A property manager lives on site. Danishes and coffee are offered every morning in the lobby at both towers.

Each condo has a private lobby off the elevator. Wrap-around balconies offer views of Estero Bay and the Fort Myers Beach skyline.

The towers have a vanishing-edge pool that appears to drop off into the bay.

Ron and Lois Shulman recently purchased a condo in Jasmine Bay North for $535,000. They liked the casual feeling of the community after looking in a few other gated developments for a new home.

“It was a little smaller than the others,” said Lois, 58, a retired teacher, of West Bay Club. “We got the feeling we could get to know more people there.”

They’ve already made friends.

With the lower pricing, the couple feels they got a good deal. They got a few upgrades at a reasonable cost too, she said, including hardwood floors, new cabinets and stainless steel appliances.

They live on the eighth floor.

“We found that right away,” Lois Shulman said. “Then we looked at some other places, and we kept coming back to that unit.”

Her husband, 60, an executive for women’s specialty retailer Chico’s FAS Inc., isn’t a golfer, but likes the gym. She’s enjoying playing tennis.

There’s something else they both love about living at West Bay Club.

“Every sunset has been spectacular since we have been here,” she said. “I don’t think I’ll ever get tired of that.”

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