Inside Naples’ ultra-luxury shift

As the uber wealthy flock to Florida’s east coast, buying waterfront estates in Miami’s Coconut Grove and compounds in the ultra-exclusive towns of Palm Beach and Manalapan, a much quieter wealth hub in the Sunshine State is emerging as a rival: Naples. The city that long attracted “newlyweds and nearly deads,” as developer Emma Rickwood puts it, has a new reputation, as recent transplants spend more money and time in what was previously a seasonal market, brokers say.  The nearly back-to-back record sales of two homes last year in the Port Royal neighborhood sent a signal: The ultra-luxury market is […]This article originally appeared on The Real Deal. Click here to read the full story.