Luxury STR in Naples FL

[Ryan S.]

Greetings, everyone! I'm based in Naples, FL, and I'm considering converting my primary residence into a short-term rental. Allow me to share some details about my house: it spans 5,600 square feet with 5 bedrooms and 4.5 bathrooms. The property is situated on the water, offering a stunning view of the bay, and it's just a short 300 steps away from the beach. There's a hotel within walking distance from my home, providing guests with easy access to beachfront dining. Additionally, I also have a Ritz Carlton less than a mile away with room rates starting at $1,500 per night during season.

The current value of my house is estimated at around $8,000,000, and it costs me approximately $250,000 per year to maintain. I'm curious if it's feasible to generate positive cash flow by renting it out. Naples experiences distinct seasons, which can significantly impact the rental market. I've been considering setting a weekly rental rate of $25,000. Does this seem like a realistic figure? I'm particularly interested in hearing from those who have experience with luxury short-term rentals. I'm open to connecting and learning from your insights. Thanks in advance. 

[Sarah Kensinger]

No one on here does luxury to that scale, but I would definitely find luxury STR sites to list on and skip Airbnb and possibly VRBO. I'm sure you would generate decent cashflow so long as it's listed in the correct area, that would target the avatar you want in a luxury property.