Real estate plays a vital role in our local economy and is a major contributor to the area's growth and development. It provides opportunities for investment and employment besides places for people to live.

Although 2018's overall closed sales increased only 2 percent in the second quarter when compared to the second quarter of 2017, luxury home sales here remain in high demand, according to a recent market report released by the Naples Area Board of Realtors.

Closed sales rose 25 percent in the market for single-family homes priced at $2 million and above during the second quarter of 2018, NABOR reports. There were four property sales greater than $10 million during the second quarter.

The priciest home sale in Collier County's history was documented last month. A 9,394-square-foot beachfront Port Royal mansion sold for a record-breaking $48.8 million. That's quite a deal, especially considering that the Naples home was listed at $60.9 million. Not too shabby.

Naples 34102

We reported this spring that Naples' 34102 is ranked No. 15 among the richest ZIP codes in the United States.

The 34102 ZIP code had 13 home sales in March for $2 million or more. Heck, vacant lots in Port Royal have sold for as much as $4 million.

Naples is home to celebrities and some of America's wealthiest families who are willing to spend big bucks to live in prestigious paradise. Shahid Kahn, who made Forbes' list of America's richest people in 2018, has a home here, as do celebrities such as TV's Judge Judy Sheindlin , medical thriller author Robin Cook, Detroit rocker Bob Seger and Gov. Rick Scott, who owns a beachfront mansion in Port Royal.

National talk show host Sean Hannity and Fox News anchor Bret Baier have condos here. Both disco diva Donna Summer and spy fiction novelist Robert "Bourne" Ludlum lived and died here.

Even national politicians have ties to this area. Former Speaker of the House John Boehner has a Marco Island home. Former Vice President Joe Biden's brother was in the news this summer when his Keewaydin Island home known as the "Biden Bungalow" sold for $1.35 million.

Home advantage

Many sports figures such as former NBA superstar Larry Bird and retired PGA champion Fuzzy Zoeller have called Naples home. Longtime NFL coach Mike Ditka and tennis pro and sportscaster Mary Carillo have homes here, as do many other former professional athletes and coaches.

Homes with ties to famous athletes have been in the news this year.

The auction for the home built for professional golfer Rocco Mediate in Talis Park was canceled in May when the six-bedroom, eight-bathroom North Naples home sold before the auction date.

Professional golfer and Golf Channel analyst Mark Lye is sending his five-bedroom Talis Park home to auction this month.

The Alva estate of former New York Yankees pitcher Jose Contreras hit the market a few weeks ago for $2 million.

Greystone Manor, once known as the Turley Castle, came on the market this spring on Marco Island with a waterfront view, of course. The six-bedroom estate built in 1985 by the late New York Yankees legend Robert Turley was listed for $6.85 million.

Virtual realty

While these high-end homes are out of reach for the majority of middle-class residents, the real estate inventory remains strong. If we build it, they will come.