Greg Snow - Southwest Florida Real Estate Expert provides real estate services to Cape Coral, Fort Myers, Sanibel and Captiva Islands

Our local paper, www.news-press.com, reported today that 3 out of every 4 homes sold in record setting April, 2009, was a "distress" sale, according to the Florida Association of Realtors, www.far.org, which means our realtor assisted 1468 sales here, have contributed to resetting the median price to $85,500, from the glory days of $322,300 in December 2005. Many of these sales, 958 in fact, were $100,000 or less. Lee County sales in April 2009 are up 81% from April 2008, with median price dropping 57% in the same period (condos dropped 33%).

Many of these homes are newer, built on speculation, with exotic loans and easy underwriting criteria, and unreasonable leasing expectations. Lehigh Acres and Cape Coral, with afforable land at the time, are where you find many an opportunity to buy with interest rates at or around 5% for eligible buyers. On the opposite side is the upper end properties that are stagnant. Many sellers have been damaged by stock market or other risky investments, lender interest rates stiil are high for jumbo mortgages, and uncertainity with the new administration in Washington, D.C., and some sellers rigid mindsets on their properties value, bring a moribund sense to the high end homes.

Stay fully tuned to our Lee County merry-go-round.