Hello Jim, You have asked the million-dollar question, "Have we reached the bottom yet?!" I believe on our entry-level homes that ,"Yes" we have reached a bottom! Over the last five months this market has picked up considerably, with homes that were selling in excess of $200,000. Now selling for less than $100,000! Waterfront properties have also seen a price correction, but there has not been much activity in those price ranges! Yes our recovery will continue through 2010 and we continue to see an influx of people relocating to Cape Coral! We still have some inventory to work through, and many REO properties will still be coming on the market!
I guess the best way that I can answer your question, Jim is, "You never know you've reached the bottom until you've missed it!" Now is a great time to buy, with prices where they were in 2001! Have a great day!