Here is some more info on the area.
Cape Coral/Fort Meyers, Fla.
It's also been hit hard by the housing crisis. Home values have plunged and foreclosures have jumped a whopping 442% since 2006. It is on Local Market Monitor's list of overpriced markets, with a 34% difference between actual prices and equilibrium; its counterpart to the south, Naples, comes in at No. 1.
Median price end of 2007: $225,300
Median price end of 2006: $258,900
Percent change: - 13 %
Projected change through Q3 2008: - 17 %
Foreclosures in 2007: (1 for every 24 households) 12,880
Foreclosures in 2006: (1 for every 132 households) 2,375
Change in foreclosures: + 442.3%
Be careful about buying in new developments 10,20,or 30 miles from the coast.
Remember in real estate... location....location...location.
Buy as close to the water as you can afford. Waterfront always goes up the fastest!