Actually, Lehigh is doing quite a bit better than many people think. Home prices have dropped to a point where there is strong purchase activity, especially in the lower price ranges (read: foreclosures). At present, a standard CBS 3/2/2 (concrete block construction; 3 bedrooms; 2 bathrooms; 2-car garage) with 1400 square feet of living area ‘under air’ – basically the First Home Builders St. Michael model – can be had for $80k - $90k all over town. The total housing payment on such a home with 100% financing is going to be around $800, and that includes estimated tax and insurance escrows. As a result, most people who are currently renting have a realistic shot at owning instead, provided they can document their income and have reasonable credit (620+). Add a fourth bedroom and go up to 1800 square feet and you are looking at maybe $110k (payment of $1000 a month). Pool homes in good condition will start around $120k, roughly. Two-story homes are starting at $130k. These are just ballpark figures, but I am closing homes at these prices that are in good shape and in nice neighborhoods.
The two concerns people sometimes express about Lehigh Acres are 1) too much crime, and 2) not enough shopping. Regarding the crime, yes there has been a lot of vandalism of vacant homes in recent years, ever since builders started massively building out the area. If you encounter a foreclosure home which is missing its air conditioning unit or well water equipment, the seller will often replace this prior to closing (even on bank-owned property). I have not heard of occupied homes having the same trouble. Much has also been made in the news lately about the police cracking down on “grow houses” – homes used illegally to produce marijuana. In fact this is a statewide problem, currently being addressed as part of a simultaneous multi-county effort to combat grow houses in Florida by the Drug Enforcement Agency and the FBI. The concentration of incidents in Lee County is actually similar to that of nearby Collier and Charlotte Counties. As you would expect, areas of denser and more occupied housing are much less affected by this problem. In terms of shopping, Lehigh itself does not have much to offer at present. However, it is a short drive not only to Fort Myers but south to Gulf Coast Town Center, Miromar Outlets, and Coconut Point. To say nothing of Southwest Florida International Airport.
You may also be surprised to learn that the rental market in Lehigh Acres is thriving. Local property managers I speak with express no difficulty in renting out new properties within weeks, and have occupation rates of 95%. Investors are snapping up foreclosure duplexes, which immediately produce positive cash flow.
In closing, Lehigh Acres is a very attractive real estate market right now. Housing prices are the same or lower than Cape Coral without the tolls and traffic congestion. Aggressively-priced homes sell within 30 days, and there is significant interest from investors looking for bargains. The addition of Ave Maria University to nearby Immokalee is bolstering the local job market and adding to the housing demand. South Florida will always be an appealing locale due to the weather, beaches, and golf; how much longer will you be able to buy homes below their construction cost?
And I can’t end without at least one plug: my company specializes in a very attractive 100% mortgage financing program called USDA Guaranteed, which is available throughout Lehigh Acres. Please check out www.HomeTeamMtg.com for more information and a current list of available foreclosure homes.
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