Is it worth buying vacant land in Lehigh Acres? (Cape Coral: sale, rentals)

[NeilPorter]

Lots in Lehigh Acres are so cheap because originally 135,000 lots were platted and roads put in but no water or sewers for the majority of them. There are still about 120,000 vacant lots there. So, with such a huge supply of lots, you can't expect to make a lot of money. If you want to build a home in ten years, then it might be okay to buy a lot now but I certainly wouldn't advise that as an investment.

Lehigh is not a ghetto. The old part that was almost totally developed in the 50s and 60s consists of older homes for the most part and intact neighborhoods. The rest of the homes are scattered throughout the largely undeveloped part of Lehigh. Crime for the most part consists of people stealing the outside air conditioning units. Cages can be bought to protect them.

If you want a home with no neighbors, there are many to choose from and it will probably be years before someone builds next to them. There are also streets that have many newer homes on them for people that want a neighborhood feeling.

[JBMallory]

hey, the new guy has an opinion, and he's almost right...

lets start with this part... cages dont protect a/c units, if they want them, they're gone cage and all

there are a LOT of neighborhoods that have been built in recent years (4 or 5) and fewer vacant lots than built lots in those neighborhoods, look between alabama and gunnery on 23rd and see what you find like that, plenty!

[kroeran]

as far as vacant lots, would PG/PC , Cape C or Golden Gate be better?

[hiknapster]

Originally Posted by kroeran

as far as vacant lots, would PG/PC , Cape C or Golden Gate be better?

Yes!

[justNancy]

Originally Posted by NeilPorter

If you want a home with no neighbors, there are many to choose from and it will probably be years before someone builds next to them. There are also streets that have many newer homes on them for people that want a neighborhood feeling.

Welcome to the forums! I don't like Lehigh Acres, but I agree there are some lovely neighborhoods. Still, I wonder how long it will take to shed this reputation.

[URL="http://www.nytimes.com/2009/02/08/us/08lehigh.html"]Despair and Foreclosure
[/URL]

[kroeran]

with plenty of lots with never occupied houses on them selling below cost, I am wondering if some can be picked up for back taxes, or does it not work that way?

[NeilPorter]

Originally Posted by kroeran

with plenty of lots with never occupied houses on them selling below cost, I am wondering if some can be picked up for back taxes, or does it not work that way?

Most homes were built with borrowed money and the banks holding the mortgages will make sure the taxes are paid.

Many owners are listing them for sale as short sales to keep a foreclosure off their credit reports. But there are still a lot of homes that are foreclosed on and are being sold as such. Prices as low as 20% of what they were built for 3-5 years ago are not uncommon. As a realtor what I see usually just needs new carpet and paint inside and perhaps kitchen appliances to get essentially a new home.

Many people - investors and home buyers - have discovered the awesome deals available in our market. But that has resulted in the best listings attracting multiple offers on one home. When the bank asks for "highest and best offers" by a certain date, prices are often bid higher than the list price. A client recently bought an older pool home for $35,000. It had been listed for $24,000 but there were offers above $30,000. To be successful here, you need to understand how the market is working at the moment.

[NeilPorter]

Originally Posted by kroeran

as far as vacant lots, would PG/PC , Cape C or Golden Gate be better?

All three areas have a huge supply of vacant lots that were developed as part of these pre-platted communities in the 50s and 60s. According to official State of Florida statistics in 2008 Lee County had 197,917 built residential lots and 179,153 vacant lots. For Charlotte County to the north the numbers were 113,802 and 65,152. Collier County to the south 26,813 and 76,038.

Yes, prices are very low but there is a huge supply. Hopefully people will learn from the mistakes of the past few years and not bid the prices up again. I would not buy vacant land unless you want to build your home on it. But why would you build a home when you can buy an almost new one for 20-30% of its original price?

By the way, I've just recently learned that the Miami area experienced the same boom and bust in vacant land and building in the 1920s. People that don't learn from history, repeat its mistakes.

Another thing to keep in mind is that these pre-platted communities were designed by people that had no idea about how to design a city. Lehigh Acres was to be a retirement community and very little land was planned for large needs like schools and commercial. As a result there are relatively few jobs there. Check the direction of traffic flow each morning on Lee Blvd/Colonial Blvd, Gunnery/Daniels, SR-82 - it is mainly toward Fort Myers where the jobs are. Also there are only a few major roads there. Not adequate if the 135,000 lots there are eventually built on to make a population of 378,000. Cape Coral has a good network of roads but too little commercial land for jobs so many of them also work in Fort Myers.

[NeilPorter]

Originally Posted by JBMallory

lets start with this part... cages dont protect a/c units, if they want them, they're gone cage and all

Nothing offers 100% protection. Bank safes have also been broken into. However, the more difficult you can make it, the less likely you'll become a victim.

Some people spend a lot of money on alarm systems and have deadbolts "protecting" their entrances that I have opened in 20 seconds with a tiny pocket knife. This is where a $300 deadbolt is called for. Keep the people out - don't just set off an alarm once they're in.

Windows with laminated glass for hurricane protection also make it difficult for someone to break a window and get in that way.

Another option besides an A/C cage would be to mount the air conditioner high up on the wall on sturdy brackets so that a ladder is needed to get to it. Use high-security bolts for all connections. Anything that will make the thief's job take longer and more difficult will result in a greater likelihood of the unit not being stolen. Connect the unit to your alarm system. By the way, two men with an air conditioning unit hanging out their trunk were recently caught be the police in Cape Coral. This is not just a problem in Lehigh Acres.

[kroeran]

Originally Posted by NeilPorter

Nothing offers 100% protection..

you can't just LOCK an AC to the wall, like you would a laptop to your desk?

what about putting some sort of electrification on the unit, like how an electrified barbed wire fence works, just enough to startle, with a warning sign

or hang the unit reversed but inside, venting outside?

hide the unit behind a shrub?

set up a beehive on top?