Real estate hitting new highs, new lows

LEE COUNTY: The Fort Myers-Cape Coral area now leads the state in home sales. But property values are expected to plunge to their steepest year-to-year declines yet.
Tuesday, we say one home that sold for 50-percent less than it sold for a few years ago. And because of rock-bottom prices like that, home sales are red hot.
If you thought the door to making money in real estate was sealed shut, Matt Sinclair, of Sinclair Custom Contracting, will open it for you.
He says he is a general contractor by trade, but was turned into flipper by the market.
"Anyone who can afford to jump in and buy should be jumping into this," he said.
Over the past seven months, Sinclair has bought and sold about a dozen homes.
His latest purchase was a four-bedroom, two-bathroom home in northeast Cape Coral. In 2004, it house sold for $163,900. Two weeks ago, it sold for $64,000.
Lee County Property Appraiser Ken Wilkinson predicts an average year-to-year drop of at least 30-percent, with parts of Cape Coral and Lehigh Acres taking the biggest hits.
The northern part of Cape Coral is one of the areas dealing with the most dramatic drop in property values.
"I've seen homes - three-bedroom, two-bath with a pool, never lived in, for $40,000. We've never seen anything like that," said Wilkinson. Article courtesy
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