|Published:||Feb 04, 2011 2:46 PM EST|
|Updated:||Feb 04, 2011 11:55 AM EST|
FORT MYERS, Fla- In Lehigh Acres, the price for land is down an astonishing 97% since it's peak.
Some owners who bought their land even ten years ago, in 2000, are still underwater. Real Estate contributor Denny Grimes says lots and land will be the last segment of the real estate market to rebound.
Grimes does say there is good news about the so called "entitled lots." These are the homesites already zoned for development, perhaps in a subdivision, that the big homebuilders are buying up to put new houses on. Those homes come at a good price for buyers.
Grimes joined us on Six TV Friday for his breakdown of the land market in Southwest Florida.