Lehigh Acres is a large, pre platted community in eastern Lee County reported to be 96 square miles in size, with an estimated 152,000 home sites and a population of 87,000 (2010 census). Most development in the past has taken place along Lee Blvd., the primary transportation corridor through Lehigh Acres.
This area was largely vacant until 2003-2006, when a speculation driven market resulted in thousands of new houses being constructed in Lehigh Acres. Over 7,000 new single family residence building permits were issued in 2004. Many if not most of these houses foreclosed beginning in 2008 and came back to the market after undergoing renovations.
The neighborhood is still only partly built out, but minimal new construction is taking place due to the current low market values.
An appraisal in Lehigh Acres requires more than just three sales in a report. A perspective of past and present trends is necessary to determine the value of a property in this area. Subtle differences in price trends, inventory, foreclosure activity, and investor activity have a significant impact on value. Buyers and sellers in this market should have all the facts before making a decision. Consult a local professional before deciding to buy or sell in Lehigh Acres.