Realty Check

She cites Lehigh Acres, a 60,000-acre community east of Fort Myers as an example. "In what has been traditionally a slow time in mid-July, I put in an offer on one property on a Saturday, and wrote a contract on another Monday morning."

That weekend, her client looked at 14 properties, mostly foreclosures. Gage says three-bedroom, den, two-bath homes with 1,900 air-conditioned square feet that sold in 2005 for $228,000 are now being marketed by banks in the $80,000 range. That, in her opinion, makes Lehigh, a community of 14,500 homes begun in the 1970s, one of the best value communities in the Fort Myers area.

"Now people with good jobs can finally afford to buy a home," she says. "The number of phone calls we’ve been getting about Lehigh has easily doubled. I see a great boost for Lehigh Acres in the works and growing enthusiasm in buyers looking for affordable homes."

Gage, who works with her husband, Ray, on the Harvey Allen team at VIP, says not all foreclosures are neglected, as some buyers wrongly assume. Although conditions vary from deplorable to mint, she claims the majority are in move-in condition. In July, there were 2,905 Lehigh homes for sale.

Not all the Lee County sizzle is in Lehigh, however. According to Gage, another hot property is Colonial Country Club, at the corner of Treeline Avenue and Colonial Boulevard. Homes that sold in 2005 for $260,000 were selling for $140,000 this summer. Gage says she sold eight in that five-year-old community by late July.

"When prices are realistic, the market is strong," she observes. "I’m having a very good year."

Models We Love

Lusia shafran and the company design team infused Residence C at Torino in Grey Oaks with exotic character, starting with the Moroccan-style domed foyer and continuing with the desert character of Ashlar-pattern, chipped-edge Travertine floors.

Shafran chose pale golds, greens and oranges for the 3,945 air-conditioned square feet of the villa’s four bedrooms, study, loft and four baths. The living room’s intriguing personality is defined by gold-green faux linen walls, a rug from Afghanistan and gold silk tuxedo sofas. An iron-and-oak staircase leads to a sitting area and two bedrooms. The lanai’s pavered deck and fireplace make it a natural gathering place. Landmark Development Group offers the model at $2,195,000, furnished.

Belorado in Volterra at Miromar Lakes Beach & Golf Club has a southern orientation on the shores of Lake Maggiore. Kathleen Scanlan, of Kathleen Scanlan Interiors, uses creams, grays and rusts in the model’s three bedrooms, study and four bathrooms. The floor plan’s 3,354 air-conditioned square feet and 4,600 total square feet are introduced by a gated atrium. Tray ceilings and columns add elegant detailing to the casual Mediterranean ambiance. The inviting outdoor area includes a staggered-stone waterfall, spa and fireplace. Divco Construction Corp. has incorporated many energy-saving and green building elements into the model, which is priced at $1,790,000, furnished.

A European stone bridge leads to Chestnut Grove in Hammock Isles, a neighborhood of Italian villas within Vineyards that includes The Palermo, a three-bedroom, study, three-bath home of 2,690 air-conditioned square feet. Diane Oldfin of Expressions in Design chose extravagant fabrics in a palette of golds, ivories, taupes and bronzes to complement the intricately carved wood and metal furniture. Among the "wow" features are a spectacular great room wet bar and a lanai cocktail table with built-in fire pit. Oldfin notes the grand scale of the rooms permitted the placement of large, impressive furniture. The Palermo, built by Premier Builders, is base priced at $825,800.

British Invasion?

If they’re barbecuing fish and chips or sauerbraten in the yard next door, there’s an easy explanation. While native buyers are still playing it cool in some segments of the local real estate market, foreign intrigue, especially British, is intense, one local broker notes.

"We’re getting a steady stream of interest from the U.K., Germany, even Monaco," says Glenn Ginsburg, broker-owner of A Delta Realty in Naples. Low prices are one factor sparking interest from across the pond, but that alone wouldn’t be such strong motivation. "Savvy Europeans are aware of the Naples area’s historical record of appreciation," Ginsburg explains, "so they are feeling confident that what they purchase now is going to be worth a lot more in the future."

Ginsburg points out that today’s foreign buyers are usually seeking single-family homes in communities with attractive rental policies. "They are hoping to locate a property in a development with liberal rental rules, with one-week rentals or less being the ideal situation."

He says that rental income won’t necessarily be profitable for the new owners, but it can be helpful paying the mortgage while values climb back up.

Briarwood, an east Naples community of 398 homes dating from the early 1990s, and the north Naples community of Palm River, one of the county’s oldest planned unit developments, are popular with foreign buyers, Ginsburg says, as is Willoughby Acres, adjacent to Palm River.

There are many procedures that foreign buyers have to follow in order to purchase local real estate, and that hasn’t changed much over the years, Ginsburg reports, but he says sales agents have become more sophisticated. "Local real estate agents have become more experienced in what the law requires and more adept at shepherding overseas buyers through the necessary steps."

He adds that financial institutions usually require larger down payments from foreigners than from homegrown buyers, but that 25 percent or 30 percent down does not seem to be discouraging sales.

For more local real estate news, read Gulfshore Life’s bimonthly blog "The Housing Game" at www.gulfshorelife.com.