I have not been down there much since the downturn, but when I was last there, waterfront sailbaot access was 5-10 million, with the emphasis on 10. Nothing but Megayachts.
Bonita Springs might be a compromise.
Remember when I said capitulation? You can get open water homes for $1.5MM all day long. And homes with smaller waterfront on canals for $500k. Those would need no work.
Homes that need a lot of work can probably be had in the $350k range.
Its even worse in Fort Lauderdale. I live west of I-95...with a 55' fixed bridge. Which means generally most sailboats 38' and less and even some 40's (Island Packet 40, PSC 40, Valiant 40 at low tide) and there are now tru foreclosures selling for $280k. That same house at the peak of this bubble sold in 2005 for $718k. True story...thats the house 3 doors down from me
What sucks is that I know I'm screwed for the next 20 years on the home we're in right now. But thank god, we dont have plans to move from here at all.