Island Real Estate in Florida

Real estate in Florida has been a very profitable pursuit over the past five years. However, it is getting harder and harder to find good buys. Most areas, I believe, have had such large increases that, while I do not believe we will see a large drop in prices, I do not see opportunities to flip properties at a decent profit ( after taking into consideration commissions, carry costs, taxes, etc). Since the investment landscape is so well picked over by the millions of property investors, one must go off the beaten path. One place is to find boat-access only islands that are often not even well known by the locals. One such island is North Captiva Island. All the islands (that also have power) that surround this island have their lowest lots selling at more than double North Captiva's prices. Where else in Florida can you walk to a beautiful beach, have low crime, great fishing and boating, and privacy and pay less than $200,000 for a lot ( as of JUne 15, 2005)? If you are a Florida real estate investor, I suggest you take a look.