Lots are dirt cheap now. I rarely deal with lots in Ft. Myers, but do in Cape Coral. I have seen lot values fall 60% to 80%.
East of Ft. Myers is Lehigh Acres. Tons of cheap lots - and the worst crime in the area along with North Ft. Myers. As I said in another post, stay to the South West in both the Fort and the Cape.
Keep something in mind - you can buy a new or nearly new home around here for less than it will cost you to build a brand new home - and without the year wait. Homes in the Cape are cheaper than the Fort and there are limited gulf access properties in the Fort as where they are plentiful in the Cape. The Fort does have many more ammenities though. Overall, Cape Coral is the best bang for the buck in all of SW Florida. Homes on Marco Island are literally twice the cost (apples for apples) and even more in Naples.