Collier County Commissioners had their budget workshop this  past week, wherein it was stated that there were 3,400 foreclosures last  year.  The Commissioners were told to expect more foreclosures  this year, possibly between 7,000 to 10,000.
 
Jack Antaramian was interviewed last week, where he  stated that the housing market has not yet hit the bottom.  He said it  will be two more years before the recovery begins to take place.  He  said the banks have done a good job in cleaning up their books; however, the  banks now have a large inventory of foreclosed properties.  He feels  the banks will begin placing these houses on
the market, which will further  depress the prices, and only after getting rid of this excess  inventory will the prices begin to recover.
 
Jack Antaramian said the commercial real estate market has  been stable; however, because of the commercial developer mentality of the past  years of "build it and they will come," there is an excess of commercial  property.  He said the developers are now beginning to drastically reduce  rents and provide other incentives to get tenants for their vacant  properties.  He thinks this is only the beginning, and that the commercial  real estate market will be hit hard.  He feels several of the developers  will go bankrupt over the next couple years.
 
Footnote: Remember the property at the corner of  Goodlette-Frank and US 41, across from 5th Avenue, that Antaramian fought hard  to own a year or so ago?   Antaramian is now trying to get the City of  Naples to buy it from him at a price substantially less than he paid for it in  2005. 
 
The South Regional  Library should be completed this Fall; however, it will not  open until at least the Spring of 2009 because the electrical, telephone and IT  services are all coming from the Emergency Operations Center, which won't be  completed until then.  Also, Collier County does not have the funds to  staff and provide books for the library, so there may be additional  delays.
 
Jim Lackey