The News Press from Florida. "Don't expect Lee County's residential real estate market to start recovering until the third quarter of 2008, real estate broker Frank D'Alessandro told a business group Thursday. 'Supply will continue to overwhelm demand,' said D'Alessandro."

"He told the general membership of the Greater Fort Myers Chamber of Commerce that there's a huge overload of single-family houses on the market: 12,654 listed for sale at a median price of $324,900, 23 percent more than the median sales price of $264,100."

"There are also 7,819 condominiums for sale at a median price of $319,900, 35 percent over the median sales price of $237,500. 'Right now there are 15 to 16 homes per buyer' compared to about two buyers per home a year ago, D'Alessandro said."

"The bottom line: even if builders stopped building in the county completely, it would take 22 months to absorb the excess housing."

"But construction is still continuing at levels that probably aren't justified by the market, D'Alessandro said, noting that in September there were 746 single-family home permits issued even though it's extremely hard to justify putting up new houses with the glut of existing ones."

"Jim Thomas, VP of Marco Community Bank, said that blunt assessments such as D'Alessandro's comments could actually spur a quicker recovery by persuading sellers to come down to more realistic levels. 'The sooner people do that, the better,' he said."

"D'Alessandro's comments clearly had an effect on the audience, however, said Pascual Armand, project manager for a condo conversion project. 'You can see how one person's view can change the mindset of a whole room full of professionals.'"

"Lou Presutti of LK Graphic Design in Fort Myers said he's a pragmatist. 'I'm positive but we still have to watch our dollars and ride it out. You can't be scared.'"

The Palm Beach Post. "Speculators hoping to flip their two-bedroom, two-bath slice of Palm Beach County condo heaven for a fast buck are feeling the pinch. 'People would buy properties thinking they could rent them for what they pay for their mortgage and the world would be good,' says real estate agent 'Uncle Bob' Hansen."

"Many can't, though. Take the two-bedroom, two-bath condo on Executive Center Drive in West Palm Beach that sold for $231,000 this month. With an 8 percent mortgage on a $200,000 note, the monthly bill on a 30-year note would be to about $1,467."

"That's a few hundred more than the average rental rate in Palm Beach County, and does not include $4,642 a year in property taxes, much less association fees or insurance. The unit rents for less than $1,000 a month."

"Owners can shoulder some of the gap, but (analyst) Jack McCabe asks: 'How long can that last?'"

"Condo owners already groaning under the weight of their investments may facing some new and formidable competition. Now that national apartment firms don't have to compete with condo developers for land, they are starting to rethink building in South Florida, says Jeff Chamberlin, (who) develops multifamily projects. 'We are just starting to hear rumblings,' he said."

"The number of empty apartments may be rising, too. There are some unexpected deals. 'You can get a two-bedroom, two-bath for $1,100 now, which this time last year you could not have touched for $1,200 or $1,300,' says Hansen,. Or better: Hansen's list of lease options includes a two-story, 5,000-square-foot Wellington home for $2,000 a month."

"McCabe recently came across an apartment complex offering two months of free rent, an incentive he said he hadn't seen offered in 'well over a year.'"