Open receiver

No builders, no lenders, no investors.
That's the reality of real estate development in Southwest Florida, says longtime Naples developer Kenneth Saundry Jr.

Saundry, 55, is among the dozens of developers and builders who have had to reinvent themselves or move out of state for work because of the real estate downturn. For his part, Saundry recently created a firm that manages properties while they're stuck in a legal process such as foreclosure.

“I think there's a tsunami of problems coming in 2010,” Saundry says. “Unfortunately, the downturn has remained and may get worse.”