So is the glass half full or is it half empty? That depends onwho you ask. "These are the best of times and the worst of times,"said Flagler Real Estate Services Inc. managing director JackLowell. "It's the best of times if you're a landlord and it's theworst of times if you're a tenant or tenant representative."

McCabe Research & Consulting LLC CEO and managing partnerJack McCabe, one of the participants in the "Pardon theInterruption" session that kicked off the event, is among thosethat see the glass half empty. According to research figures, thereis a five-and-a-half to six-year supply of condominiums currentlyon the market in Miami-Dade County. "A healthy supply would beeight months," said McCabe, who estimates that the oversupply willnot be absorbed until at least 2010. "We've built an artificialmarket on artificial demand."

Integra Realty Resources-Miami managing director Michael Cannon,the other "Pardon the Interruption" participant, dissented, citingthe 83,511 closings that have taken place in South Florida. "Theremay be a rolling back, but we're not in a recession," Cannonsaid.