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Industry deal makers sound depressed and look anxious. It’s the market bottom and they can’t make deals.

Well, they can make some deals, but if you’re buying, they think the price is much too rich to stomach when you’re at these cyclical market lows. All the sidelined money looks for “opportunistic returns, but” from prime properties in the best markets, so prices are bid up and the chance for a big score dissipates quickly. Most investors have no interest in any of the foreclosed crud, figuring the economy won’t provide enough of a boost in tenant demand to secure solid gains.

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