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What is your take on the Florida market?

The investment sales market has clearly turned, both in the state of Florida and across the Southeast. In 2009, the market bottomed, 2010 saw a modicum of success, 2011 was a recovery period and in 2012, we remain cautiously optimistic that the investment sector will make a full-fledged comeback. Judging by current pricing, cap-rate compression and the number and dollar value of transactions trading, we expect to approximate the investment sales cycle experienced in 2007. With the Fed vowing to keep interest rates low for two or more years, demand for hard assets has increased across Florida and elsewhere. There are not enough well-located, prime properties to satisfy capital-rich institutions and large private-party investors. Currently, multifamily properties are receiving multiple qualified bids and offers, with terms and underwriting that are reminiscent of 2007. Whether targeting apartments, shopping centers, office buildings or hotels, it's a great time to be a seller and, conversely it's a great time to be a buyer.

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