By Rochelle Broder-Singer | May 12, 2008
Sales of commercial real estate have fallen sharply in the past year. Just like the residential market, investors aren't finding the bargains they expect given the economy, yet sellers aren't ready to cut prices.
It's a ''stalemate,'' said Stephen Bittel, chairman of Miami Beach-based real estate services and investment firm Terranova.
During the six months ending in April, $1.8 billion of industrial, office and retail property closed -- down 59 percent from the same period a year ago, reports Real Capital Analytics.
Broward sales of retail property fell the most, down 85 percent during the six months ending in April, compared to the previous year. In Miami-Dade, sales of retail property were cut nearly in half. Office sales were down by 61 percent in Miami-Dade and by 14 percent in Broward. Industrial property sales in Miami-Dade were down 48 percent, but up by 96 percent in Broward.
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