Sule Aygoren Carranza , managing editor of Real Estate Forum, is also co-editor of MULTI HOUSING forum.

MIAMI-Cap rates and the effect of the condominium market were the topics du jour at the second annual RealShare Multifamily Investment and Finance conference, which took place before some 200 industry players at the Biltmore Hotel here Wednesday and Thursday. Those issues were discussed in depth during separate sessions yesterday morning, although much of the talk focused on unanswered, or unanswerable, questions.

The condominium boom has essentially pushed developers of rental product out of the market, asserted Jay Massirman, an executive vice president at CB Richard Ellis, who moderated the session, "Will the Condo Market Continue to Explode – or Implode?"

The answer to that question was left up in the air, according to panelists' responses. As a developer of high-end condominium projects, Arthur Murphy said he's very concerned about the impact of buyers who purchase condo units as investments, versus actual homes. But unfortunately, said the vice president of CMC Group, "if we had an answer to that, a lot of banks and developers would be very happy."

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