"Land values [currently] are astronomical," Zegota tells GlobeSt.com. "But I am a realist. I think land values are cresting from this point forward and we will see some price digression in the interior and some flattening in the values for coastal properties."

Zegota says some Tampa Bay area land parcels have doubled and tripled in value in two years. "I don't think we'll see that sort of value growth in 2006, even on the most desirable waterfront parcels," the broker says. "I expect we'll see land values grow by a much more reasonable 5% or 6%."

Zegota says he sold 300 acres three years ago and only about 50 acres last year. However, "land values have increased so much that the last year's dollar volume was more than 10 times my total three years ago," he says.