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Market Conditions Slowing, Not Stopping, Deals

ORLANDO-The subprime problems are threefold--a lax approach to credit, inadequate underwriting and bad pricing. However, industry insiders say banks are still lending.

By Tracey C. Velt | Updated on September 27, 2007

ORLANDO-It’s been about 90 days since the subprime lending market collapsed and the subsequent credit squeeze. Now, commercial practitioners are anxiously awaiting the trickle down. The good news is that most experts at the RealShare Central Florida conference, held at the Gaylord Palms in Orlando, agree that the commercial market in Central Florida will see some dampening, but nowhere near the doom and gloom that some may have feared.

According to conference speakers, the subprime collapse has caused decisionmakers to pause, but “the sky is not falling completely,” said Keith Tickell, executive vice president-development for Flagler Development Co. “There are some cracks, underwriting is more difficult now and companies are re-evaluating some of their building starts, but the slowdown is just temporary,” said Tickell.

“It’s much tougher to close deals that were under contract before the credit crunch,” adds Larry Richey, senior managing director of Cushman & Wakefield, Tampa and Orlando.

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