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Apartment Investors Racing Father Time

CLEARWATER, FL-Brokers are expecting a flurry of transactions before 2008 ends.

By Carl Cronan | Updated on December 22, 2008

(Carl Cronan is editor of Real Estate Florida.)

CLEARWATER, FL-Apartment investors appear to be stepping up their activity in the Tampa Bay market lately, with transactions going to closing more quickly and the gap narrowing between prices offered and sought for properties, say local multifamily brokers. They say some buyers are racing toward the end of this calendar year to avoid higher capital gains taxes expected in either 2009 or 2010.

“We are starting to see the market pick back up,” John Burpee, president of NAI Tampa Bay in Clearwater, tells GlobeSt.com. “There is a big push among owners that if they are in the mindset to sell, they want to be able to close in 2008.”

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