Investment expectations are lower for all forms of retail, except freestanding big-box stores, with office following closely behind, Archer says. On the other hand, the industrial/warehouse and multifamily/apartment sectors appear to be holding up better during the current recession, he says.

Expectations for condo sales aren't likely to get much worse because they are already bad, Archer notes in the survey results, pointing to that sector as the proverbial canary in a coal mine for real estate market conditions. The good news there, he says, is that there are far fewer foreclosures in Gainesville and other parts of northern Florida than in the state's southern half, with Lee County becoming "king" of foreclosures.

One possible sign of hope for Florida real estate, Archer points out, is President Barack Obama's efforts to advance federal initiatives set forth last year to reduce home mortgage rates and thaw out frozen financial markets. In the meantime, he says apartment dwellers are able to find better deals on rents and concessions lately.

This marks the Bergstrom Center's 13th quarterly survey of Florida real estate trends, with prior results showing a steady outlook for real estate investment. Nearly 400 responses were collected for the latest survey, which was conducted in December.