(This story, in slightly different form, originally appeared in ALM's Daily Business Review.)
MIAMI-There is no question the past 12 months have been a nightmare for South Florida dealmakers. But if it's any consolation, the worst may be behind them.
Local brokers, who have watched commercial real estate sales stall and prices plummet, say they expect the deal pipeline to start flowing soon, but there's no reason to celebrate yet. Sellers and lenders will continue to face big losses as they rid themselves of unwanted properties.
"People confuse contraction with recovery," says Alex Zylberglait, vice president of investments at Marcus & Millichap in Miami. "Just because the patient is bleeding less doesn't mean it is stabilized. It's still bleeding."
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