MIAMI—Big deals. Small deals. Foreign deals. Miami is far past the worst, but challenges remain. A over-dependence on foreign capital is on the minds of some industry watchers. We caught up with Jaret Turkell, a director at HFF, to get his mid-year take on the local market.

GlobeSt.com: What's the most significant deal you've done this year so far? And what made it significant?

Turkell: It was the sale of the 4.5-acre Element development site in the Edgewater area. This sale was significant in that the sale price was almost three times the price previously paid for the property in 2012. We are seeing an extremely active condominium sales market with rapid price appreciation. A recent New York Times article stated that the average condo price in Miami is $440 per square foot, up from $400 per square foot one year ago. This is largely what is driving the increase in land values in Miami.