The standard investment advice of buy low, sell high is getting harder to realize in 33 of the hottest metro residential markets, according to researchers at Florida Atlantic University and Florida International University. And of that group, seven are in Florida and another four, in Ohio.

"If you're buying a home in these metros across Florida, Ohio and other areas, it's imperative that you know you're buying close to the peak of the market," Ken Johnson, an economist for FAU Executive Education within the College of Business said in prepared remarks. "The danger is that prices will soon level off or even decline, and you'll be stuck in that home for a significant amount of time before you can sell it at a profit that makes financial sense."

His remarks, focused on consumers, also have relevance for commercial real estate investors looking at current hot markets. Buy too high and a drop could keep that investment in a portfolio for longer than the investor might like, especially as any sale or lower-price rental could cause lenders to reconsider the property's value and, as a result, the loan.